Vermont Business Magazine Vermont’s unemployment rate held steady in March, but the metrics were mixed as the labor force and jobs (adjusted) grew, but nonfarm employment and unadjusted jobs both fell, while the number of unemployed increased slightly. The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for March was 3.0 percent. This reflects no change from the revised February rate. The national rate in March was 4.5 percent, down two-tenths.
As of the prior month’s preliminary data, the Burlington-South Burlington Metropolitan NECTA had the second lowest unemployment rate in the country for all metropolitan areas at 2.4 percent (not-seasonally-adjusted). Overall, Vermont’s unemployment rate was the sixth lowest in the country for the same time period.
“The United States Bureau of Economic Analysis recently released per capita personal income data for 2016. Vermont remains ranked 19th out of the 50 states. More importantly, the recently released 2016 data marks the 8th consecutive year Vermont’s per capita income has exceeded the national average. For most people, wages are the primary source of income. If you are looking for work or considering a career change, you can visit your local Vermont Department of Labor Career Resource Center to learn more about the services we offer. In Vermont, there are numerous employment opportunities currently available. Vermont employers continue to report hiring needs for all positions including entry level, professional, technical, and managerial”, said Labor Commissioner Lindsay Kurrle.
The seasonally-adjusted Vermont data for March show the Vermont civilian labor force increased by 650 from the prior month’s revised estimate. The number of employed increased by 600 and the number of unemployed increased by 100. None of the changes were statistically significant in the seasonally-adjusted series.
The March unemployment rates for Vermont’s 17 labor market areas ranged from 2.6 percent in Burlington-South Burlington and White River Junction to 6.9 percent in Derby (note: local labor market area unemployment rates are not seasonally-adjusted). For comparison, the March unadjusted unemployment rate for Vermont was 3.5 percent which reflects an increase of one-tenth of one percentage point from the revised unadjusted February level and a decrease of one-tenth of one percentage point from a year ago.
The preliminary ‘not-seasonally-adjusted’ jobs estimates for March show a decrease of 1,500 jobs when compared to the revised February numbers. There was a decrease of 400 jobs between the preliminary and the revised February estimates due to the inclusion of more data. The monthly decrease seen in the March numbers was attributable to seasonal movements in leisure and hospitality. The broader economic trends can be detected by focusing on the over-the-year changes in this data series. As detailed in the preliminary ‘not-seasonally-adjusted’ March data, Total Private industries have increased by 2,900 jobs (1.1 percent) and Government (including public education) employment has increased by 500 jobs (0.9 percent) in the past year.
The seasonally-adjusted data for March reports a decrease of 900 jobs from the revised February data. As with the ‘not-seasonally-adjusted’ data, this over-the-month change is from the revised February numbers which experienced a decrease of 400 jobs from the preliminary estimates. The seasonally-adjusted over-the-month changes in March were mixed at the industry level. Those with a notable percent increase include: Mining & Logging (+100 jobs or +12.5%), State Government (+300 jobs or +1.6%), and Local Government (+300 jobs or +1.0%). Sectors with a notable percent decrease include: Arts, Entertainment & Recreation (-200 jobs or -4.5%), Accommodation & Food Services (-1,100 jobs or -3.2%), and Wholesale Trade (-200 jobs or -2.2%).
NOTE: Employment (nonfarm payroll) - A count of all persons who worked full- or part-time or received pay from a nonagricultural employer for any part of the pay period which included the 12th of the month. Because this count comes from a survey of employers, persons who work for two different companies would be counted twice. Therefore, nonfarm payroll employment is really a count of the number of jobs, rather than the number of persons employed. Persons may receive pay from a job if they are temporarily absent due to illness, bad weather, vacation, or labor-management dispute. This count is based on where the jobs are located, regardless of where the workers reside, and is therefore sometimes referred to as employment "by place of work." Nonfarm payroll employment data are collected and compiled based on the Current Employment Statistics (CES) survey, conducted by the Vermont Department of Labor. This count was formerly referred to as nonagricultural wage and salary employment.