Vermont Labor Market

The Vermont Department of Labor has released data on the Vermont economy for the time period covering November 2023. According to household data, the seasonally-adjusted statewide unemployment rate for November was 2.1%. This reflects an increase of one-tenth of one percentage point from the prior month’s revised estimate. The civilian labor force participation rate was 64.4% in November, an increase of two-tenths of one percentage point from the prior month’s revised estimate.

The Vermont seasonally-adjusted unemployment rate increased to 2.1% in November. The comparable United States rate in November was 3.7%, a decrease of two-tenths of one percentage point from the revised October estimate. The seasonally-adjusted Vermont data for November show the Vermont civilian labor force increased by 1,166 from the prior month’s revised estimate. The number of employed persons increased by 759 and the number of unemployed persons increased by 407. The changes to the labor force, the number of unemployed persons and the unemployment rate were statistically significant in the seasonally-adjusted series.

The November unemployment rates for Vermont’s 17 labor market areas ranged from 1.7% in Burlington-South Burlington, Middlebury, Newbury, Woodstock and White River Junction to 2.8% in Bennington and Derby (note: local labor market area unemployment rates are not seasonally-adjusted). For comparison, the November unadjusted unemployment rate for Vermont was 2.0%, an increase of two-tenths of one percentage point from the revised unadjusted October level and a decrease of eight-tenths of one percentage point from a year ago.

The seasonally-adjusted data for November reported an increase of 400 jobs from the revised October data. There was a decrease of 300 jobs between the preliminary and the revised October estimates due to the inclusion of more data. The seasonally-adjusted over-the-month changes in November were varied at the industry level. Those with a notable increase included: Accommodation & Food Services (+400 jobs or +1.3%) and Finance & Insurance (+100 jobs or +1.1%). Industries with a notable decrease included: Administrative & Waste Services (-200 jobs or -1.4%) and Durable Goods Manufacturing (-200 jobs or -1.2%).

The preliminary ‘not-seasonally-adjusted’ jobs estimates for November showed a decrease of 600 jobs when compared to the revised October numbers. As with the seasonally-adjusted data, this over-the-month change is from the revised October numbers which experienced a decrease of 100 jobs 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 November data, Total Private industries increased by 1,000 jobs (+0.4%) over the year and Government (including public education) employment increased by 2,600 jobs (+4.6%) in the past year.