Vermont Business Magazine All key indicators showed small improvement last month as the labor situation showed marked improvement for the first time in several months. The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for November 2014 was 4.3 percent. This represents a decrease of one-tenth of a percent from the revised October rate (4.4 percent). The equivalent national average was 5.8 percent, which experienced no change from the previous month’s estimate. Vermont’s unemployment rate remains tied for tenth lowest in the US.
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The seasonally adjusted Vermont data for November show the Vermont civilian labor force increased by 850 from the prior month estimates. The number of employed increased by 1,100 and the number of unemployed decreased by 200. None of the over-the-month changes were statistically significant in the seasonallyadjusted series.
“Private sector hiring continues to be positive, and accounts for all the job growth seen in the past year in Vermont. Employer-reported job increases are also mirrored by increased levels of employment reported by Vermont households. This growth has pushed up the statewide labor force and pushed down the unemployment rate. This is positive data as Vermont heads into the winter months. Employers in the leisure and hospitality sector are reporting a strong start to the winter season, and, as anticipated, are hiring. The Vermont Department of Labor will connect job seekers to current job openings, which allows our business community to prosper and expand. Contact the Department of Labor, through any one of our 12 regional offices, to learn about our extensive services”, said Commissioner Annie Noonan.
November unemployment rates for Vermont’s 17 labor market areas ranged from 2.4 percent in Hartford to 5.1 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 a five-tenths percent increase from the revised October level and a decline of one-tenth of a percent from a year ago.
Not Seasonally Adjusted
The preliminary ‘not-seasonally-adjusted’ jobs estimates for November show an increase of 800 jobs when compared to the revised October numbers. There was no change between the preliminary and the revised October estimates due to the inclusion of more data. The monthly increase seen in the November numbers was attributable to seasonal increases related to retail and wholesale trade. 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 1.4 percent (3,500 jobs) and Government employment has experienced no change in the past year.
Seasonally Adjusted
The seasonally adjusted data for November reports an increase of 3,600 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 no change from the preliminary estimates. The seasonally adjusted over-the-month changes in November were mixed at the sectorial level. Those with a notable percent increase include: Construction (+1,100 jobs or 8.1%) and Leisure & Hospitality (+2,600 jobs or 7.5%). Industries with a notable percent decrease include: Financial Activities (-100 jobs or -0.8%) and Manufacturing (-200 jobs or -0.6%).
