The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for April 2013 was 4.0 percent. This represents a decline of one-tenth of a percent from the prior month’s estimate of 4.1 percent. The comparative national average was 7.5 percent which was down one-tenth of a percent from March. April 2013 represents the ninth consecutive month without an increase to the unemployment rate in Vermont. As of the prior month’s data, Vermont’s unemployment rate was the third lowest in the country.
As with March, all the major components in April were down month-to-month and year-over-year, but not as severely. The unemployment rate fell as the number of unemployed fell more precipitously than the drop in the number of employed, relative to the decrease in the labor force.
‘The Vermont unemployment rate is the lowest it has been since late 2007, and it has been a slower than normal recovery due to the depth and length of the national recession. We are still very pleased to have the third lowest unemployment rate in the country. Of course, we recognize that Vermont is not immune from future economic downturns, and for this reason, we are continuing our work to promote a skilled and job ready workforce to fill the many job openings posted by Vermont employers. We want to reach all Vermonters who are unemployed or under-employed, as well as new graduates and those who want to make Vermont their home, to help them connect with Vermont employers. The Department of Labor’s 12 regional Career Resource Centers can provide information about which companies are hiring, as well as what job skills will be in demand in the future. Vermont must build a workforce resilient to economic contractions; and education and job training for all workers are keys to this goal’, said Labor Commissioner Annie Noonan.
Governor Shumlin said in a statement: ‘It is great news that Vermont’s unemployment rate has dropped yet again, and we continue to have the third lowest rate in the nation. The unemployment rate traditionally fluctuates, but this steady decline reflects what I’m hearing from employers as I travel the state ‘that they are looking for skilled workers to fill their job openings. Vermont’s 4 percent unemployment rate, 3.5 points lower than the national rate, makes clear that Vermont is a great place to live and work.’
The seasonally adjusted Vermont data for April show the Vermont civilian labor force decreased by 600 from the prior month estimates. The number of employed decreased by 50 and the number of unemployed decreased by 550. No over-the-month changes were statistically significant.
April unemployment rates for Vermont’s 17 labor market areas ranged from 2.9 percent in Hartford to 7.3 percent in Newport (note: local labor market area unemployment rates are not seasonally adjusted). For comparison, the April unadjusted unemployment rate for Vermont was 4.6 percent which reflects no change from the March level and a decline of five-tenths of a percent from a year ago. (SEE TABLES BELOW)
Total private employment was up slightly for the month, while government was down slightly, resulting in a marginally lower nonfarm total.
Not Seasonally Adjusted
The preliminary ‘not-seasonally-adjusted’jobs estimates for April show a decrease of 3,650 jobs when compared to the revised March numbers. This reported over-the-month change does not include the 400 job increase between the preliminary and the revised March estimates due to the inclusion of more data. The monthly decrease seen in the April numbers was predominately attributable to seasonal decreases in the Leisure & Hospitality sectors. 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 2.0 percent (4,850 jobs) and Government has increased by 0.6 percent (350 jobs) within the last year.
Seasonally Adjusted
The seasonally adjusted data for April reports a decrease of 100 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 100 job increase from the preliminary estimates. The seasonally adjusted over-the-month changes in April were mixed at the sectorial level. Those with a notable percent decrease include: Construction (-900 jobs or -6.3 percent), Financial Activities (-300 jobs or -2.5 percent) and Manufacturing (-500 jobs or -1.5 percent). Sectors with notable percent gains include: Leisure & Hospitality (700 jobs or 2.1 percent), Professional & Business Services (400 jobs or 1.5 percent) and Trade, Transportation & Utilities (600 jobs or 1.1 percent).
Source: VDL 5.17.2013. The Unemployment and Jobs Report for May is scheduled to be released on Friday, June 21, 2013 at 10 am.