Vermont unemployment rate drops to 4.1 percent in March

The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for March 2013 was 4.1 percent. This represents a decline of three-tenths of a percent from the prior month’ s estimate of 4.4 percent. The comparative national average was 7.6 percent which was down one-tenth of a percent from February. March 2013 represents the eighth consecutive month without an increase to the unemployment rate in Vermont. As of the prior month’ s data, Vermont’ s unemployment rate was tied for the third lowest in the country.
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‘ The Vermont economy is transitioning from winter to spring employment activities. As the ski areas are winding down, the construction and hospitality sectors are gearing up. We anticipate hiring in these and other sectors, based upon our daily phone interactions with Vermont employers in which we inventory job openings. We are concerned about possible job reductions in the defense-related industries in Vermont resulting from the federal sequestration, but can assist any impacted workers through Dislocated Worker funding. The Department of Labor’ s regional Career Resource Centers are hosting job fairs and recruitment activities for Vermont employers, and matching job seekers to those openings. All of these efforts, including reemployment assessment work with unemployed Vermonters, are making a difference for job seekers. Vermont students who are interested in summer jobs or internships should begin the application process soon’ , said Labor Commissioner Annie Noonan.
The seasonally adjusted Vermont data for March show the Vermont civilian labor force decreased by 1,650 from the prior month estimates. The number of employed decreased by 550 and the number of unemployed decreased by 1,100. The over-the-month declines in the civilian labor force, the unemployment rate and the number of unemployed were statistically significant.
March unemployment rates for Vermont’ s 17 labor market areas ranged from 2.9 percent in Warren-Waitsfield to 7.6 percent in Newport (note: local labor market area unemployment rates are not seasonally adjusted). For comparison, the March unadjusted unemployment rate for Vermont was 4.6 percent which reflects a one-tenth of a percent decrease from the February level and a decline of seven-tenths of a percent from a year ago.
Not Seasonally Adjusted
The preliminary ‘ not-seasonally-adjusted’ jobs estimates for March show a decrease of 1,800 jobs when compared to the revised February numbers. This reported over-the-month change does not include the 50 job increase between the preliminary and the revised February estimates due to the inclusion of more data. The monthly decrease seen in the March numbers was predominately attributable to seasonal decreases in the Leisure & Hospitality sectors. 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 0.9 percent (2,250 jobs) and Government has increased by 0.8 percent (450 jobs) within the last year.
Seasonally Adjusted
The seasonally adjusted data for March reports a decrease of 400 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 no change from the preliminary estimates. The seasonally adjusted over-the-month changes in March were mixed at the sectoral level. Those with a notable percent decrease include: Leisure & Hospitality (-600 jobs or -1.8 percent), Financial Activities (-200 jobs or -1.6 percent) and Professional & Business Services (-300 jobs or -1.1 percent). Sectors with notable percent gains include: Construction (200 jobs or 1.4 percent) and Education & Health Services (700 jobs or 1.1 percent).
Governor Peter Shumlin issued the following statement on Vermont’ s March unemployment rate: ‘ The news today of another drop in the Vermont’ s unemployment rate, to 4.1 percent, is further proof that the state’ s economy continues to rebound from the worst recession in our memory. Vermont now has the third lowest unemployment rate in the country and the strongest job market in the region, reflecting what I’ m hearing from business owners as I travel the state. While we know the rate will fluctuate up and down over time, the consistent downward trend in recent months shows that employers are hiring and need skilled workers. We are working hard to ensure Vermonters are qualified to fill those jobs and are connected with the employers who need workers.’