Layoffs at IBM are the leading cause of an increase in the Vermont jobless rate, but job losses exceeded the 419 cuts at the Essex Junction facility with a statewide loss of 850 between June and May. The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for June 2013 was 4.4 percent. This represents an increase of three-tenths of a percent from the prior month’s estimate of 4.1 percent. The comparative national average was 7.6 percent which was unchanged from May.
June 2013 data represents the second consecutive month reporting an increase in the statewide unemployment rate in Vermont. A review of last year’s initial data shows a similar rise during the months of May and June. Last year’s increases were temporary in nature as the economy continued to improve as reflected in the post-benchmarked numbers. Nonfarm payroll jobs, however, were trending up.As of the prior month’s initial data, Vermont’s unemployment rate was the fourth lowest in the country (SEE LIST BELOW).
‘The Vermont economy is showing a bit of changeability this month, which appear to be linked to specific employment issues. While the state’s revenues remain strong, we saw the layoff of IBM workers. Yet, our July 15th job fair had over 85 Vermont employers attend ‘all of whom were hiring and looking for qualified workers. In addition, we see economic progress in the Northeast Kingdom EB-5 project, creating opportunities. The Vermont Department of Labor has been actively engaging employers and job seekers of all ages about the Vermont labor market and promoting job opportunities, reemployment options and positive labor market outcomes. Our regional offices are very busy matching job seekers with training and employment opportunities’, said Labor Commissioner Annie Noonan.
The Vermont seasonally adjusted unemployment rate of 4.4 is still considerably lower that the comparable rate for the United States. The seasonally adjusted Vermont data for June show the Vermont civilian labor force increased by 50 from the prior month estimates. The number of employed decreased by 850 and the number of unemployed increased by 950. The over-the-month changes for the number of unemployed and the unemployment rate were statistically significant.
June unemployment rates for Vermont’s 17 labor market areas ranged from 3.2 percent in Hartford to 6.6 percent in Newport (note: local labor market area unemployment rates are not seasonally adjusted). For comparison, the June unadjusted unemployment rate for Vermont was 4.8 percent which reflects an increase of six-tenths of a percent from the May level and a decline of four-tenths of a percent from a year ago.
Not Seasonally Adjusted
The preliminary ‘not-seasonally-adjusted’jobs estimates for June show an increase of 3,650 jobs when compared to the revised May numbers. This reported over-the-month change does not include the 50 job decrease between the preliminary and the revised May estimates due to the
inclusion of more data. The monthly increase seen in the June numbers was predominately attributable to seasonal increases in the Leisure & Hospitality industry. 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’June data, Total Private industries have increased by 1.3 percent (3,150 jobs) and Government has increased by 1.0 percent (550 jobs) within the last year.
Seasonally Adjusted
The seasonally adjusted data for June reports an increase of 1,400 jobs from the revised May data. As with the ‘not-seasonally-adjusted’data, this over-the-month change is from the revised May numbers which experienced a 200 job decrease from the preliminary estimates. The seasonally adjusted over-the-month changes in June were mixed at the sectorial level. Those with a notable percent increase include: State Government (1,900 jobs or 12.0 percent), Financial Activities (200 jobs or 1.7 percent), Manufacturing (300 jobs or 0.9 percent), and Leisure & Hospitality (300 jobs or 0.9 percent). Sectors with notable percent declines include: Construction (-400 jobs or -2.9 percent) and Education & Health (-600 jobs or -1.0 percent).
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The Unemployment and Jobs Report for July is scheduled to be released on Monday, August 19, 2013 at 10 am.
Unemployment Rates for States
Unemployment Rates for States
Monthly Rankings
Seasonally Adjusted
June 2013p
Rank
State
Rate
1
NORTH DAKOTA
3.1
2
SOUTH DAKOTA
3.9
3
NEBRASKA
4.0
4
VERMONT
4.4
5
HAWAII
4.6
5
IOWA
4.6
5
WYOMING
4.6
8
UTAH
4.7
9
MINNESOTA
5.2
9
NEW HAMPSHIRE
5.2
9
OKLAHOMA
5.2
12
MONTANA
5.4
13
VIRGINIA
5.5
14
KANSAS
5.8
15
ALASKA
6.1
15
WEST VIRGINIA
6.1
17
IDAHO
6.4
18
ALABAMA
6.5
18
TEXAS
6.5
20
MAINE
6.8
20
NEW MEXICO
6.8
20
WASHINGTON
6.8
20
WISCONSIN
6.8
24
MISSOURI
6.9
25
COLORADO
7.0
25
LOUISIANA
7.0
25
MARYLAND
7.0
25
MASSACHUSETTS
7.0
29
FLORIDA
7.1
30
OHIO
7.2
31
ARKANSAS
7.3
31
DELAWARE
7.3
33
NEW YORK
7.5
33
PENNSYLVANIA
7.5
35
OREGON
7.9
36
ARIZONA
8.0
37
CONNECTICUT
8.1
37
SOUTH CAROLINA
8.1
39
INDIANA
8.4
39
KENTUCKY
8.4
41
CALIFORNIA
8.5
41
DISTRICT OF COLUMBIA
8.5
41
TENNESSEE
8.5
44
GEORGIA
8.6
45
MICHIGAN
8.7
45
NEW JERSEY
8.7
47
NORTH CAROLINA
8.8
48
RHODE ISLAND
8.9
49
MISSISSIPPI
9.0
50
ILLINOIS
9.2
51
NEVADA
9.6
p = preliminary.
NOTE: Rates shown are a percentage of the labor force. Data refer to place of residence. Estimates for the current month are subject to revision the following month.