Unemployment up slightly to 7.2%, 2,100 jobs lost in March

The Vermont Department of Labor announced today that the seasonally adjusted unemployment rate for March 2009 was 7.2 percent, up one-tenth of a point from the revised February rate and up 2.6 points from a year ago. Unemployment rates for Vermont s 17 labor market areas ranged from 4.3 percent in Hartford to 12.1 percent in Newport. Local labor market area unemployment rates are not seasonally adjusted. For comparison, the March unadjusted unemployment rate for Vermont was 7.9 percent, up one-tenth of a point from February 2009 and up 2.9 points from a year ago. When seasonally adjusted, March job levels fell by 2,100 jobs or -0.7% from February and by 13,300 or -4.3% from March of 2008. Only Healthcare (+400 or 0.9%) and Education (+200 or 1.5%) showed seasonally adjusted increases in jobs over the month.
Job losses tabulated from our business survey continued in March, indicating that our labor market continues to suffer during this recession. said Patricia Moulton Powden, Commissioner of the Vermont Department of Labor. However for the second month in a row, our household survey indicates that our employment picture is seeing some stabilization. As the federal stimulus dollars aimed at jump starting job growth flow into the State, we hope to see the labor market improve.
Job losses tabulated from our business survey continued in March, indicating that our labor market continues to suffer during this recession.
Job Growth
March is often a volatile month for job counts as changes in weather and the Easter holiday can impact seasonal hiring patterns. Before seasonal adjustment, Total Non-Farm (TNF) jobs fell by 1,900 and by 13,400 or -4.4% on an annual basis. The only private sector showing a monthly seasonal increase was Healthcare & Social Assistance. Only Healthcare (+1,300 or 2.9%) and Education (+200 or 1.5%) showed significant annual improvement. Manufacturing, (-650 or -2.1%) and Leisure & Hospitality, (-1,200 or -3.5%) showed significant job loses over the month.
Employment Growth
Vermont s seasonally adjusted unemployment rate grew one-tenth of a point to 7.2 percent in March as a result of small increases in the both the number of unemployed, (+500 to 25,800) and the number of employed Vermonters, (+400 to 333,200). Vermont s observed March seasonally adjusted employment, unemployment levels and unemployment rate were not statistically significant from February. For comparison purposes, the US seasonally adjusted unemployment rate for March was 8.5 percent, up four-tenths of a point from the revised February value of 8.1 percent.
The preliminary estimates of nonfarm jobs for March, and the revisions to the estimates for November 2008 through February 2009, incorporate substantive changes made in the Current Employment Survey estimation procedures. These new procedures are designed to bring the aggregate monthly change in jobs for individual states into closer alignment with the change in national job counts reflected in the estimates produced and published by the Bureau of Labor Statistics. As a result of these changes, the November 2008 and forward estimates may not be totally comparable to previous months' data. The impact of these changes in methodology will be better understood when we are able to make comparisons to Quarterly Census of Employment and Wages. We expect to make these comparisons in May of 2009. For details of these changes, please contact Andy Condon at the Vermont Department of Labor at 802-828-4153 or [email protected].