Weekly unemployment claims plunge

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Weekly unemployment claims plunge

Fri, 03/17/2017 - 9:47am -- tim

Vermont Business Magazine After two weeks of relatively high numbers, weekly unemployment claims fell by over 300 last week and are nearly 300 fewer from the same time last year. Over the last week, the the Vermont unemployment rate and state tax revenue results have also showed positive results for the early part of 2017.

By industry, Services reported the most claims with 182 (39 percent of the total), but all sectors were below last week's levels. Services typically report the most claims. The spikes in the graph below reveal the volatility in hiring and firing in Service positions around the holidays.

For the week of March 11, 2017, there were 468 claims, down 317 from the previous week's total and 290 fewer than than they were a year ago. Year-to-year claims had been running lower the last several weeks.

Altogether 6,791 new and continuing claims were filed, a decrease of 611 from a week ago, and 611 fewer than a year ago.

The Department processed 0 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08).

Vermont's unemployment rate fell one-tenth to 3.1 percent in January, as the labor force and total employment increased, along with a decrease in the number of unemployed. SEE STORY.

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The Unemployment Weekly Report can be found at: http://www.vtlmi.info/. Previously released Unemployment Weekly Reports and other UI reports can be found at: http://www.vtlmi.info/lmipub.htm#uc

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.