1 Jan

Vermont unemployment rate falls two-tenths to 5.6 percent

first_imgTotal Labor Force362,700362,100360,4006002,300  Employment342,400340,900339,3001,5003,100  Unemployment20,30021,10021,200-800-900  Rate5.6%5.8%5.9%-0.2-0.3‘The Vermont seasonally-adjusted unemployment rate has fallen for a second month in a row, which is good news as we start to move beyond the initial economic impacts from Tropical Storm Irene.  However, we remain cautious in our optimism.  The uncertainty surrounding federal support of state programs and services, the political divisiveness in Congress, and the international financial crisis may have impacts on Vermont’s unemployment situation.  At the current pace of job recovery, it could be another 12 months before Vermont reaches pre-recessionary employment levels,’ according to Labor Commissioner Annie Noonan.   ‘The fact remains that there are job opportunities for Vermonters seeking work, as well as training, apprenticeship and internship opportunities for people who need job skills and placement assistance.  The Department of Labor’s local Career Resource Centers are an incredible resource for Vermont employers and job-seekers alike, and we urge all Vermont employers to list your job openings with us so that we can help you recruit good candidates for your business; and we urge job seekers to take advantage of the wide array of free services and networking opportunities we can offer,’ said Noonan. State of Vermont Overview The Vermont seasonally adjusted unemployment rate decreased by two-tenths of a percent in October to 5.6 percent.  The comparable rate over the same time period for the United States was 9.0 percent reflecting a decrease of one-tenth of a percent.  The seasonally-adjusted Vermont data show the total Vermont labor force grew by 600. Total employment increased by 1,500 while total unemployment declined by 800.   The over the month changes to the total employment and total unemployment were statistically significant.  October unemployment rates for Vermont’s 17 labor market areas ranged from 3.5 percent in both Hartford and Warren-Waitsfield to 7.0 percent in Newport (note: local labor market area unemployment rates are not seasonally adjusted).  For comparison, the October unadjusted unemployment rate for Vermont was 4.6 percent which reflects a decrease of seven-tenths of a percent from the September level and a decline of six-tenths of a percent from a year ago. Analysis of Job Changes by Industry The preliminary ‘not seasonally adjusted’ jobs numbers for October show an increase of 3,300 jobs when compared to the revised September numbers.  This reported over the month change does not include the 150 job decrease between the preliminary and the revised September estimates due to the inclusion of more data.  As detailed in the preliminary ‘not seasonally adjusted’ October data, Total Private displays an increase of 450 jobs and Government reports an increase of 2,850 jobs.  For the second month in a row, the positive change to Government was driven by typical seasonal fluctuations in both State Government Education and Local Government Education (+950 and +1,850 jobs, respectively) as public school operations continue to ramp up.  In the private sector, Trade, Transportation and Utilities (+1,000 jobs) reported the largest nominal increase while Leisure and Hospitality (-1,000 jobs) reported the largest nominal decrease. The seasonally adjusted data for October reports an increase of 500 jobs from the revised September data.  As with the ‘not seasonally adjusted’ data, this over the month change is from the revised September numbers which experienced a downward revision from the preliminary estimates by 300 jobs.  A review of the seasonally adjusted October numbers reflects that Vermont’s Private Industries reported an increase of 100 jobs while Total Government reported an increase of 400 jobs.  Construction and Trade, Transportation and Utilities led the private sector gainers with +500 and +300 jobs, respectively.   Conversely, the private sectors of note on the downside were Leisure & Hospitality (-400 jobs) and Manufacturing (-300 jobs). VT Labor Dept 11.17.2011 Change to         October 2011 from    The Vermont Department of Labor announced today the seasonally-adjusted statewide unemployment rate for October 2011 was 5.6 percent, a decrease of two-tenths of a percent from the September rate.  Compared to a year ago, the rate is lower by three-tenths of a percentage point.  The current comparable national rate is 9.0 percent which reflects a decrease of one-tenth of a percent from the previous month.  Vermont Labor Force StatisticsSeasonally Adjustedcenter_img October  2011 September  2011 October  2010 September  2011 October  2010 last_img read more