by Timothy McQuiston Vermont Business Magazine The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for February was 2.8 percent, as all three major metrics (labor force, employed and unemployed) all improved slightly. However, there was a small drop in the number of jobs (a person might work more than one job, see tables below). The February rate reflects a decrease of one-tenth of one percentage point from the revised January rate. The rate has been unchanged at 2.9 percent since last September. The national rate in February was 4.1 percent. As of the prior month’s preliminary data, the Burlington-South Burlington Metropolitan NECTA was tied for the seventh lowest unemployment rate in the country for all metropolitan areas. Overall, Vermont’s unemployment rate was tied for the fourth lowest in the country for February and New Hampshire was tied for second lowest (2.6 percent) Hawaii was lowest (2.1 percent) and Alaska was highest (7.3 percent).
"February numbers show growth in Vermont’s labor force. As I noted in the recent release of the January numbers, one constraint on economic growth in Vermont is the availability of labor, in particular those with the skills and abilities needed in today’s labor market. Vermont workers are the lifeblood of Vermont companies. The Department is currently partnering with numerous organizations to ensure all Vermonters, including young people, are getting the message about available work in Vermont through career fairs and school visits. Staff, spread across the state at any one of our twelve Career Resource Centers, are at the ready to assist Vermonters find their next work or training opportunity,” said Labor Commissioner Lindsay Kurrle.
The seasonally-adjusted Vermont data for February show the Vermont civilian labor force increased by 823 from the prior month’s revised estimate. The number of employed persons increased by 987 and the number of unemployed persons decreased by 164. The changes were not statistically significant in the seasonally-adjusted series.
Not-Seasonally-Adjusted
The preliminary ‘not-seasonally-adjusted’ jobs estimates for February show an increase of 1,800 jobs when compared to the revised January numbers. There was a decrease of 600 jobs between the preliminary and the revised January estimates due to the inclusion of more data. The monthly increase seen in the February numbers was primarily attributable to seasonal movements in public and private 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’ February data, Total Private industries have increased by 2,600 jobs (1.0 percent) and Government (including public education) employment has increased by 400 jobs (0.7 percent) in the past year.
Seasonally-Adjusted
The seasonally-adjusted data for February reports a decrease of 400 jobs from the revised January data. As with the ‘not-seasonally-adjusted’ data, this over-the-month change is from the revised January numbers which experienced an increase of 100 jobs from the preliminary estimates. The seasonally-adjusted over-the-month changes in February were varied at the sector level. Those with a notable percent increase include: Construction (+200 jobs or +1.3%), Finance & Insurance (+100 jobs or +1.1%), and Wholesale Trade (+100 jobs or +1.1%). Sectors with a notable percent decrease include: Other Services (-300 jobs or -2.9%), Manufacturing (-400 jobs or -1.4%), and Federal Government (-100 jobs or -1.4%).
Unemployment Rates for States, Seasonally Adjusted
State
February 2018(p)
rate
Rank
Hawaii
2.1
1
New Hampshire
2.6
2
North Dakota
2.6
2
Nebraska
2.8
4
Vermont
2.8
4
Iowa
2.9
6
Maine
2.9
6
Wisconsin
2.9
6
Colorado
3.0
9
Idaho
3.0
9
Utah
3.1
11
Indiana
3.2
12
Minnesota
3.2
12
Kansas
3.4
14
South Dakota
3.4
14
Tennessee
3.4
14
Massachusetts
3.5
17
Virginia
3.5
17
Alabama
3.7
19
Missouri
3.7
19
Arkansas
3.8
21
Florida
3.9
22
Texas
4.0
23
Wyoming
4.0
23
Kentucky
4.1
25
Montana
4.1
25
Oklahoma
4.1
25
Oregon
4.1
25
Maryland
4.2
29
California
4.3
30
Delaware
4.4
31
South Carolina
4.4
31
Georgia
4.5
33
Louisiana
4.5
33
Mississippi
4.5
33
North Carolina
4.5
33
Ohio
4.5
33
Rhode Island
4.5
33
Connecticut
4.6
39
New Jersey
4.6
39
New York
4.6
39
Illinois
4.7
42
Washington
4.7
42
Michigan
4.8
44
Pennsylvania
4.8
44
Arizona
4.9
46
Nevada
4.9
46
West Virginia
5.4
48
District of Columbia
5.7
49
New Mexico
5.8
50
Alaska
7.3
51
Footnotes
(p) Preliminary
Note: Rates shown are a percentage of the labor force. Data refer to place of residence. Estimates for the current month are subject to revision the following month.
Last Modified Date: March 23, 2018
Source: VT DOL 3.23.2018