Vermont Labor Market

The Vermont Department of Labor has released data on the Vermont economy for the time period covering December 2023. According to household data, the seasonally-adjusted statewide unemployment rate for December was 2.2%. 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 64.6% in December, an increase of two-tenths of one percentage point from the prior month’s revised estimate. 

The Vermont seasonally-adjusted unemployment rate increased to 2.2% in December. The comparable United States rate in December was 3.7%, no change from the revised November estimate. The seasonally-adjusted Vermont data for December show the Vermont civilian labor force increased by 1,005 from the prior month’s revised estimate. The number of employed persons increased by 810 and the number of unemployed persons increased by 195. The change to the labor force was statistically significant in the seasonally-adjusted series.

The December unemployment rates for Vermont’s 17 labor market areas ranged from 1.5% in Woodstock to 3.3% in Derby (note: local labor market area unemployment rates are not seasonally-adjusted). For comparison, the December unadjusted unemployment rate for Vermont was 2.0%, no change from the revised unadjusted November level and a decrease of seven-tenths of one percentage point from a year ago. 

The seasonally-adjusted data for December reported a decrease of 1,800 jobs from the revised November data. There was no change between the preliminary and the revised November estimates. The seasonally-adjusted over-the-month changes in December varied at the industry level. The industry with a notable increase was Construction (+200 jobs or +1.3%). Industries with a notable decrease included: Accommodation & Food Services (-1,100 jobs or -3.7%) and Transportation, Warehousing, & Utilities (-200 jobs or -2.4%).

The preliminary ‘not-seasonally-adjusted’ jobs estimates for December showed an increase of 400 jobs when compared to the revised November numbers. As with the seasonally-adjusted data, this over-the-month change is from the revised November numbers which experienced an increase of 200 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 December data, Total Private industries decreased by 2,200 jobs (-0.9%) over the year and Government (including public education) employment increased by 2,700 jobs (+4.9%) in the past year.