Vermont Business Magazine Bolstered by a strong increase in the number of workers against a steep drop in the number of unemployed, the Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for April was 3.6 percent. This represents a decrease of two-tenths of a percentage point from the revised March rate (3.8 percent). The national average in April was 5.4 percent, which experienced a decrease of one-tenth of a percentage point from the previous month’s estimate. Vermont’s unemployment rate is tied with South Dakota for fourth lowest in the country. Nebraska is lowest at 2.5 percent. April represents the seventh consecutive month without an increase to the unemployment rate.
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“Like the national economy, the Vermont economy is reporting continued overall economic improvement. With a declining number of unemployed Vermonters and Vermont businesses reporting record high employment levels, the Vermont economy continues to improve. Over the year, the private sector in Vermont is reporting an employment growth rate of 2.5 percent. This rate of growth is above Vermont’s current population growth. The tightening of the available labor market creates opportunities for advancement for Vermonters at all skill levels. If you are looking for a job, to switch fields or advance your career, visit a job counselor at your local Vermont Department of Labor office", said Annie Noonan, Commissioner of Labor.
Governor Peter Shumlin issued the following statement on Vermont’s unemployment rate: “The announcement that Vermont’s unemployment rate has dropped to 3.6% and is now tied for the 4th lowest in America is good news for Vermont and Vermonters. The drop in the unemployment rate also coincides with continued job growth. According to the Department of Labor data released today, March saw stronger job growth than initially reported. Additionally, initial data for April shows an increase of 1,800 jobs in the last month and an increase of over 7,000 jobs from a year ago. Since January 2011, Department of Labor data shows that Vermont has added 16,800 jobs. We still have a lot of work to do to make Vermont’s economy work for every single Vermont, but today’s news shows we are moving in the right direction.”
The seasonally adjusted Vermont data for April show the Vermont civilian labor force increased by 50 from the prior month estimate. The number of employed increased by 600 and the number of unemployed decreased by 550. The over-the-month changes to the number of unemployed and the unemployment rate were statistically significant in the seasonally-adjusted series.
April unemployment rates for Vermont’s 17 labor market areas ranged from 2.6 percent in Burlington-South Burlington to 6.8 percent in Derby (note: local labor market area unemployment rates are not seasonally adjusted). For comparison, the April unadjusted unemployment rate for Vermont was 3.7 percent which reflects a decrease of two-tenths of a percentage point from the revised March level and a decrease of six-tenths of a percentage point from a year ago.
Not Seasonally Adjusted
The preliminary ‘not-seasonally-adjusted’ jobs estimates for April show a decrease of 1,800 jobs when compared to the revised March numbers. There was an increase of 300 jobs between the preliminary and the revised March estimates due to the inclusion of more data. The monthly decrease seen in the April numbers was attributable to seasonal decreases related to leisure and hospitality. The broader economic trends can be detected 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 have increased by 5,400 jobs (2.2 percent) and Government employment increased by 800 jobs (1.4 percent) in the past year.
Seasonally Adjusted
The seasonally adjusted data for April reports an increase of 1,800 jobs from the revised March data. As with the ‘not-seasonally-adjusted’ data, this over-the-month change is from the revised March numbers which experienced a 300 job increase from the preliminary estimates. The seasonally adjusted over-the-month changes in April were varied at the sectorial level. Those with a notable percent increase include: Leisure and Hospitality (+1,300 jobs or +3.6%), Other Services (+200 jobs or 1.9%) and Manufacturing (+400 jobs or +1.3%). Industries with a notable percent decrease include: Construction (-700 jobs or -4.6%) and Professional and Business Services (-300 jobs or -1.1%).
· The New England unemployment rate was essentially unchanged at 5.0 percent in April. One year ago, the New England jobless rate was 6.1 percent.
· Five New England states posted jobless rates that were significantly different from the U.S. rate of 5.4 percent. Vermont (3.6 percent), New Hampshire (3.8 percent), Maine and Massachusetts (4.7 percent each) recorded lower-than-average unemployment rates. In contrast, Connecticut (6.3 percent) had a jobless rate that was significantly higher than the national average in April.
· Over the last year, five New England states recorded statistically significant unemployment rate decreases with declines ranging from 2.0 percentage points in Rhode Island to 0.4 point in Vermont.
