by Timothy McQuiston, Vermont Business Magazine Weekly unemployment claims fell for the week ending May 4, 2024, as new claims remain relatively high. This could be the result of the extended ski season slowly winding down after a late surge of snow and the surge of eclipse visitors to the state. from April 8. The Service industry accounts for the vast majority of claims with 71%.
See tables below.
For the week, there were 440 claims, down 46 for the week but 52 more than this time last year. Meanwhile, the state unemployment rate remains near historic low levels as employment and the labor force have increased (2.2 percent in March 2024).
Vermont has the third lowest rate in the nation, behind North (2.0%) and South (2.1%) Dakota. California (5.3%) has the highest rate.
The comparable United States rate in March was 3.8 percent, a decrease of one-tenth of one percentage point from the revised February estimate.
The Vermont civilian labor force participation rate was 65.4 percent in March, an increase of one-tenth of one percentage point from the prior month’s revised estimate.
For new and continuing UI claims, there were a total of 3,009 claims, down 36 from the week before and 150 fewer than last year.
Nationally, for the week ending May 4, the US Department of Labor's advanced figure for seasonally adjusted initial claims was 231,000, an increase of 22,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 208,000 to 209,000. This is the highest they've been since last August, as employment has begun to cool. A CNBC report said this could indicate a slowing of economic activity, as nonfarm payrolls increased by only 175,000 in April, below the Wall Street estimate of 240,000 and the smallest gain since October 2023.
The 4-week moving average was 215,000, an increase of 4,750 from the previous week's revised average. The previous week's average was revised up by 250 from 210,000 to 210,250.
The Vermont Unemployment Trust Fund is well capitalized. As of last week, there was $294.9 million in the Trust Fund, up $28.1 million for the week (as claims are paid out on one side, employers are contributing to the fund on the other). The pre-pandemic Trust Fund balance on March 1, 2020, was $506.2 million.
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