VERMONT UNEMPLOYMENT
Montpelier -- The Department of Employment and Training announced Thursday (August 19, 2004)
a seasonally adjusted unemployment rate of 3.4 percent for Vermont in
July.
The rate was unchanged from the June estimate, which was revised down one
tenth of a percentage point. The national unemployment rate fell by one
tenth of a point in July to 5.5 percent.
Unemployment rates for Vermont's 13 labor market areas ranged from 1.8
percent in Hartford, to 4.7 percent in Springfield. Labor market area
rates
are not seasonally adjusted; for comparison, the unadjusted rate for
Vermont was 3.1 percent.
"The Vermont unemployment rate remained unchanged in July following a
month
when the state had the fifth lowest rate in the country," said Anne V.
Ginevan, Commissioner of the Department of Employment and Training.
"Although there was a pause in job growth this month, recent gains show we
are on the path to a sustainable expansion."
The total seasonally adjusted job estimate fell by 1,800 in July following
an increase of 700 the prior month. Government education appeared to be
responsible for most of the drop. Traditional layoffs at local schools for
summer vacation produced a surprising decline in the seasonally adjusted
job estimates. Private industry also absorbed some of the loss but it was
difficult to pinpoint the specific industry responsible. Manufacturing
employment fell slightly but not enough to reflect the large decline
implied for private industry. Four sectors produced modest gains: retail
trade, professional & business services, health care, and leisure &
hospitality.
The job estimates before seasonal adjustment reflect temporary changes
often experienced in July. The largest decline, more than 9,000 jobs, was
the result of school closings for the summer. Employment in transportation
services also was affected as school bus companies cut jobs. Vacations for
workers in some manufacturing industries offset hiring in computer and
electrical equipment manufacturing. The summer recreation season produced
a
strong demand for workers in accommodations and food services. This was
also evident in retail trade as tourist activity helped to spur seasonal
activity. Construction employment continued to grow as the industry neared
its annual peak.
The number of nonfarm jobs was up 0.3 percent compared to last year, about
the same growth rate as the previous month.