Vermont Business Magazine According to household data released today from the Vermont Department of Labor, the seasonally-adjusted statewide unemployment rate for August was 2.1 percent. This reflects no change from the revised July rate. The release of the new data on Vermont households disrupts the previous trend of eight consecutive months of rising number of employed persons and rising labor force. Employment also fell and the jobless number increased. Still, the rate remains at its historic low.
The seasonally-adjusted Vermont data for August show the Vermont civilian labor force decreased by 659 from the prior month’s revised estimate. The number of employed persons decreased by 804 and the number of unemployed persons increased by 145. None of the changes were statistically significant in the seasonally-adjusted series.
The August United States rate in August was 3.7 percent, which was unchanged from the revised July estimate.
“Vermont’s unemployment rate continues to be among the lowest in the country. While this is good news for job seekers because it means there are employers hungry for talent, it does not necessarily mean finding meaningful work is easy. It takes hard work and determination, and even then, that may not be enough. Across the state, each of our regions is unique. Some regions suffer from a shortage of workers, while others a shortage of jobs, and in many of these same regions job seekers and employers also face challenges with transportation, housing, and childcare. It is these barriers to employment that take the task of finding work and make it unattainable for so many. The Department of Labor, and its staff, are committed to removing these barriers so that job seekers have an easier time finding well-paying jobs in high-demand areas,” said Labor Commissioner Michael Harrington.
The August unemployment rates for Vermont’s 17 labor market areas ranged from 1.8 percent in White River Junction and Barre-Montpelier to 3.7 percent in Derby (note: local labor market area unemployment rates are not seasonally-adjusted). For comparison, the August unadjusted unemployment rate for Vermont was 2.2 percent which was unchanged from the revised unadjusted July level and a decrease of three-tenths of one percentage point from a year ago.
The preliminary ‘not-seasonally-adjusted’ jobs estimates for August show a decrease of 100 jobs when compared to the revised July numbers. There was an increase of 200 jobs between the preliminary and the revised July estimates due to the inclusion of more data. 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’ August data, Total Private industries have increased by 1,500 jobs (0.6 percent) and Government (including public education) employment has decreased by 2,100 jobs (-4.0 percent) in the past year.
The seasonally-adjusted data for August reports a decrease of 600 jobs from the revised July data. As with the ‘not-seasonally-adjusted’ data, this over-the-month change is from the revised July numbers which experienced a decrease of 400 jobs from the preliminary estimates. The seasonally-adjusted over-the-month changes in August varied at the sub-sector level. Those with a notable increase include: Administrative & Waste Services (+300 jobs or +2.4%), Private Educational Services (+200 jobs or +1.6%), and Federal Government (+100 jobs or +1.4%). Sectors with a notable decrease include: Real Estate, Rental & Leasing (-100 jobs or -3.2%), Professional & Technical Services (-300 jobs or -2.0%), and Accommodation & Food Services (-500 jobs or -1.4%).
The Unemployment and Jobs Report for September is scheduled to be released on Friday, October 18, 2019 at 10:00 a.m.