Vermont Business Magazine With jobs increasing, the number of unemployed decreasing and with modest growth in the labor force, the Vermont employment situation improved in December. The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for December 2014 was 4.2 percent. This represents a decrease of two-tenths of a percent from the revised November rate (4.4 percent). The seasonally adjusted Vermont data for December show the Vermont civilian labor force increased by 350 from the prior month estimates. The number of employed increased by 750 and the number of unemployed decreased by 400. None of the over-the-month changes were statistically significant in the seasonally-adjusted series.
Unemployment Rates for States
p = preliminary. |
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The equivalent national average was 5.6 percent, which experienced a decrease of two-tenths of a percent from the previous month’s estimate. Vermont’s unemployment rate is tied for 11th lowest in the country. New Hampshire, at 4.0 percent, is the lowest in New England (NH and Vermont are first and second lowest east of the Mississippi). Based on the preliminary 2014 data, the annual average statewide unemployment rate in Vermont for 2014 was 3.9 percent – a decrease of five-tenths of a percent from the 2013 annual data.
SEE LABOR MARKET AND INDUSTRY TABLES BELOW
“While only preliminary 2014 data is in, it points to Vermont’s continued economy recovery from the recession of 2007. Vermont employers end the year reporting near-record high employment, having surpassed pre-recessionary levels. The unemployment rate on an annualized basis continues to improve. We recognize, however, that the recent economic gains have not reached all Vermonters or economic sectors. Certain industries, most notably construction, have yet to recover. Regions outside the Northwestern part of the state have not mirrored the robust growth seen in and around the Burlington area. More work in job training, career exploration, and economic development to support job growth is needed to ensure all Vermonters have access to economic advancement. The Vermont Department of Labor has state and federal money to support the employers’ needs for skilled workers, as well as the individual person seeking job placement assistance. Contact the Department to learn about the services we offer through our 12 regional career centers”, said Commissioner Annie Noonan.
December unemployment rates for Vermont’s 17 labor market areas ranged from 2.5 percent in Hartford to 5.7 percent in Newport (note: local labor market area unemployment rates are not seasonally adjusted). For comparison, the December unadjusted unemployment rate for Vermont was 3.9 percent which reflects a decrease of one-tenth of a percent from the revised November level and an increase of one-tenth of a percent from a year ago.
Not Seasonally Adjusted
The preliminary ‘not-seasonally-adjusted’ jobs estimates for December show an increase of 3,500 jobs when compared to the revised November numbers. There was a decrease of 100 jobs between the preliminary and the revised November estimates due to the inclusion of more data. The monthly increase seen in the December numbers was attributable to seasonal increases related to leisure and hospitality. 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’ December data, Total Private industries have increased by 2,700 jobs (1.1 percent) and Government employment increased by 900 jobs (1.6 percent) in the past year.
Seasonally Adjusted
The seasonally adjusted data for December reports a decrease of 1,400 jobs from the revised November data. As with the ‘not-seasonally-adjusted’ data, this over-the-month change is from the revised November numbers which experienced a 100 job decrease from the preliminary estimates. The seasonally adjusted over-the-month changes in December were varied at the sectorial level. Those with a notable percent increase include: Financial Activities (+200 jobs or +1.6%) and Trade, Transportation and Utilities (+200 jobs or +0.4%). Industries with a notable percent decrease include: Leisure & Hospitality (-1,400 jobs or -3.8%) and Construction (-300 jobs or -2.0%).
