Vermont Business Magazine Vermont’s unemployment rate is now second lowest in the nation, behind only North Dakota (2.6 percent). Driven by an increase in jobs and a steep decline in the number of unemployed, Vermont's unemployment rate fell again in March to 3.4 percent, a level not seen since well before the national economy collapsed in 2008. This is the lowest Vermont seasonally adjusted unemployment rate since June 2005. The March rate represents a decrease of three-tenths of a percent from the February rate of 3.7 percent. The comparative national average was 6.7 percent, which was unchanged from February (the US rate has not been as low as 3.4 percent since May 1969). March 2014 data represents the sixth consecutive reported monthly decrease to the statewide unemployment rate in Vermont.
Significantly, the labor force also increased, which reverses a trend in which the unemployment rate in the last half of 2013 declined mostly because of a reduction in the labor force (year over year, the labor force is still down, but jobs are up and the number of jobless is down.)
“The state’s economy has shown great resiliency over the last few years considering all that Vermont has faced with the national recession, multiple weather-related disasters and layoffs from
some large employers. Despite those facts, Vermont is growing private sector jobs and people are finding work. A goal for the department is to respond to Vermont employers’ concerns about
finding workers. The Department’s outreach to employers is helping connect job seekers to the vacancies, but we also need to engage more candidates in job training, including ensuring that they are ‘career-ready’, which translates to demonstrating a sincere interest in learning and doing the job well, respectful interactions with co-workers and customers, and helping the employer grow the business. The Department works with job seekers who are starting, changing or expanding their career options. Contact your local VDOL Career Resource Center,” said Commissioner Annie Noonan.
Governor Peter Shumlin said in a statement: “Our focus on attracting, retaining and growing good jobs continues to be reflected in Vermont's unemployment rate, which has now dropped to 3.4%, its lowest point since June 2005.Vermont now hassecond lowestunemployment rate in the nation, a reflection of our skilled workforce, great schools, remarkable quality of life, and so many other ingredients that employers look for when locating and expanding their businesses.
"But we have more work to do to make sure all Vermonters see the benefit of our economic recovery.I remain committed to my top priority of job creation and economic growth, proposing investments in education and job training and ensuring that Vermont has the incentives to keep great companies here and growing. I am pleased and proud at today’s employment news, and will continue to fight for working Vermonters and our state’s strong economy.”
SEE DATA TABLES AND NATIONAL RANKING BELOW
The seasonally adjusted Vermont data for March show the Vermont civilian labor force increased by 250 from the prior month estimates. The number of employed increased by 1,050 and the number of unemployed decreased by 800. The over-the-month changes to the number of unemployed and the unemployment rate were statistically significant in the seasonally-adjusted series.
March unemployment rates for Vermont’s 17 labor market areas ranged from 2.4 percent in Warren-Waitsfield to 6.6 percent in Newport (note: local labor market area unemployment rates are not seasonally adjusted). For comparison, the March unadjusted unemployment rate for Vermont was 4.1 percent which reflects an increase of one-tenth of a percent from the February level and a decline of six-tenths of a percent from a year ago.
Not Seasonally Adjusted
The preliminary ‘not-seasonally-adjusted’ jobs estimates for March show a decrease of 2,000 jobs when compared to the revised February numbers. This reported over-the-month change does not
include the 300 job increase between the preliminary and the revised February estimates due to the inclusion of more data. The monthly decrease seen in the March numbers was attributable to
seasonal decreases related to Leisure & 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 ‘notseasonally-adjusted’ March data, Total Private industries have increased by 0.7 percent (1,800 jobs) and Government employment has remained flat within the last year.
Seasonally Adjusted
The seasonally adjusted data for March reports an increase of 600 jobs from the revised February data. As with the ‘not-seasonally-adjusted’ data, this over-the-month change is from the revised
February numbers which experienced a 300 job increase from the preliminary estimates. The seasonally adjusted over-the-month changes in March were varied at the sectorial level. Those with a notable percent increase include: Manufacturing (500 jobs or 1.6 percent), Leisure & Hospitality (300 jobs or 0.8 percent) and Education & Health Services (500 jobs or 0.8 percent). Sectors with notable percent declines include: Professional & Business Services (-400 jobs or -1.5 percent), Construction (-100 jobs or -0.7 percent) and Total Government (-200 jobs or -0.4 percent).
Unemployment Rates for States
| Unemployment Rates for States Monthly Rankings Seasonally Adjusted Mar. 2014p |
||
|---|---|---|
| Rank | State | Rate |
| 1 | NORTH DAKOTA | 2.6 |
| 2 | VERMONT | 3.4 |
| 3 | NEBRASKA | 3.7 |
| 3 | SOUTH DAKOTA | 3.7 |
| 5 | WYOMING | 4.0 |
| 6 | UTAH | 4.1 |
| 7 | HAWAII | 4.5 |
| 7 | IOWA | 4.5 |
| 7 | LOUISIANA | 4.5 |
| 7 | NEW HAMPSHIRE | 4.5 |
| 11 | MINNESOTA | 4.8 |
| 12 | KANSAS | 4.9 |
| 12 | OKLAHOMA | 4.9 |
| 14 | VIRGINIA | 5.0 |
| 15 | MONTANA | 5.1 |
| 16 | IDAHO | 5.2 |
| 17 | SOUTH CAROLINA | 5.5 |
| 17 | TEXAS | 5.5 |
| 19 | MARYLAND | 5.6 |
| 20 | DELAWARE | 5.9 |
| 20 | INDIANA | 5.9 |
| 20 | MAINE | 5.9 |
| 20 | WISCONSIN | 5.9 |
| 24 | PENNSYLVANIA | 6.0 |
| 25 | OHIO | 6.1 |
| 25 | WEST VIRGINIA | 6.1 |
| 27 | COLORADO | 6.2 |
| 28 | FLORIDA | 6.3 |
| 28 | MASSACHUSETTS | 6.3 |
| 28 | NORTH CAROLINA | 6.3 |
| 28 | WASHINGTON | 6.3 |
| 32 | ALASKA | 6.6 |
| 33 | ALABAMA | 6.7 |
| 33 | MISSOURI | 6.7 |
| 33 | TENNESSEE | 6.7 |
| 36 | ARKANSAS | 6.9 |
| 36 | NEW YORK | 6.9 |
| 36 | OREGON | 6.9 |
| 39 | CONNECTICUT | 7.0 |
| 39 | GEORGIA | 7.0 |
| 39 | NEW MEXICO | 7.0 |
| 42 | NEW JERSEY | 7.2 |
| 43 | ARIZONA | 7.3 |
| 44 | DISTRICT OF COLUMBIA | 7.5 |
| 44 | MICHIGAN | 7.5 |
| 46 | MISSISSIPPI | 7.6 |
| 47 | KENTUCKY | 7.9 |
| 48 | CALIFORNIA | 8.1 |
| 49 | ILLINOIS | 8.4 |
| 50 | NEVADA | 8.5 |
| 51 | RHODE ISLAND | 8.7 |
p = preliminary.
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.
Last Modified Date: April 18, 2014
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Source: Vermont Departmetn of Labor. 4.18.2014. The Unemployment and Jobs Report for April is scheduled to be released on Friday, May 16,
2014 at 10:00 a.m.