Vermont’s unemployment rate held at 2.1 percent in May

by Timothy McQuiston, Vermont Business Magazine Today, the Vermont Department of Labor released data on the Vermont economy for the time period covering May 2024. According to household data, the seasonally adjusted statewide unemployment rate for May was 2.1 percent. This reflects no change from the prior month’s revised estimate. The civilian labor force participation rate was 65.6 percent in May, an increase of one-tenth of one percentage point from the prior month’s revised estimate. 

Vermont has the third lowest rate in the nation, one-tenth higher than North and South Dakota. California has the highest rate at 5.2 percent.

Labor Commissioner Michael Harrington said: “The preliminary May 2024 data indicates the Vermont labor market continues on a stable and consistent path. Employers are hiring, wages have been rising, and unemployment is low. For example, employment in the Accommodations and Food Services industry is now higher than pre-pandemic levels. In addition, and more broadly, the household survey data estimates there are nearly 350,000 working Vermonters, which is the largest in state history. The Department continues to expand its partnerships with employers, training providers, and job seekers. Also of note, this week, on June 27th in Brattleboro, there will be an Apprenticeship Job Fair at the Department of Labor’s Brattleboro Job Center from 3:30pm to 5:30pm. To learn more about this event, as well as others, please visit https://labor.vermont.gov/workforce-development.” 

The comparable United States rate in May was 4.0 percent, an increase of one-tenth of one percentage point from the revised April estimate. The seasonally-adjusted Vermont data for May show the Vermont civilian labor force increased by 655 from the prior month’s revised estimate (see Table 1). The number of employed persons increased by 663 and the number of unemployed persons decreased by 8. None of the changes were statistically significant in the seasonally adjusted series.

The May unemployment rates for Vermont’s 17 labor market areas ranged from 1.7 percent in Burlington-South Burlington, Middlebury, and White River Junction to 2.9 percent in Derby (note: local labor market area unemployment rates are not seasonally-adjusted – see Table 2). 

For comparison, the May unadjusted unemployment rate for Vermont was 2.0 percent, a decrease of three-tenths of one percentage point from the revised unadjusted April level and an increase of four-tenths of one percentage point from a year ago.

Seasonally-Adjusted (Table 3) 

The seasonally-adjusted data for May reported a decrease of 100 jobs from the revised April data. There was an increase of 200 jobs between the preliminary and the revised April estimates due to the inclusion of more data. The seasonally-adjusted over-the-month changes in May varied at the industry level. One industry had a notable increase: Accommodation & Food Services (+700 jobs or +2.2%). Industries with a notable decrease included: State Government (-500 jobs or - 2.7%) and Professional & Technical Services (-400 jobs or -2.2%). 

Not-Seasonally-Adjusted (Table 4) 

The preliminary ‘not-seasonally-adjusted’ jobs estimates for May showed a decrease of 500 jobs when compared to the revised April numbers. As with the seasonally-adjusted data, this over-the-month change is from the revised April numbers which experienced an increase of 200 jobs from the preliminary estimates. The broader economic picture can be seen by focusing on the overt-he-year changes in this data series. As detailed in the preliminary not-seasonally-adjusted May data, Total Private industries increased by 6,200 jobs (+2.5%) over the year and Government (including public education) employment decreased by 1,800 jobs (-3.2%) in the past year.

Last Modified Date: June 25, 2024

The Unemployment and Jobs Report for June is scheduled to be released on Friday, July 19, 2024, at 10:00 a.m.

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