Vermont unemployment rate holds at 4.6 percent

The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for August 2013 was 4.6 percent. This represents no change from the prior month’s estimate of 4.6 percent. The comparative national average was 7.3 percent which was down one-tenth of a percent from July. August represents the fourth straight month of increases to the Vermont labor force and the number of unemployed. As of the prior month’s initial data, Vermont’s unemployment rate was tied for the fifth lowest in the country.The Vermont unemployment rate was 5.2 percent this time last year.
‘Overall, little is changed in the statewide numbers as the unemployment rate held steady. As with last year, it is possible August will represent a turning point towards improved economic conditions. On the industry side of this report, the summer is an important time economically for seasonal employment in Leisure and Hospitality and Construction. In terms of employment, the construction industry has shown only temporary gains as the industry is still near recessionary lows. This month’s data showing a rise in Construction employment is a positive sign and hopefully the start of sustained employment growth in the industry,’ said Labor Commissioner Annie Noonan.
The Vermont seasonally adjusted unemployment rate was 4.6 percent in August which was unchanged from the previous month’s data. The comparable rate for the United States (7.3 percent) decreased by one-tenth of a percent from the revised July estimate. The seasonally adjusted Vermont data for August show the Vermont civilian labor force increased by 100 from the prior month estimates. The number of employed decreased by 50 and the number of unemployed increased by 100. None of over-the-month changes in August were statistically significant.
August unemployment rates for Vermont’s 17 labor market areas ranged from 2.8 percent in Hartford to 5.2 percent in Newport (note: local labor market area unemployment rates are not seasonally adjusted). For comparison, the August unadjusted unemployment rate for Vermont was 3.9 percent which reflects a decrease of five-tenths of a percent from the July level and a decline of one percent from a year ago.
The preliminary ‘not-seasonally-adjusted’ jobs estimates for August show an increase of 300 jobs when compared to the revised July numbers. There was no change between the preliminary and the revised July estimates due to the inclusion of more data. The monthly increase seen in the August numbers was predominately attributable to seasonal increases in 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’ August data, Total Private industries have increased by 1.4 percent (3,450 jobs) and Government has increased by 2.1 percent (900 jobs) within the last year.
The seasonally adjusted data for August reports an increase of 400 jobs from the revised July data. As with the ‘not-seasonally-adjusted’ data, this over-the-month change is from the revised July numbers which experienced a 100 job decrease from the preliminary estimate. The seasonally adjusted over-the-month changes in August were varied at the sectorial level. Those with a notable percent increase include: Construction (500 jobs or 3.7 percent) and Trade, Transportation and Utilities (600 jobs or 1.1 percent). Sectors with notable percent declines include: Leisure & Hospitality (-300 jobs or -0.9 percent) and Manufacturing (-300 jobs or -0.9 percent).