by Timothy McQuiston Vermont Business Magazine Vermont's unemployment rate has been the same since April, but the numbers from August reveal a weakness in the labor situation, as the labor force decreased, the number of employed decreased and the number ofunemployed increased.The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for August was 3.6 percent. The national average in August was 5.1 percent, a decrease of two-tenths of a percentage point. As of the prior month’s initial data, Vermont’s unemployment rate was tied for third lowest in the country. August represents the eleventh consecutive month without an increase to the unemployment rate.
“This week the Vermont Department of Labor sponsored a job fair with 103 Vermont employers participating, all of whom are hiring. Vermont has the third lowest unemployment rate in the country and there are tremendous opportunities in the Vermont economy today for individuals of all backgrounds and skill sets. When you hear that there are no jobs in Vermont, it is absolutely not correct. Unfortunately this negative messaging is influencing young people making decisions about their future. Vermont students need to know that there are jobs in Vermont and that these jobs pay a decent wage. The VDOL staff at our local Career Resource Centers can work with individuals of any age interested in finding work, changing careers or looking to improve their skills. Stop by your local Department of Labor Office to learn more”, said Labor Commissioner Annie Noonan.
The seasonally adjusted Vermont data for August show the Vermont civilian labor force decreased by 700 from the prior month estimate. The number of employed decreased by 800 and the number of unemployed increased by 100. None of the over-the-month changes were statistically significant in the seasonally-adjusted series.
August unemployment rates for Vermont’s 17 labor market areas ranged from 3.0 percent in Burlington-South Burlington to 4.9 percent in Derby (note: local labor market area unemployment rates are not seasonally adjusted). For comparison, the August unadjusted unemployment rate for Vermont was 3.5 percent which reflects a decrease of one-tenth of a percentage point from the revised July level and a decrease of four-tenths of a percentage point from a year ago.
Not Seasonally Adjusted
The preliminary ‘not-seasonally-adjusted’ jobs estimates for August show an increase of 2,100 jobs when compared to the revised July numbers. There was a decrease of 200 jobs between the preliminary and the revised July estimates due to the inclusion of more data. The monthly increase seen in the August numbers was attributable to seasonal increases related to public 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’ August data, Total Private industries have increased by 3,100 jobs (1.2 percent) and Government employment increased by 500 jobs (1.0 percent) in the past year.
Seasonally Adjusted
The seasonally adjusted data for August reports an increase of 200 jobs from the revised July data. As with the ‘not-seasonally-adjusted’ data, this over-the-month change is from the revised July numbers which experienced a 300 job decrease from the preliminary estimates. The seasonally adjusted over-the-month changes in August were varied at the sectorial level. Those with a notable percent increase include: Other Services (+500 jobs or +4.8%), Financial Activities (+400 jobs or +3.4%), and Professional and Business Services (+400 jobs or +1.5%). Industries with a notable percent decrease include: Construction (-200 jobs or -1.4%), Leisure and Hospitality (-500 jobs or - 1.4%) and Education and Health Services (-600 jobs or -0.9%).
