by Timothy McQuiston, Vermont Business Magazine Today, the Vermont Department of Labor reported that the statewide unemployment rate for October was 2.0 percent, up one-tenth. The jobless rate had been at or near the historic low of 1.8 percent for several months, before rising the last two months. While the Labor Force increased by 1,061 and the number of Employed was up 525, the number of Unemployed increased by 536.
Vermont has the third lowest jobless rate in the nation; it was second lowest last month (see lists below). Maryland is lowest at 1.7 percent and Nevada is highest at 5.4 percent. The comparable United States rate in October was 3.9 percent, an increase of one-tenth of one percentage point from the revised September estimate.
The Vermont civilian labor force participation rate was 64.2 percent in October, an increase of one-tenth of one percentage point from the prior month’s revised estimate.
Weekly unemployment claims in Vermont remain low. For the week of November 11, claims were 281, down 93 from the previous week and down 123 from the same time last year.
Michael Harrington, Vermont Labor Commissioner, said: “For the fifth consecutive month, the monthly data has shown growth in Vermont’s labor force. Going back further, 32 of the last 34 months have shown increases, and the State’s current labor force participation rate of 64.2% is the highest it has been since the start of the pandemic. As National Apprenticeship Week winds down, it is important to highlight the value of apprenticeships both for businesses and individuals. The “Earn While You Learn” model of Registered Apprenticeships, certified through the Vermont Department of Labor, has shown higher earnings and greater likelihood of long-term employment for its graduates. You can visit https://labor.vermont.gov/workforce-development/apprenticeship to learn more.”
The seasonally adjusted Vermont data for October show the Vermont civilian labor force increased by 1,061 from the prior month’s revised estimate (see Table 1). The number of employed persons increased by 525 and the number of unemployed persons increased by 536. The changes to the labor force, the number of unemployed persons and the unemployment rate were statistically significant in the seasonally adjusted series.
The October unemployment rates for Vermont’s 17 labor market areas ranged from 1.5 percent in Woodstock and White River Junction to 2.3 percent in Derby (note: local labor market area unemployment rates are not seasonally-adjusted – see Table 2). For comparison, the October unadjusted unemployment rate for Vermont was 1.8 percent, a decrease of two-tenths of one percentage point from the revised unadjusted September level and a decrease of five-tenths of one percentage point from a year ago.
Seasonally-Adjusted (Table 3)
The seasonally adjusted data for October reported an increase of 500 jobs from the revised September data. There was an increase of 100 jobs between the preliminary and the revised September estimates due to the inclusion of more data. The seasonally adjusted over-the-month changes in October were varied at the industry level. Those with a notable increase included: Administrative & Waste Services (+400 jobs or +2.9%) and Wholesale Trade (+200 jobs or +2.4%). Industries with a notable decrease included: Federal Government (-100 jobs or -1.4%) and Accommodation & Food Services (-200 jobs or -0.7%).
Not-Seasonally-Adjusted (Table 4)
The preliminary ‘not-seasonally-adjusted’ jobs estimates for October showed an increase of 2,700 jobs when compared to the revised September numbers. As with the seasonally adjusted data, this over-the-month change is from the revised September 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 October data, Total Private industries increased by 100 jobs (+0.0%) over the year and Government (including public education) employment increased by 2,600 jobs (+4.7%) in the past year.
| State | October 2023(P) rate |
Rank |
|---|---|---|
|
Maryland |
1.7 | 1 |
|
North Dakota |
1.9 | 2 |
|
South Dakota |
2.0 | 3 |
|
Vermont |
2.0 | 3 |
|
New Hampshire |
2.1 | 5 |
|
Nebraska |
2.2 | 6 |
|
Alabama |
2.3 | 7 |
|
Rhode Island |
2.7 | 8 |
|
Utah |
2.7 | 8 |
|
Virginia |
2.7 | 8 |
|
Florida |
2.8 | 11 |
|
Maine |
2.8 | 11 |
|
Massachusetts |
2.8 | 11 |
|
Montana |
2.8 | 11 |
|
Hawaii |
2.9 | 15 |
|
Kansas |
2.9 | 15 |
|
South Carolina |
2.9 | 15 |
|
Wyoming |
2.9 | 15 |
|
Arkansas |
3.1 | 19 |
|
Missouri |
3.1 | 19 |
|
Idaho |
3.2 | 21 |
|
Iowa |
3.2 | 21 |
|
Minnesota |
3.2 | 21 |
|
Oklahoma |
3.2 | 21 |
|
Wisconsin |
3.2 | 21 |
|
Colorado |
3.3 | 26 |
|
Louisiana |
3.3 | 26 |
|
Mississippi |
3.3 | 26 |
|
Tennessee |
3.3 | 26 |
|
Georgia |
3.4 | 30 |
|
North Carolina |
3.4 | 30 |
|
Pennsylvania |
3.4 | 30 |
|
Connecticut |
3.5 | 33 |
|
Indiana |
3.6 | 34 |
|
Ohio |
3.6 | 34 |
|
Oregon |
3.6 | 34 |
|
New Mexico |
3.8 | 37 |
|
Washington |
3.8 | 37 |
|
West Virginia |
4.0 | 39 |
|
Michigan |
4.1 | 40 |
|
Texas |
4.1 | 40 |
|
Arizona |
4.2 | 42 |
|
Delaware |
4.2 | 42 |
|
Kentucky |
4.2 | 42 |
|
New York |
4.2 | 42 |
|
Alaska |
4.3 | 46 |
|
Illinois |
4.6 | 47 |
|
New Jersey |
4.6 | 47 |
|
California |
4.8 | 49 |
|
District of Columbia |
5.0 | 50 |
|
Nevada |
5.4 | 51 |
|
Footnotes |
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|
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. |
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Last Modified Date: November 17, 2023
The Unemployment and Jobs Report for November is scheduled to be released on Friday, December 22nd, 2023 at 10:00 a.m.
Source: 11.17.2023. Department of Labor Home Page | Department of Labor (vermont.gov)
