Jobless rate falls to lowest level in nation
The federal Bureau of Labor Statistics has ranked Vermont's seasonally adjusted unemployment rate of 3.1 percent the lowest in the country.
One month ago, the state's unemployment rate was third lowest. Governor Douglas said this is another indication that Vermont's hard work and commitment to economic development and job creation is paying off.
The Department of Employment and Training has announced a seasonally adjusted unemployment rate of 3.1 percent for Vermont in October, down two tenths of a point from the previous month. The national unemployment rate was 5.5 percent, up one tenth of a point from the prior month.
Unemployment rates for Vermonts 13 labor market areas ranged from 1.4 percent in Hartford, to 4.3 percent in Enosburg. Labor market area rates are not seasonally adjusted; for comparison, the unadjusted rate for Vermont was 2.7 percent.
The unemployment picture in our state improved in October as it has throughout most of the year, said Patricia A McDonald, commissioner of the Department of Employment and Training. The job statistics continue to fluctuate from month-to-month but still show an encouraging trend.
Seasonally adjusted employment retreated by 500 in October after surging by 900 in September. The latest data shows the state has a net increase of 2,600 jobs compared to one year ago. Health care and social assistance has provided the largest boost during that time. Firms providing professional and business services have also expanded. Leisure and hospitality employment was up 400 compared to October a year ago. The number of manufacturing jobs was also higher than last year, but the sector experienced modest losses from September to October on a seasonally adjusted basis.
The number of nonfarm jobs in Vermont, before seasonal adjustment, increased by over 2,200 from last month. Both public and private educational services contributed to the increase as the new academic year began. Transportation services also benefited from the return to school. Leisure and hospitality employment contracted less than usual for October, but still offset some of the resurgence in education. Construction employment fell as seasonal layoffs occurred.
The number of nonfarm jobs was up 0.8 percent compared to last year, which is slightly above the growth rate reported last month.