Vermont Business Magazine For the first time in several months, the number of employed and the labor force both grew, both from the prior month and from the prior year, with both the adjusted and unadjusted numbers showing progress, despite an increase in the number of unemployed. The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for October 2014 was 4.4 percent. This represents no change from the revised September rate (4.4 percent). The equivalent national average was 5.8 percent, which decreased by one-tenth of a percent from the previous month’s estimate. October’s over the month change ends a four-month period of a rising statewide unemployment rate in Vermont. The unemployment rate bottomed out at 3.3 percent in May and has been on the rise since. Vermont’s unemployment rate was the 10th lowest in the country; it was 8th last month and in late spring was second lowest. North Dakota maintains its firm grip on the top spot at 2.8 percent. New Hampshire fell one-tenth to 4.2 percent, or eighth best in the nation.
“Vermont employers are reporting increased opportunities throughout the state. During the summer months, there appeared to be some signs that the economic expansion was slowing. Recent data from Vermont businesses are pointing in a different direction -- towards ongoing economic growth in which jobs are being created and filled; and it is the private sector leading the way. Based on the preliminary October data, in the past year, the Vermont economy has added 1,000 manufacturing jobs, 1,300 jobs in private education and 400 jobs in professional & technical services. The Vermont Department of Labor continues to talk with employers every day that are looking to grow and hire for jobs in Vermont. If you are unemployed, underemployed or seeking a career change, please visit one of the VDOL’s 12 regional offices to take advantage of the Department's job placement services”, said Commissioner Annie Noonan.
The seasonally adjusted Vermont data for October show the Vermont civilian labor increased by 800 from the prior month estimates. The number of employed increased by 550 and the number of unemployed increased by 200. None of the over-the-month changes were statistically significant in the seasonally-adjusted series. October unemployment rates for Vermont’s 17 labor market areas ranged from 2.4 percent in Woodstock to 4.3 percent in Bennington and Newport (note: local labor market area unemployment rates are not seasonally adjusted). For comparison, the October unadjusted unemployment rate for Vermont was 3.4 percent which reflects an eight-tenths percent decrease from the revised September 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 October show an increase of 4,200 jobs when compared to the revised September numbers. This reported over-the-month change does not include the 1,100 job increase between the preliminary and the revised September estimates due to the inclusion of more data. The monthly increase seen in the October numbers was attributable to seasonal increases related to education. 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’ October data, Total Private industries have increased by 1.3 percent (3,400 jobs) and Government employment has decreased by 0.3 percent (-200 jobs).
Seasonally Adjusted
The seasonally adjusted data for October reports an increase of 900 jobs from the revised September data. As with the ‘not-seasonally-adjusted’ data, this over-the-month change is from the revised September numbers which experienced a 1,100 job increase from the preliminary estimates. The seasonally adjusted over-the-month changes in October were mixed at the sectorial level. Those with a notable percent increase include: Financial Activities (+200 jobs or 1.6%) and Manufacturing (+400 jobs or 1.3%). Industries with a notable percent decrease include: Construction (-1,000 jobs or -6.8%) and Administrative & Waste Services (-100 jobs or -1.0%).
Source: Vermont Dept of Labor 11.21.2014
| Unemployment Rates for States Monthly Rankings Seasonally Adjusted Oct. 2014p |
||
|---|---|---|
| Rank | State | Rate |
| 1 | NORTH DAKOTA | 2.8 |
| 2 | SOUTH DAKOTA | 3.3 |
| 3 | NEBRASKA | 3.4 |
| 4 | UTAH | 3.6 |
| 5 | MINNESOTA | 3.9 |
| 6 | HAWAII | 4.1 |
| 6 | IDAHO | 4.1 |
| 8 | NEW HAMPSHIRE | 4.2 |
| 9 | COLORADO | 4.3 |
| 10 | KANSAS | 4.4 |
| 10 | VERMONT | 4.4 |
| 12 | IOWA | 4.5 |
| 12 | MONTANA | 4.5 |
| 12 | OKLAHOMA | 4.5 |
| 15 | WYOMING | 4.7 |
| 16 | TEXAS | 5.1 |
| 17 | OHIO | 5.3 |
| 17 | VIRGINIA | 5.3 |
| 19 | PENNSYLVANIA | 5.4 |
| 19 | WISCONSIN | 5.4 |
| 21 | INDIANA | 5.7 |
| 22 | MAINE | 5.8 |
| 23 | MISSOURI | 5.9 |
| 24 | ARKANSAS | 6.0 |
| 24 | FLORIDA | 6.0 |
| 24 | MARYLAND | 6.0 |
| 24 | MASSACHUSETTS | 6.0 |
| 24 | NEW YORK | 6.0 |
| 24 | WASHINGTON | 6.0 |
| 30 | KENTUCKY | 6.2 |
| 30 | LOUISIANA | 6.2 |
| 32 | ALABAMA | 6.3 |
| 32 | NORTH CAROLINA | 6.3 |
| 34 | CONNECTICUT | 6.4 |
| 34 | DELAWARE | 6.4 |
| 36 | NEW MEXICO | 6.5 |
| 36 | WEST VIRGINIA | 6.5 |
| 38 | ILLINOIS | 6.6 |
| 38 | NEW JERSEY | 6.6 |
| 40 | SOUTH CAROLINA | 6.7 |
| 41 | ALASKA | 6.8 |
| 41 | ARIZONA | 6.8 |
| 43 | OREGON | 7.0 |
| 44 | MICHIGAN | 7.1 |
| 44 | NEVADA | 7.1 |
| 44 | TENNESSEE | 7.1 |
| 47 | CALIFORNIA | 7.3 |
| 48 | RHODE ISLAND | 7.4 |
| 49 | DISTRICT OF COLUMBIA | 7.6 |
| 49 | MISSISSIPPI | 7.6 |
| 51 | GEORGIA | 7.7 |
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.