Vermont’s unemployment rate falls two-tenths to 2.7 percent in March

-A A +A

Vermont’s unemployment rate falls two-tenths to 2.7 percent in March

Fri, 04/15/2022 - 2:42pm -- tim

 

by Timothy McQuiston, Vermont Business Magazine The Vermont unemployment rate fell another two-tenths in March as all three major metrics showed significant improvement. The Vermont Department of Labor released the March 2022 jobs report today. According to household data, the seasonally-adjusted statewide unemployment rate was 2.7 percent. This reflects a decrease of two-tenths of one percentage point from the prior month’s revised estimate and a decrease of 1.1 percent from March 2021.

The labor force increased by 1,389 people from February and by 3,865 from the same time last year. The number of employed increased by 2,133 from February and 7,629 from last year and the number of unemployed fell by -744 and -3,764 respectively.

The comparable United States rate in March was 3.6 percent, which was a decrease of two-tenths of one percentage point from the revised February estimate. 

Vermont is tied for the ninth lowest rate in the nation and second lowest in the East behind New Hampshire (2.5 percent). See table below.

Vermont Labor Commissioner Michael Harrington said: “As we know, the Vermont economy changes with the seasons and as the sap flows, so too do the jobs. The months of April, May and June are a period of transition for many Vermonters, as they either return to employment or switch from winter to summer operations. Most notably, this is a time when programs of study, including apprenticeships, are nearing graduation. This presents an important opportunity for employers to partner with the Vermont Department of Labor and education providers to tap into this population and their newly obtained skills and abilities as they join the labor force. With this in mind, it is not surprising that the household data for March showed a boost to the Vermont labor force and the number of people working in the state – a trend that is likely to continue through the summer."

"The Department of Labor has a number of hiring events already on the books, and employers are encouraged to take advantage of these opportunities as a way to find key talent."

Of note, is the state-wide job fair hosted by the Associated General Contractors of Vermont, which is sponsored in part by the Department of Labor.

This job fair is being held on Tuesday, April 26 at the Champlain Valley Expo and is open to all sectors and industries, including health care, government, manufacturing, and more.

To learn more about these events and opportunities to connect with job seekers, contact our Workforce Development team at (802) 828-4394 or by visiting Labor.Vermont.gov/Jobs.

The seasonally-adjusted Vermont data for March show the Vermont civilian labor force increased by 1,389 from the prior month’s revised estimate (see Table 1 above).

The number of employed persons increased by 2,133 and the number of unemployed persons decreased by 744. The changes to the labor force, the number of employed persons, the number of unemployed persons and the unemployment rate were statistically significant in the seasonally-adjusted series.

The March unemployment rates for Vermont’s 17 labor market areas ranged from 1.7 percent in White River Junction to 4.7 percent in Derby (note: local labor market area unemployment rates are not seasonally-adjusted – see Table 2).

For comparison, the March unadjusted unemployment rate for Vermont was 2.4 percent, which was a decrease of four-tenths of one percentage point from the revised unadjusted February level and a decrease of two percentage points from a year ago.

Seasonally-Adjusted (Table 3)

The seasonally-adjusted data for March reports a decrease of 100 jobs from the revised February data. There was an increase of 700 jobs between the preliminary and the revised February estimates due to the inclusion of more data. The seasonally-adjusted over-the-month changes in March were varied at the industry level. Those with a notable increase include: Accommodation & Food Services (+600 jobs or +2.1%) and Federal Government (+100 jobs or +1.5%). Industries with a notable decrease include: State Government (-500 jobs or -2.9%) and Professional & Technical Services (-300 jobs or -1.9%).

Not-Seasonally-Adjusted (Table 4)

The preliminary ‘not-seasonally-adjusted’ jobs estimates for March shows a decrease of 800 jobs when compared to the revised February numbers. As with the ‘seasonally-adjusted’ data, this over-the-month change is from the revised February numbers which experienced an increase of 400 jobs from the preliminary estimates. 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’ March data, Total Private industries increased by 8,000 jobs (+3.4%) over the year and Government (including public education) employment has increased by 700 jobs (+1.3%) in the past year.

Unemployment Insurance Claims

Meanwhile, initial weekly unemployment claims increased 121 last week to 424, their highest levels since February. Claims are down 1,1828 from the same week last year.

Overall, new and continuing claims for all UI programs were 3,396, down 106 for the week and down 30,422 from a year ago.

The UI trust fund remains well funded, with $222.7 million, down $625,414 from last week and up $19.4 million from last year.

The Unemployment and Jobs Report for April is scheduled to be released on Friday, May 20, 2022 at 10:00 a.m. View the most recent report at VTlmi.info/press.pdf.

Unemployment Rates for States, Seasonally Adjusted
State March 2022(P)

rate
Rank

Nebraska

2.0 1

Utah

2.0 1

Indiana

2.2 3

Montana

2.3 4

Kansas

2.5 5

Minnesota

2.5 5

New Hampshire

2.5 5

South Dakota

2.5 5

Idaho

2.7 9

Oklahoma

2.7 9

Vermont

2.7 9

Wisconsin

2.8 12

Alabama

2.9 13

North Dakota

2.9 13

Virginia

3.0 15

Arkansas

3.1 16

Georgia

3.1 16

Florida

3.2 18

Tennessee

3.2 18

Arizona

3.3 20

Iowa

3.3 20

Rhode Island

3.4 22

South Carolina

3.4 22

Wyoming

3.4 22

North Carolina

3.5 25

Maine

3.6 26

Missouri

3.6 26

Colorado

3.7 28

West Virginia

3.7 28

Oregon

3.8 30

Kentucky

4.0 31

Hawaii

4.1 32

Ohio

4.1 32

Louisiana

4.2 34

Mississippi

4.2 34

New Jersey

4.2 34

Washington

4.2 34

Massachusetts

4.3 38

Michigan

4.4 39

Texas

4.4 39

Delaware

4.5 41

Connecticut

4.6 42

Maryland

4.6 42

New York

4.6 42

Illinois

4.7 45

California

4.9 46

Pennsylvania

4.9 46

Alaska

5.0 48

Nevada

5.0 48

New Mexico

5.3 50

District of Columbia

6.0 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.

4.15.2022 Montpelier www.labor.vermont.gov