Vermont’s unemployment rate rose to 2.3 percent in October

by Timothy McQuiston, Vermont Business Magazine

Today, the Vermont Department of Labor reported that the seasonally adjusted statewide unemployment rate for October was 2.3 percent. This reflects an increase of one-tenth of one percentage point from the prior month’s revised estimate. The civilian labor force participation rate was 65.6 percent in October, a decrease of one-tenth of one percentage point from the prior month’s revised estimate.

All three major indicators were negative for the month, with the Labor Force and Employment down, while the number of Unemployed rose. However, none of the changes were statistically significant in the seasonally adjusted series.

The comparable United States rate in October was 4.1 percent, no change from the revised September estimate. Vermont continues to have the second lowest rate in the US. South Dakota is lowest at 1.9 percent and Nevada is highest at 5.7 percent.

See all tables below.

Michael Harrington, Labor Commissioner, said: “This week marks the 10th anniversary of National Apprenticeship Week, and Governor Phil Scott has officially proclaimed November 17 - 23, 2024, as National Apprenticeship Week here in Vermont. Throughout the week, the Department of Labor will highlight participating employers and apprentices from across the State.

“The ‘Earn While You Learn’ apprenticeship model has been shown to benefit employees and employers. It is both a proven workforce development tool and an effective method for improving employee retention. The range of apprenticeship-able jobs has expanded and truly presents opportunities for everyone. Vermont currently has more than 125 individualized apprenticeship programs with 450 participating employers and more than 1,550 individuals enrolled as active apprentices. The marketable skills learned through these programs are a path toward success for both the apprentice and the employer. To learn more about the State’s Registered Apprenticeship Program, visit https://labor.vermont.gov/workforce-development.”

The seasonally adjusted Vermont data for October show the Vermont civilian labor force decreased by 105 from the prior month’s revised estimate (see Table 1). The number of employed persons decreased by 344 and the number of unemployed persons increased by 239. 

The October unemployment rates for Vermont’s 17 labor market areas ranged from 1.7 percent in Burlington-South Burlington to 2.6 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 1.9 percent, a decrease of three-tenths of one percentage point from the revised unadjusted September level and an increase of three-tenths of one percentage point from a year ago.

Seasonally Adjusted (Table 3)

The seasonally adjusted data for October reported an increase of 700 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 varied at the industry level. The industries with a notable increase were: Accommodation & Food Services (+800 jobs or +2.5%) and Local Government (+300 jobs or +1.0%). The industry with a notable decrease was Professional & Technical Services (-200 jobs or -1.1%).

Not-Seasonally-Adjusted (Table 4)

The preliminary ‘not-seasonally-adjusted’ jobs estimates for October showed an increase of 3,700 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 a decrease of 100 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 6,100 jobs (+2.4%) over the year and Government (including public education) employment increased by 1,600 jobs (+2.8%) in the past year.

The Unemployment and Jobs Report for November is scheduled to be released on Friday, December 20, 2024 at 10 am.

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