Vermont Business Magazine The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for May was 2.8 percent. This reflects no change from the revised April rate. The national rate in May was 3.8 percent. As of the prior month’s preliminary data, the Burlington- South Burlington Metropolitan NECTA was tied for the eighth lowest unemployment rate in the country for all metropolitan areas. Overall, Vermont’s unemployment rate was tied for the fifth lowest in the country for the same time period. Commissioner’s Message
“The trend of a rising Vermont labor force highlighted last month, continues in the newly released May data. For the fifth month in a row, Vermont households report increasing labor force participation rates. The combination of near record low levels of unemployment and active recruitment by Vermont companies appears to be motivating individuals across the state to re-enter the labor market. The Department has a federal charge to work with individuals and businesses with equal intensity. Accordingly, staff in the Department’s Career Resource Centers are ready to assist not only job seekers and students but also businesses looking to hire or develop a training program. Contact any one of the Department’s 12 Career Resource Centers to learn more about how we can work together,” said Labor Commissioner Lindsay Kurrle.
Governor Phil Scott said:“Filling the good jobs we know are available in our state and increasing the size of our workforce is a top priority for my Administration. For the fifth straight month, Vermont’s labor force has expanded, growing by nearly 4,000 since the start of this year. I’m cautiously optimistic that this growth represents a shift from nearly a decade of decline.
“The work we are doing to make Vermont more affordable, and the collaborative efforts of the Administration and the Legislature, will help us add workers and good jobs to our economy, finally putting a stop to the erosion of our workforce we saw for years.Growing and strengthening our workforce must be the top priority of all elected officials, regardless of political party. Increasing the size of our workforce and growing the economy is key to ensuring Vermont has the revenue to meet current and future needs.”
The Vermont seasonally-adjusted unemployment rate held steady in May at a level of 2.8 percent. The comparable United States rate in May was 3.8 percent which was a decrease of one-tenth of one percentage point from the revised April estimate. The seasonally-adjusted Vermont data for May show the Vermont civilian labor force increased by 828 from the prior month’s revised estimate. The number of employed persons increased by 764 and the number of unemployed persons increased by 64. None of these changes were statistically significant in the seasonally-adjusted series.
The May unemployment rates for Vermont’s 17 labor market areas ranged from 2.0 percent in Burlington-South Burlington and White River Junction to 4.2 percent in Woodstock (note: local labor market area unemployment rates are not seasonally-adjusted). For comparison, the May unadjusted unemployment rate for Vermont was 2.6 percent which reflects a decrease of four-tenths of one percentage point from the revised unadjusted April level and a decrease of two-tenths of one percentage point from a year ago.
Not-Seasonally-Adjusted
The preliminary ‘not-seasonally-adjusted’ jobs estimates for May show an increase of 1,800 jobs when compared to the revised April numbers. There was a decrease of 300 jobs between the preliminary and the revised April estimates due to the inclusion of more data. The monthly increase seen in the May numbers was primarily attributable to seasonal hiring in construction. 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’ May data, Total Private industries have decreased by 500 jobs (-0.2 percent) and Government (including public education) employment has increased by 1,200 jobs (2.1 percent) in the past year.
Seasonally-Adjusted
The seasonally-adjusted data for May reports a decrease of 500 jobs from the revised April data. As with the ‘not-seasonally-adjusted’ data, this over-the-month change is from the revised April numbers which experienced an increase of 200 jobs from the preliminary estimates. The seasonally-adjusted over-the-month changes in May were minor at the sector level. Those with a notable percent increase include: Mining & Logging (+100 jobs or +14.3%) and Arts, Entertainment & Recreation (+100 jobs or +2.0%). Sectors with a notable percent decrease include: Accommodation & Food Services (-900 jobs or -2.7%) and Durable Goods Manufacturing (-300 jobs or -1.6%).
