Unemployment rate holds at 2.1% for June 2024

by Timothy McQuiston, Vermont Business Magazine The Vermont Department of Labor today reported that the seasonally adjusted statewide unemployment rate for June was 2.1 percent. This reflects no change from the prior month’s revised estimate. Vermont is tied for the second lowest rate in the nation with North Dakota. South Dakota has the lowest rate (2.0 percent), while Nevada and California have the highest rates (5.2 percent).

The comparable United States rate in June was 4.1 percent, an increase of one-tenth of one percentage point from the revised May estimate.

The civilian labor force participation rate was 65.7 percent in June, an increase of one-tenth of one percentage point from the prior month’s revised estimate. The employment report is based on household data.

*** IMPORTANT NOTE – For immediate access to the data, individuals are encouraged to visit BLS.gov. Due to a global technology outage, there will be a delay in updating the VTLMI.info website. Information will be updated once available. *** 

State officials said about 10 percent of state government was impacted (including the Labor site initially which is back online), but they expect all issues will be resolved by the end of the day. As for the private business issues, Burlington International Airport has seen some flights canceled, others are late, but still others are running on-time. BTV urges people to contact the airlines directly to get updated flight status.

Vermont Labor Commissioner Michael Harrington said: “This year’s June data brings with it some of the same concerns we faced a year ago after another natural disaster. 

“It’s important to note that the new information released today does not account for the economic disruptions caused by last week’s severe weather. (Weekly unemployment claims are largely unchanged from the previous few weeks.) State leaders are assessing the full impact of the recent flood and continue to activate systems to support impacted Vermonters. If you experience a partial or complete loss of employment due to these storms, the Department encourages you to file an unemployment insurance claim. Vermonters can initiate the application process by calling the Unemployment Claimant Assistance Center at 1-877-214-3330. If you file an initial claim and are deemed ineligible, you may qualify for federal Disaster Unemployment Assistance benefits if authorized by the Federal Emergency Management Administration. Regardless of the program, the first step is to file an initial claim through the regular unemployment insurance program. To further assist those in need, the Department of Labor’s regional job centers are open and ready to provide support. These centers offer access to Wi-Fi, computers, phones, and other resources needed to submit unemployment applications. For a complete list of regional job centers near you, visit https://labor.vermont.gov/workforce-development”

The seasonally adjusted Vermont data for June show the Vermont civilian labor force increased by 311 from the prior month’s revised estimate. The number of employed persons increased by 494 and the number of unemployed persons decreased by 183. 

None of the changes were statistically significant in the seasonally adjusted series. 

Seasonally Adjusted 

The seasonally adjusted data for June reported a decrease of 700 jobs from the revised May data. There was a decrease of 100 jobs between the preliminary and the revised May estimates due to the inclusion of more data. 

The seasonally adjusted over-the-month changes in June varied at the industry level. One industry had a notable increase: Private Educational Services (+300 jobs or +2.5%). Industries with a notable decrease included: Accommodation & Food Services (-900 jobs or -2.8%) and Construction (-300 jobs or -1.9%). 

Not-Seasonally-Adjusted 

The preliminary ‘not-seasonally-adjusted’ jobs estimates for June showed an increase of 3,000 jobs when compared to the revised May numbers. As with the seasonally adjusted data, this over-the-month change is from the revised May numbers which experienced no change from the preliminary estimates.

The broader economic picture can be seen by focusing on the over-the-year changes in this data series. As detailed in the preliminary not-seasonally-adjusted June data, Total Private industries increased by 3,800 jobs (+1.5%) over the year and Government (including public education) employment decreased by 300 jobs (+0.6%) in the past year. 

The Unemployment and Jobs Report for July is scheduled to be released on Friday, August 16, 2024 at 10 a.m.

Last Modified Date: July 19, 2024

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