Vermont Business MagazineWeekly unemployment claims fell again and now are approaching the extremely low 200-range. For the week of July 14, 2018, there were 304 claims, 31 fewer than than they were the previous week, and 72 fewer than they were a year ago. Altogether 3,473 new and continuing claims were filed, a decrease of 328 from a week ago, and 449 fewer than a year ago. For most weeks of 2017 and 2018 claims have been below the year before. Vermont is currently in a historically low period of unemployment.
For UI claims last week by industry, Services, which typically accounts for most claims, accounted for 60 percent of all claims, as all categories saw a small decrease in actual claims.
Vermont's unemployment rate for June was 2.8 percent. This is unchanged for the last several months and 6th lowest in the nation.SEESTORY.
UI tax rates for employers fell again on July 1, 2018, as claims continue to be lower than previous projections. Individual employers' reduced taxable wage rates will vary according to their experience rating; however, the rate reduction will lower the highest UI tax rate from 7.7 percent to 6.5 percent. The lowest UI tax rate will see a reduction from 1.1 percent to 0.8 percent.
Also effective July 1, 2018, the maximum weekly unemployment benefit will be indexed upwards to 57% of the average weekly wage. The current maximum weekly benefit amount is $466, which will increase to $498. Both changes are directly tied to the change in the Tax Rate Schedule.
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
Source: Vermont DOL 7.25.2018