Weekly unemployment claims fall by over 600

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Weekly unemployment claims fall by over 600

Fri, 01/12/2018 - 12:52pm -- tim

Vermont Business Magazine Weekly unemployment claims began the new year on a down note, which is good. Hiring and then layoffs spike around the holidays as first retailers and mail order operations hire seasonal workers and then release them. Volatility is common this time of year.  For the week of January 6, 2018, there were 945 claims, 625 fewer than than they were the previous week and 5 more than they were a year ago. Altogether 6,917 new and continuing claims were filed, an increase of 783 from a week ago, but 848 fewer than a year ago. For most weeks of 2017, including the last several months, claims have registered below the year before, until recently when they've been similar.

For UI claims last week by industry, Services, which typically accounts for most claims, totaled only 28 percent. Manufacturing fell (13 percent from 21 percent) and Construction increased (39 percent from 24 percent, but nearly the same total of 368 vs 376).

The Department processed 0 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08).

Vermont's unemployment rate for November was 2.9 percent. This reflects no change from the revised October and September rates (2.9 percent), as all the major indicators improved. SEE STORY.

On July 1, 2017, the state reduced taxable rates for individual employers according to their experience rating. The rate reduction cut the highest UI tax rate from 8.4 percent to 7.7 percent, and the lowest rate from 1.3 percent to 1.1 percent. Additionally, July 1 marked the sunset of a provision that required claimants to wait one week between the time they were determined eligible for benefits to when they could collect those benefits.

The Unemployment Weekly Report can be found at: http://www.vtlmi.info/. Previously released Unemployment Weekly Reports and other UI reports can be found at: http://www.vtlmi.info/lmipub.htm#uc

NOTE: Employment (nonfarm payroll) - A count of all persons who worked full- or part-time or received pay from a nonagricultural employer for any part of the pay period which included the 12th of the month. Because this count comes from a survey of employers, persons who work for two different companies would be counted twice. Therefore, nonfarm payroll employment is really a count of the number of jobs, rather than the number of persons employed. Persons may receive pay from a job if they are temporarily absent due to illness, bad weather, vacation, or labor-management dispute. This count is based on where the jobs are located, regardless of where the workers reside, and is therefore sometimes referred to as employment "by place of work." Nonfarm payroll employment data are collected and compiled based on the Current Employment Statistics (CES) survey, conducted by the Vermont Department of Labor. This count was formerly referred to as nonagricultural wage and salary employment.