Vermont’s unemployment rate remains at 2.1% in August


by Timothy McQuiston, Vermont Business Magazine Today, the Vermont Department of Labor reported that Vermont’s seasonally adjusted unemployment rate for August was unchanged at an all-time low of 2.1%. All three major metrics showed a more modest change than in recent months, while still indicating considerable improvement from a year ago. The rate is based on household data and is subject to adjustment. The comparable rate in the United States in August was 3.7%, up two-tenths of a percentage point from the revised July estimate. Vermont has the fourth lowest unemployment rate in the country, behind Minnesota (1.9%), New Hampshire and Utah (2.0% each). The civilian labor force participation rate reached 61.8% in August, an increase of one-tenth of a percentage point. The activity rate is slowly increasing and is important for the availability of labour.

Vermont Labor Commissioner Michael Harrington said, “With the changing seasons on the horizon, the Vermont economy is seeing historically low levels of unemployment insurance claims based on available data dating back to 1982. Low labor availability combined with a high number of job openings is making it difficult for Vermont to fully recover from the latest economic downturn. Over the spring and summer months, the Department has worked to provide more opportunities than ever to connect job seekers and employers by offering 14 in-person career fairs since April . In the end, more than 7,600 individuals and 624 employers participated in these events. The Department continues to seek new ways to engage with job seekers and employers. Staff are available for in-person or virtual career and training services. Students, job seekers and businesses are encouraged to visit Labor.Vermont.gov/Jobs for information on events and services.

Vermont’s seasonally adjusted data for August shows Vermont’s civilian labor force increased by 594 from the previous month’s revised estimate (see Table 1 above). The number of employed increased by 586 and the number of unemployed increased by 8. None of the changes were statistically significant in the seasonally adjusted series.

August unemployment rates for Vermont’s 17 labor market areas ranged from 1.6% in White River Junction to 3.2% in Derby (note: local labor market area unemployment rates are not not seasonally adjusted – see Table 2). For comparison, August’s unadjusted unemployment rate for Vermont was 2.0%, a decrease of one-tenth of a percentage point from July’s unadjusted revised level and a decrease of one and two tenths of a percentage point from a year ago.

Meanwhile, weekly unemployment insurance claims have fallen to less than 200 (189), which is in the historically low range and below pre-pandemic levels. The Unemployment Insurance Trust Fund has grown by nearly $40 million over the past year to $250 million. (see tables below).

Analysis of employment changes by industry

Seasonally adjusted data (Table 3)

The seasonally adjusted data for August reported a decrease of 500 jobs compared to the revised data for July. There was also a decrease of 300 jobs between the preliminary and revised July estimates due to the inclusion of more data. The seasonally adjusted changes during the month in August varied at the industry level. Those that saw a notable increase were: State Government (+600 jobs or +3.2%), Other Services (+200 jobs or +1.9%) and Non-Durable Goods Manufacturing (+200 jobs) or +1.7%). Industries with notable declines include: arts, entertainment and recreation (-300 jobs or -6.7%), local government (-1,800 jobs or -5.9%), and administrative and management services. waste (-300 jobs or -2.5%).

Not seasonally adjusted (table 4)

Preliminary “unadjusted” employment estimates for August showed a decrease of 600 jobs from the revised July figures. As with the “seasonally adjusted” data, this change in the month comes from the revised July figures which saw an increase of 200 jobs compared to the preliminary estimates. The broader economic picture can be seen by focusing on the changes over the year in this data series. As detailed in preliminary “unadjusted” August data, total private industries increased by 5,700 jobs (+2.3%) on the year and government employment (including public education) has increased by 1,700 jobs (+3.5%) in the past. year.

The August unemployment and employment report is due out on Friday, October 21 at 10 a.m.. See the most recent report on VTlmi.info/press.pdf.

Unemployment rates for states, seasonally adjusted
State August 2022(P)
assess
Rank

Minnesota

1.9 1

New Hampshire

2.0 2

Utah

2.0 2

Nebraska

2.1 4

Vermont

2.1 4

North Dakota

2.3 6

South Dakota

2.3 6

Kansas

2.5 8

Missouri

2.5 8

Alabama

2.6 ten

Iowa

2.6 ten

Virginia

2.6 ten

Florida

2.7 13

Idaho

2.7 13

Georgia

2.8 15

Indiana

2.8 15

Montana

2.8 15

Rhode Island

2.8 15

Maine

3.1 19

Oklahoma

3.1 19

Caroline from the south

3.1 19

Wisconsin

3.1 19

Wyoming

3.1 19

Arkansas

3.4 24

Colorado

3.4 24

Tennessee

3.4 24

Arizona

3.5 27

Louisiana

3.5 27

North Carolina

3.5 27

Massachusetts

3.6 30

Mississippi

3.6 30

Oregon

3.7 32

Washington

3.7 32

Kentucky

3.8 34

West Virginia

3.9 35

New Jersey

4.0 36

Ohio

4.0 36

California

4.1 38

Connecticut

4.1 38

Hawaii

4.1 38

Michigan

4.1 38

Texas

4.1 38

Pennsylvania

4.2 43

Maryland

4.3 44

Nevada

4.4 45

New Mexico

4.4 45

Delaware

4.5 47

Illinois

4.5 47

Alaska

4.6 49

New York

4.7 50

District of Colombia

5.1 51

Footnotes
(P) Preliminary

Note: Rates shown are a percentage of the labor force. Data refer to place of residence. Estimates for the current month are subject to revision the following month.

Date of last modification: September 16, 2022

16.09.2022. Montpellier www.labor.vermont.gov

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