Vermont unemployment rate decreased to 2.4 percent in April

by Timothy McQuiston, Vermont Business Magazine Big gains in jobs and significantly fewer unemployed led to a decrease in the state's unemployment rate for April of three-tenths to 2.4 percent. The Vermont Department of Labor released the data today, according to household data. The comparable United States rate in April was 3.4 percent, a decrease of one-tenth of one percentage point from the revised March estimate.

Vermont is tied for 8th lowest in the nation and New Hampshire is tied for 3rd (2.1%), as efforts by the Federal Reserve Bank to slow the economy with interest rate hikes have reduced inflation (4.9% in April) but not put a dent in employment.

Weekly unemployment claims also improved. For the week ending May 13, initial Vermont claims fell by 154 from last week and by 67 from the same time last year. In all, regular new and ongoing claims fell by 458 and are up 220 from last year. (See state data below.)

For the US, the advance figure for seasonally adjusted initial claims was 242,000, a decrease of 22,000 from the previous week's unrevised level of 264,000 and 12,000 fewer than economists' expectations. The 4-week moving average was 244,250, a decrease of 1,000 from the previous week's unrevised average of 245,250.

The Vermont civilian labor force participation rate was 63.7 percent in April, unchanged from last month.

Labor Commissioner Michael Harrington said: “Vermont employers continue to report thousands of job openings in every corner of the state. Earlier this week I was honored to participate in the graduation of 164 Vermonters from our Registered Apprenticeship Program. Newly certified, these Vermonters will be able to step into a career path with high paying jobs in electrical, plumbing, industrial sewing and advanced manufacturing. The registered apprenticeship program is an industry-driven, high-quality career program where Vermonters can obtain work experience and nationally recognized credentials.

"With jobs in the trades in high demand, now is a great time to start building skills and working towards a financially secure future. Contact the Registered Apprenticeship Program at [email protected] or speak with a job specialist at one of the Vermont Department of Labor’s job centers across the state today to learn more. Additional information on Registered Apprenticeships can be found at https://labor.vermont.gov/workforce-development/apprenticeship and www.apprenticeship.gov.”

The seasonally adjusted Vermont data for April show the Vermont civilian labor force increased by 194 from the prior month’s revised estimate (see Table 1). The number of employed persons increased by 1,100 and the number of unemployed persons decreased by 906. 

The changes to the unemployment rate, the number of unemployed persons, and the number of employed persons were statistically significant in the seasonally adjusted series.

The April unemployment rates for Vermont’s 17 labor market areas ranged from 1.4 percent in Burlington-South Burlington to 4.0 percent in Derby (note: local labor market area unemployment rates are not seasonally-adjusted – see Table 2). For comparison, the April unadjusted unemployment rate for Vermont was 1.9 percent, a decrease of five-tenths of one percentage point from the revised unadjusted March level and a decrease of six-tenths of one percentage point from a year ago.

Seasonally Adjusted (Table 3)

The seasonally adjusted data for April reported an increase of 1,200 jobs from the revised March data. There was an increase of 1,100 jobs between the preliminary and the revised March estimates due to the inclusion of more data. The seasonally adjusted over-the-month changes in April were varied at the industry level. Those with a notable increase included: Accommodation and Food Services (+1,100 jobs or +3.8%), Real Estate, Rental and Leasing (+100 jobs or +3.1%) and Private Educational Services (+200 jobs or +1.5%). Industries with a notable decrease included: Mining and Logging (-100 jobs or -12.5%), Durable Goods Manufacturing (-300 jobs or -1.7%) and Federal Government (-100 jobs or -1.4%).

Not Seasonally Adjusted (Table 4)

The preliminary ‘not-seasonally-adjusted’ jobs estimates for April showed a decline of 1,000 jobs when compared to the revised March numbers. As with the seasonally adjusted data, this over-the-month change is from the revised March 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 April data, Total Private industries increased by 500 jobs (0.2%) over the year and Government (including public education) employment increased by 2,100 jobs (+3.9%) in the past year.

The Unemployment and Jobs Report for May is scheduled to be released on Friday, June 16th, 2023 at 10:00 a.m.

Last Modified Date: May 19, 2023