Fry said the trust fund is not at risk, with a drop in state unemployment from 7.3 percent in 2012 to 6.2 percent last month.
"This year started out bad, and it slowly started to pick back up," he said.
The fund is well above its December 2010 level of $76 million, he said.
"We're worse than we were a year ago, but better than we were two years ago," Fry noted.
Fry said West Virginia remains in a much better position than most states, which exhausted their unemployment compensation funds during the recession, and had to borrow money from the federal government to pay unemployment benefits.
"We're still one of the very few states in the country that didn't have to borrow money," he said.
"The Macy's representatives said that was one of the major reasons they came to West Virginia," Fry added, referring to the retailer's 1.3 million-square-foot distribution center, which opened in Martinsburg last year.
Reach Phil Kabler at ph...@wvgazette.com or 304-348-1220.