Vermont Business Magazine Weekly unemployment claims increased slightly last week but remain at a low level typical for this time of year. For the week of June 16, 2018, there were 332 claims, 35 more than than they were the previous week, and 92 fewer than they were a year ago. Altogether 3,288 new and continuing claims were filed, a decrease of 136 from a week ago, and 464 fewer than a year ago. For most weeks of 2017 and 2018 claims have been below the year before.
For UI claims last week by industry, Services, which typically accounts for most claims, accounted for 64 percent of all claims, as claims in the other categories fell.
Vermont's unemployment rate for May was 2.8 percent. This is unchanged for the last several months.SEESTORY.
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.
Rateswillfall again on July 1, 2018 and payments will increase on January 1, 2019, as claims continue to be lower than previous projections. The rate reduction anticipated in July of 2018 will reduce 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.
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