Vermont’s unemployment rate increases to 2.5 percent in November

by Timothy McQuiston, Vermont Business Magazine Today, the Vermont Department of Labor reported that the seasonally adjusted statewide unemployment rate for November was 2.5 percent. This reflects an increase of two-tenths of one percentage point from the prior month’s revised estimate. The Labor Force improved but both the number of employed (down 209) and the number of unemployed (up 547) contributed to the rate increase.

October's rate also saw an increase of two-tenths as the major indices revealed mediocre results, but they have shown vast improvement from the same time last year. The rate during the summer fell to 2.1 percent, which is the state's historic low. The civilian labor force participation rate was 61.7 percent in November, unchanged from the prior month. The rate is based on household data.

Vermont has the fifth lowest unemployment rate. Minnesota is lowest 2.2 percent, while Nevada is highest as 4.9 percent (see all data tables below). The comparable United States rate in November was 3.7 percent, no change from the revised October estimate.

Labor Commissioner Michael Harrington said, “While November’s data shows an increase in Vermont’s unemployment rate from 2.3% to 2.5%, this rate is still incredibly low for Vermont. Additionally, the number of available jobs remains high, with approximately three open jobs for every one jobseeker. If you are a recently displaced worker, or an employer preparing to downsize, the Department of Labor is able to assist with obtaining benefits, identifying new employment, or assisting with a career change and training. There are amazing job opportunities available all across our state at some really amazing employers. Go to www.VermontJobLink.com to view more than 11,500 jobs and if you are interested in learning more about working with the Department, as an individual or as an employer, visit us online at www.Labor.Vermont.gov/Jobs for information on events and services.”

The seasonally adjusted Vermont data for November show the Vermont civilian labor force increased by 338 from the prior month’s revised estimate (see Table 1). The number of employed persons decreased by 209 and the number of unemployed persons increased by 547. The changes to the number of unemployed persons and the unemployment rate were statistically significant in the seasonally adjusted series.

The November unemployment rates for Vermont’s 17 labor market areas ranged from 1.9 percent in White River Junction to 3.9 percent in Derby (note: local labor market area unemployment rates are not seasonally-adjusted – see Table 2). For comparison, the November unadjusted unemployment rate for Vermont was 2.4 percent, an increase of six-tenths of one percentage point from the revised unadjusted October level and a decrease of one-tenth of one percentage point from a year ago.

Seasonally-Adjusted (Table 3)

The seasonally adjusted data for November reported a decrease of 500 jobs from the revised October data. There was an increase of 800 jobs between the preliminary and the revised October estimates due to the inclusion of more data. The seasonally adjusted over-the-month changes in November were varied at the industry level. Those with a notable increase included: Arts, Entertainment, and Recreation (+200 jobs or +4.3%), Administrative & Waste Services (+400 jobs or +3.2%), and Construction (+300 jobs or +2.0%). Industries with a notable decrease included: Health Care & Social Assistance (-1,000 jobs or -2.0%) and Professional & Technical Services (-200 jobs or -1.2%).

Not-Seasonally-Adjusted (Table 4)

The preliminary ‘not-seasonally-adjusted’ jobs estimates for November showed a decrease of 1,200 jobs when compared to the revised October numbers. As with the ‘seasonally-adjusted’ data, this over-the-month change is from the revised October numbers which experienced an increase of 500 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 ‘notseasonally-adjusted’ November data, Total Private industries increased by 3,300 jobs (+1.3%) over the year and Government (including public education) employment increased by 1,700 jobs (+3.1%) in the past year.

Last Modified Date: December 16, 2022

Source: VTDOL. Montpelier 12.16.2022. The Unemployment and Jobs Report for December is scheduled to be released on Tuesday, January 24, 2023, at 10 am.