The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for November 2013 was 4.4 percent. This represents a decrease of one-tenth of a percent from the October rate of 4.5 percent. Typical of this slow emergence from the Great Recession, the lower unemployment rate was the result of all the data points falling: a drop in the number of employed was more than offset by a decrease in both the labor force and the number of those unemployed.
November 2013 data represents the second consecutive reported monthly decrease to the statewide unemployment rate in Vermont. As of the prior month’s initial data, Vermont’s unemployment rate was the fifth lowest in the country. The comparative national average was 7.0 percent, which was down three-tenths of a percent from October.
‘Vermont is ending calendar year 2013 with continued economic growth. Despite some ‘ups and downs’ in the weekly UI numbers, the trend has been generally positive, even as we wrestled with the federal shutdown. Yet, we recognized that the improved economic conditions have not been felt by all Vermonters, and this Department is committed to working with anyone who needs our help, whether they are unemployed, under-employed, or in need of education or training to move them to a livable wage. The Department is also pleased that in the past year, we have been in contact with over 18,000 Vermont employers to discuss job openings and their recruitment needs. The feedback we have received from the employer community has been outstanding, and it has allowed us to connect Vermonters with job openings. The VDOL local Career Resource Centers, located in 12 locations across the state, are an incredible resource for Vermonters who need job guidance and placement. VDOL is committed to helping every Vermonter who needs our service’, said Vermont’s Labor Commissioner Annie Noonan.
State of Vermont Overview Analysis of Job Changes by Industry
The seasonally adjusted Vermont data for November show the Vermont civilian labor force decreased by 800 from the prior month estimates. The number of employed decreased by 200 and the number of unemployed decreased by 600. None of the over-the-month changes to the seasonally-adjusted series were statistically significant.
November unemployment rates for Vermont’s 17 labor market areas ranged from 2.5 percent in Hartford to 5.8 percent in Newport (note: local labor market area unemployment rates are not seasonally adjusted). For comparison, the November unadjusted unemployment rate for Vermont was 3.9 percent which reflects an increase of two-tenths of a percent from the October level and a decline of six-tenths of a percent from a year ago.
Not Seasonally Adjusted
The preliminary ‘not-seasonally-adjusted’ jobs estimates for November show an increase of 900 jobs when compared to the revised October numbers. This reported over-the-month change does not include the 300 job decrease between the preliminary and the revised October estimates due to the inclusion of more data. The monthly increase seen in the November numbers was predominately attributable to seasonal increases in Accommodations. 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’ November data, Total Private industries have increased by 1.2 percent (3,700 jobs) and Government has increased by 0.3 percent (200 jobs) within the last year.
Seasonally Adjusted
The seasonally adjusted data for November reports an increase of 2,200 jobs from the revised October data. As with the ‘not-seasonally-adjusted’ data, this over-the-month change is from the revised October numbers which experienced a 300 job decrease from the preliminary estimates. The seasonally adjusted over-the-month changes in November were varied at the sectorial level. Those with a notable percent increase include: Leisure & Hospitality (1,800 jobs or 5.3 percent), Other Services (300 jobs or 3.1 percent) and Manufacturing (400 jobs or 1.2 percent). Sectors with notable percent declines include: State Government (-300 jobs or -1.7 percent) and Financial Activities (-100 jobs or -0.8 percent).
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The Unemployment and Jobs Report for December is scheduled to be released on Tuesday, January 28, 2014 at 10:00 a.m.