Vermont Labor Market

The Department of Labor announced that the seasonally-adjusted statewide unemployment rate for October was 2.8%. This reflects a decrease of one-tenth of one percentage point from the revised September rate. The national rate in October was 3.7%. As of the prior month’s preliminary data, the Burlington-South Burlington Metropolitan NECTA was tied for the thirty-sixth lowest unemployment rate in the country for all metropolitan areas. Overall, Vermont’s unemployment rate was tied for eighth lowest in the country for the same time period.

The Vermont seasonally-adjusted unemployment rate decreased in October to a level of 2.8%. The comparable United States rate in October was 3.7%, which was unchanged from the revised September estimate. The seasonally-adjusted Vermont data for October show the Vermont civilian labor force decreased by 1,127 from the prior month’s revised estimate. The number of employed persons decreased by 861 and the number of unemployed persons decreased by 266. Changes in the labor force, the unemployed and the unemployment rate were statistically significant in the seasonally-adjusted series.

The October unemployment rates for Vermont’s 17 labor market areas ranged from 1.5% in White River Junction to 2.7% in Derby (note: local labor market area unemployment rates are not seasonally-adjusted). For comparison, the October unadjusted unemployment rate for Vermont was 1.8% which reflects a decrease of one percentage point from the revised unadjusted September level and a decrease of one-half of one percentage point from a year ago.

 The preliminary ‘not-seasonally-adjusted’ jobs estimates for October show an increase of 2,300 jobs when compared to the revised September numbers. There was an increase of 600 jobs between the preliminary and the revised September estimates due to the inclusion of more data. The monthly increase seen in the October numbers was primarily attributable to seasonal activity related to education. The broader economic trends can be detected by focusing on the over-the-year changes in this data series. As detailed in the preliminary ‘not-seasonally-adjusted’ October data, Total Private industries have decreased by 3,100 jobs (-1.2%) and Government (including public education) employment has increased by 100 jobs (0.2%) in the past year.

 The seasonally-adjusted data for October reports a decrease 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 an increase of 200 jobs from the preliminary estimates. The seasonally-adjusted over-the-month changes in October were mixed at the sector level. Those with a notable increase include: Mining & Logging (+100 jobs or +14.3%), Transportation, Warehousing & Utilities (+200 jobs or +2.5%), and State Government (+300 jobs or +1.6%). Sectors with a notable decrease include: Professional & Technical Services (-400 jobs or -2.8%), Finance & Insurance (-200 jobs or -2.1%), and Arts, Entertainment & Recreation (-100 jobs or -2.0%).