Jobless rate drops two-tenths to 4.7 percent

Jobless rate drops two-tenths to 4.7 percent
Montpelier -- The Vermont Department of Labor announced today that the seasonally adjusted unemployment rate for June 2008 was 4.7 percent, down two-tenths of a point from the revised May rate of 4.9% and up nine-tenths of a point from a year ago.
"Vermont's labor market showed mixed results in June with annual job growth essentially flat, but a drop in unemployment rate due to a relatively strong start to the summer employment season" said Patricia Moulton Powden, Commissioner of the Vermont Department of Labor. "National and regional economic conditions may make job growth a challenge in the short-term."
Vermont's observed seasonally adjusted monthly changes in employment, unemployment and unemployment rate are not statistically different from May values. For comparison purposes, the US seasonally adjusted unemployment rate for June was 5.5 percent, unchanged from May 2008. Unemployment rates for Vermont's 17 labor market areas ranged from 3.2 percent in Hartford to 6.2 percent in Newport. Local labor market area unemployment rates are not seasonally adjusted. For comparison, the unadjusted unemployment rate for Vermont was 4.7 percent, up one-tenth of a point from May 2008.
Jobs Data (Vermont's job count estimates are produced from a statewide survey of business establishments conducted under the Current Employment Survey (CES) - a cooperative effort with the US Department of Labor, Bureau of Labor Statistics.)
Seasonally adjusted job levels grew by 200 or 0.1% over May, and 500 or 0.2% over the year. The largest growth came from Private Educational Services +300 jobs or 2.4% but this sector is highly variable at this time of year as school-year end dates change, and thus employment can change from year to year. Health Care and Social Assistance grew 200 jobs or 0.4% over the month. Surprisingly, Retail Trade also gained 200 jobs or 0.5% over May levels. The Government sector lost 300 jobs or-0.5% over the month.
Before seasonal adjustment, Total Non-Farm jobs grew seasonally by 2,450 jobs or 0.8% from May to June. Annual unadjusted job growth was flat at -50 jobs or 0.0%. Seasonal job gains were seen in construction (+850 / 5.0%), but the segment remains in decline showing a 650 job annual loss or -3.5%. Retail Trade jobs grew by 650 in May, but this seasonal boost was not enough to overcome annual job losses of 200 or -0.5%. Professional & Business services grew by 400 over the month and 150 or 0.7% over the year. The Leisure and Hospitality sector grew 3,050 jobs over the month but only 150 jobs or 0.5% over the year. State and Local Government Education jobs saw large and expected seasonal drops in June but kept slightly ahead of last years levels.