UNEMPLOYMENT EDGES UP SLIGHTLY TO 4.9% IN AUGUST, JOB GROWTH SLIPS DOWN -0.2%.
Montpelier (September 19, 2008) -- The Vermont Department of Labor announced today that the seasonally adjusted unemployment rate for August 2008 was 4.9 percent, up one-tenth of a point from the revised July rate of 4.8% and up 1.1 points from a year ago.
"National economic conditions continue to have their impact on Vermont's labor market, though not quite to the same degree," said Patricia Moulton Powden, Commissioner of the Vermont Department of Labor. "Vermont's one-tenth of a point increase in unemployment was much smaller than the nation's four-tenths increase in August. Job losses have been smaller on a percentage basis as well, though any job losses remain a concern."
Vermont's observed seasonally adjusted monthly changes in employment, unemployment and unemployment rate are not statistically different from July values. For comparison purposes, the US seasonally adjusted unemployment rate for August was 6.1 percent, up four-tenths of a point from July 2008. Unemployment rates for Vermont's 17 labor market areas ranged from 2.6% percent in Hartford to 5.7% percent in Newport. Local labor market area unemployment rates are not seasonally adjusted. For comparison, the unadjusted unemployment rate for Vermont was 4.3 percent, down two-tenths of a point from July 2008 and up 1.1 points from a year ago.
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 fell by 800 or -0.3% over July, and by -1,000 or -0.3% over the year. Job losses were spread over many sectors including Manufacturing, Construction, Trade, Transportation & Utilities, Education & Health services, Financial Activities, Other services and Government. A notable exception was Leisure and Hospitality which added 200 seasonally adjusted jobs in August.
Before adjustment, Total Non-Farm jobs were essentially flat, -50 jobs from July to August, but down 600 jobs or -0.2% annually. Only Leisure and Hospitality showed any significant seasonal job gains from July to August (+700 / 2.0%), but the segment remains essentially flat over the year. The Health Care & Social Assistance sector continues to show good annual job gains (950/2.5%). Manufacturing is down over the year (-850 / -2.4%) as is the Construction sector, (-750 / -4.0%). Declines in construction may have been aggravated by poor weather in the measurement period.
Michael Griffin
ghallock
2006-03-08T18:42:20Z
2004-09-24T14:43:24Z
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VERMONT LABOR FORCE AND UNEMPLOYMENT
LABOR MARKET AREAS BY RESIDENCE (Not Seasonally Adjusted)
August 2008 Estimates
Total
Number
Number
Aug-08
Jul-08
Aug-07
Area
Labor Force
Employed
Unemployed
Rate (%)
Rate (%)
Rate (%)
Barre-Montpelier
28,550
27,300
1,250
4.4
5.0
3.2
Bennington
12,700
12,100
600
4.9
5.0
3.6
Bradford
4,700
4,500
200
4.3
4.5
3.5
Brattleboro
23,600
22,500
1,050
4.5
4.9
3.5
Burlington-South Burlington
113,450
109,100
4,350
3.9
4.1
3.0
Hartford
19,950
19,450
500
2.6
2.9
2.0
Manchester
12,300
11,800
500
4.2
4.5
3.1
Middlebury
18,200
17,450
750
4.2
4.4
3.3
Morristown-Stowe
20,250
19,400
850
4.2
4.4
3.1
Newport
13,450
12,700
750
5.7
6.0
4.1
Randolph
8,800
8,400
400
4.6
5.1
3.3
Rutland
28,450
26,900
1,550
5.4
5.7
3.9
Springfield
11,850
11,300
550
4.8
5.0
3.6
St. Johnsbury
14,700
14,050
650
4.5
4.6
3.6
Swanton-Enosburg
14,300
13,650
700
4.7
5.2
3.8
Warren-Waitsfield
3,700
3,600
100
3.0
3.4
2.5
Woodstock
3,700
3,600
100
2.8
3.1
2.2
Vermont Total
355,050
339,950
15,100
4.3
4.5
3.2
Note:
Rate is unemployed divided by total labor force, expressed as a percent.
Source:
Vermont
Department of Labor in cooperation with the U.S. Bureau of Labor Statistics
Vermont Labor Force Statistics (Seasonally Adjusted)
Changes From
August 2008
July
2008
August 2007
July 2008
August
2007
Total
Labor Force
351,200
352,700
352,800
-1,500
-1,600
Employment
333,800
335,800
339,300
-2,000
-5,500
Unemployment
17,300
16,900
13,500
400
3,800
Rate (%)