Vermont unemployment rate falls two-tenths to 4.0 percent

Driven by a steep decrease in the number of unemployed, the Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for January 2014 was 4.0 percent. In contrast to recent monthly drops in the unemployment rate, the January figure reflected an increase in both the labor force and number of employed from December. Previous declines have been driven to a large extent by a decrease in the labor force.
The January rate represents a decrease of two-tenths of a percent from the December 2013 rate of 4.2 percent. The comparative national average was 6.6 percent, which was down one-tenth of a percent from December. January 2014 data represents the fourth consecutive reported monthly decrease to the statewide unemployment rate in Vermont. As of the prior month’s initial data, Vermont’s unemployment rate was tied for the fifth lowest in the
nation.
“The January numbers start the year on a positive note. Vermont households and businesses are reporting increased employment opportunities in Vermont. Hopefully we continue to grow a resilient economy with diverse employment and entrepreneurial opportunities for Vermonters. We are still working to ensure that all Vermonters can access employment opportunities and achieve wage growth. The department is engaging Vermonters with employment workshops and job fairs throughout the state. The Department of Labor regional offices are a great resource for Vermonters, and we are anxious to help Vermonters through our programs for training, education and job placement services", said Labor Commissioner Annie Noonan.
The comparable rate for the United States (6.6 percent) decreased by one-tenth of a percent from the revised December estimate. The seasonally adjusted Vermont data for January show the Vermont civilian labor force increased by 350 from the prior month estimates.
The number of employed increased by 1,250 and the number of unemployed decreased by 950. The over-the-month changes to the number of unemployed and the unemployment rate were statistically significant in the seasonally-adjusted series.
January unemployment rates for Vermont’s 17 labor market areas (SEETABLE BELOW) ranged from 2.5 percent in Warren-Waitsfield to 7.0 percent in Newport (note: local labor market area unemployment rates are not seasonally adjusted). For comparison, the January unadjusted unemployment rate for Vermont was 4.4 percent which reflects an increase of four-tenths of a percent from the December level and a decline of eight-tenths of a percent from a year ago.
Not Seasonally Adjusted
The preliminary ‘not-seasonally-adjusted’ jobs estimates for January show a decrease of 6,600 jobs when compared to the revised December numbers. This reported over-the-month change does not include the 1,850 job decrease between the preliminary and the revised December estimates due to the inclusion of more data. The monthly decrease seen in the January numbers was attributable to seasonal decreases in Construction and Education (both public and private). 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’ January data, Total Private industries have increased by 1.6 percent (4,100 jobs) and Government has decreased by 0.4 percent (200 jobs) within the last year.
Seasonally Adjusted
The seasonally adjusted data for January reports an increase of 3,000 jobs from the revised December data. As with the ‘not-seasonally-adjusted’ data, the revised December numbers experienced a decrease (2,800 jobs) from the preliminary estimates. The seasonally adjusted over-the-month changes in January were varied at the sectorial level. Those with a notable percent increase include: State Government (1,400 jobs or 7.9 percent), Other Services (300 jobs or 3.0 percent), and Professional & Business Services (700 jobs or 2.6 percent). The sector with a notable percent decline: Construction (-800 jobs or -5.5 percent).