Unemployment rate falls over 3 points to 9.4 percent in June

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Unemployment rate falls over 3 points to 9.4 percent in June

Fri, 07/17/2020 - 10:56am -- tim

by Timothy McQuiston, Vermont Business Magazine Vermont’s unemployment rate continues to fall along with worksite restrictions as the state’s economy re-emerges from the COVID-19 pandemic. The seasonally-adjusted statewide unemployment rate for June was 9.4 percent. This reflects a decrease of three and four-tenths percentage points from the prior month’s revised estimate of 12.8 percent.

The Vermont Department of Labor released the data Friday morning. The comparable United States rate in June was 11.1 percent, a decrease of two and two-tenths percentage points from the revised May estimate.

The Vermont unemployment rate peaked in April at 16.5 percent with 57,905 unemployed; the US unemployment rate peaked in April at 14.7 percent. Vermont had the lowest unemployment rate in the nation before the pandemic and is now ranked 27th.

The seasonally-adjusted Vermont data for June show the Vermont civilian labor force decreased by 2,370 from the prior month’s revised estimate. The number of employed persons increased by 9,759 and the number of unemployed persons decreased by 12,129. The changes to the number of unemployed persons, the unemployment rate and the number of employed persons were statistically significant in the seasonally-adjusted series.

Labor Commissioner Michael Harrington said: “Vermont’s June data mirrored national level changes with an increase in the number of jobs and a decline in the unemployment rate. This captures only some of the economic story here and across the country. Unemployment insurance claims continue to be elevated and are providing a more-timely picture of the economic hardship that many Vermonters are facing. Until these claim numbers come down, the Department will continue our expanded efforts to support claimants and jobseekers with employers looking to hire. If you are a Vermonter seeking work or are an employer who is hiring, please contact the Department to learn about our programs and our adaptive approaches to providing services with limited in person contact.”

The June unemployment rates for Vermont’s 17 labor market areas ranged from 7.1 percent in Newbury to 16.6 percent in Woodstock (note: local labor market area unemployment rates are not seasonally-adjusted). For comparison, the June unadjusted unemployment rate for Vermont was 9.4 percent, which was a decrease of three and three-tenths percentage points from the revised unadjusted May level and an increase of six and nine-tenths percentage points from a year ago.

Not-Seasonally-Adjusted

The preliminary ‘not-seasonally-adjusted’ jobs estimates for June show an increase of 14,300 jobs when compared to the revised May numbers. There was an increase of 900 jobs between the preliminary and the revised May estimates due to the inclusion of more data. The broader economic picture can be seen by focusing on the over-the-year changes in this data series. As detailed in the preliminary ‘not-seasonally-adjusted’ June data, Total Private industries have decreased by 38,900 jobs (-15.0 percent) and Government (including public education) employment has decreased by 2,800 jobs (-5.0 percent) in the past year.

Seasonally-Adjusted

The seasonally-adjusted data for June reports an increase of 12,500 jobs from the revised May data. As with the ‘not-seasonally-adjusted’ data, this over-the-month change is from the revised May numbers which experienced an increase of 800 jobs from the preliminary estimates. The seasonally-adjusted over-the-month changes in June varied at the sector level. Those with a notable increase include: Other Services (+900 jobs or +10.8%), Education & Health Services (+5,600 jobs or +9.7%), and Leisure & Hospitality (+1,500 jobs or +8.5%). Sectors with a notable decrease include: Information (-200 jobs or -5.0%), Federal Government (-100 jobs or -1.4%) and Durable Goods Manufacturing (-200 jobs or -1.2%).

The Unemployment and Jobs Report for July is scheduled to be released on Friday, August 21, 2020 at 10:00 a.m.

Unemployment Rates for States, Seasonally Adjusted
State June 2020(P)
rate
Rank

Kentucky

4.3 1

Utah

5.1 2

Idaho

5.6 3

North Dakota

6.1 4

Maine

6.6 5

Oklahoma

6.6 5

Nebraska

6.7 7

Montana

7.1 8

South Dakota

7.2 9

Alabama

7.5 10

Kansas

7.5 10

Georgia

7.6 12

North Carolina

7.6 12

Wyoming

7.6 12

Missouri

7.9 15

Arkansas

8.0 16

Iowa

8.0 16

Maryland

8.0 16

New Mexico

8.3 19

Virginia

8.4 20

Wisconsin

8.5 21

District of Columbia

8.6 22

Minnesota

8.6 22

Texas

8.6 22

Mississippi

8.7 25

South Carolina

8.7 25

Vermont

9.4 27

Louisiana

9.7 28

Tennessee

9.7 28

Connecticut

9.8 30

Washington

9.8 30

Arizona

10.0 32

Florida

10.4 33

West Virginia

10.4 33

Colorado

10.5 35

Ohio

10.9 36

Indiana

11.2 37

Oregon

11.2 37

New Hampshire

11.8 39

Alaska

12.4 40

Rhode Island

12.4 40

Delaware

12.5 42

Pennsylvania

13.0 43

Hawaii

13.9 44

Illinois

14.6 45

Michigan

14.8 46

California

14.9 47

Nevada

15.0 48

New York

15.7 49

New Jersey

16.6 50

Massachusetts

17.4 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.