Unemployment rate remains at 2.8% in October

by Timothy McQuiston, Vermont Business Magazine Today, the Vermont Department of Labor reported that October’s seasonally adjusted unemployment rate was 2.8%. Based on household data, this does not reflect any change from the previous month. September’s unemployment rate was revised down by one-tenth of a percentage point during the review process.

The comparable rate in the United States in October was 4.6 percent, down two-tenths of a percentage point from the revised estimate for September.

Vermont figures show modest improvement in all three major indicators, with the labor force gaining 310, employment up 598, and unemployment down 288. While these data points are also better than there were a year, the labor force is still down by around 25,000 people with almost the same number of jobs available. The national situation is similar, with a record dropout rate of 3%.

Vermont’s workforce was already tight before the start of the pandemic.

“As we celebrate National Apprenticeship Week in Vermont, it is important to recognize the incredible value these programs add to our economy. Apprenticeships are high-quality industry-driven career paths that allow participants to ‘learn as you earn’ and employers to develop their own talent pool, ”said Labor Commissioner Michael Harrington.

“The Vermont Registered Apprenticeship Program has consistently demonstrated that access to effective and affordable training opportunities is essential in helping individuals improve their economic prospects, and the McClure Foundation program Best Job Training Programs for Vermonters The post also backs this up by highlighting a few of the dozens of approved learning programs across the state, including the accountant, production technician, graphic designer, and licensed practical nurse.

“If you are an employer looking to set up an apprenticeship program or a job seeker looking to develop your skills, the Ministry of Labor’s apprenticeship team is here to help. Learn more at Labor.Vermont.gov/Apprenticeship or by calling 833-719-1051 »

Seasonally adjusted data from Vermont for October show that Vermont’s civilian labor force increased by 310 from the revised estimate of the previous month (see Table 1). The number of employed increased by 598 and the number of unemployed decreased by 288. No change was statistically significant in the seasonally adjusted series.

The October unemployment rates for the 17 Vermont labor market zones ranged from 1.2% in White River Junction to 2.6% in Bennington (note: unemployment rates for local labor market zones are not not seasonally adjusted – see Table 2). For comparison, the unadjusted October unemployment rate for Vermont was 1.7%, which is a decrease of three tenths of a percentage point from the revised unadjusted September level and a decrease. one and two tenths of a percentage point from a year ago.

Seasonally adjusted (Table 3)

Seasonally adjusted data for October show an increase of 400 jobs from the revised data for September. There was a decrease of 800 jobs between the preliminary and revised September estimates due to the inclusion of more data.

Seasonally adjusted month-to-month changes in October varied at the industry level. Those experiencing a notable increase are: Administrative and waste services (+400 jobs or + 3.4%), Other services (+300 jobs or + 2.9%) and Information (+100 jobs or +2 , 6%). Industries that experienced a notable decline include: private education services (-300 jobs or -2.4%), construction (-300 jobs or -2.1%) and transportation, warehousing and services public (-100 or -1.3%).

Non-seasonal-adjusted (Table 4)

Preliminary estimates of “unadjusted for seasonality” jobs for October show an increase of 4,200 jobs from the revised September figures.

As with the “seasonally adjusted” data, this change during the month stems from the revised figures for September, which saw a decrease of 600 jobs compared to preliminary estimates.

The larger economic picture can be seen by focusing on the changes over the course of the year in this data series. As detailed in preliminary “unadjusted” October data, total private industries increased by 7,900 jobs (+ 3.3%) and public employment (including public education) increased by 200 jobs. (+ 0.4%) over the past year. .

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The unemployment and employment report for November is expected to be released on Friday, December 17, 2021 at 10:00 a.m.

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