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Vermont Unemployment Rate Dropped to 2.1% in July

By Timothy McQuiston, Vermont Business Magazine Vermont’s seasonally adjusted unemployment rate will drop a tenth to 2.1% in July 2022, based on household data, according to the Vermont Department of Labor. All three key indicators showed positive results as the workforce and employment numbers increased and the number of people looking for work decreased. Moreover, the private labor force participation rate rose to 61.7% in July, one-tenth of June’s figure. Although the unemployment rate has returned to pre-pandemic levels, the labor force is still far behind, with nearly 20,000 open vacancies in Vermont.

The U.S. unemployment rate was 3.5% in July, down a tenth of a percentage point from June’s revised forecast. Vermont has the fifth lowest unemployment rate in the nation. New Hampshire has her second lowest (2.0%) and Minnesota has her lowest at 1.8%. Alaska and New Mexico are the highest at 4.5% (see table below).

Vermont’s unemployment rate peaked at 16.5% in April 2020, leaving 57,905 people unemployed. US interest rates he peaked at 14.7% in April. Vermont’s unemployment rate was the lowest in the nation before the pandemic.

Labor Commissioner Michael Harrington said: Pre-pandemic levels. Recruiting difficulties for Vermont businesses can be seen in monthly job openings data showing total job openings above 20,000 for 15 consecutive months. Prior to this streak, historical data was We’ve never crossed this threshold, making this an excellent time.It’s a time for people looking for a job or interested in a career change. There are resources for both.

Seasonally adjusted Vermont data for July show that Vermont’s private labor force increased by 860 from the previous month’s revised estimate (see Table 1). Employed people increased by 1,129 and unemployed decreased by 269. The change in the number of employed persons was statistically significant for the seasonally adjusted series.

July unemployment rates for Vermont’s 17 labor market areas ranged from 1.7% in White River Junction and Burlington South Burlington to 3.3% in Derby (Note: Local labor market area unemployment rates are seasonally adjusted. not – see Table 2). By comparison, Vermont’s unadjusted unemployment rate was 2.1% in July, down four-tenths from its adjusted unadjusted June level and down 1.2 percentage points from a year ago.

Weekly unemployment claims continue to remain at low levels typical of pre-pandemic summer levels. There were 255 new claims in the week ending August 13th, 25 more than the previous week and 89 less than last year. New and continuing claims were 2,316, down 8 from last week and down 2,928 from last year (total claims for all programs, including now-defunct federal extended benefits like PUA, were down 12,643 from last year). Did).

Meanwhile, federal unemployment claims totaled 250,000 last week, down 2,000 from the previous week and below economists’ estimates of 260,000. Recurring claims that are one week behind increased from 7,000 to 1.437 million.

seasonally adjusted (Table 3)

Seasonally adjusted data for July reported an increase of 1,700 jobs from the revised June data. With more data included, there was an increase of 1,000 jobs between June’s preliminary and revised estimates. His seasonally adjusted month-to-month change in July varied at the industry level. Notable increases were in local government (+2,100 jobs, or +7.2%), federal government (+300 jobs, or +4.5%), and other services (+400 jobs, or +4.0 %) is. Industries that saw notable declines included arts, entertainment and recreation (-200 jobs, or -4.3%), private education services (-500 jobs, or -3.9%), finance and insurance (-200 jobs, or -3.9%). work, or -2.2%).

No seasonal adjustment (Table 4)

A preliminary ‘non-seasonally adjusted’ employment forecast for July showed an increase of 500 jobs compared to the revised June figure. As with the “seasonally adjusted” data, the month-to-month change was due to June’s revised figures, which added 2,100 jobs to him from preliminary estimates. By looking at the annual changes in this data series, we can look at the broader economic picture. Total private industry jobs increased by 4,000 (+1.6%) year-on-year, while government (including public education) jobs increased by 3,200, as detailed in the ‘non-seasonally adjusted’ provisional data for July. jobs (+6.7%) increased. last year.

Note: Due to a processing error in the current employment statistics program, incorrect data was published on July 22, 2022. This error affected estimates for private education services, education and health services, and total private and nonfarm employment for May and June 2022. VTLMI.info publications and data were updated to reflect corrected information on August 12, 2022.

The August Unemployment and Employment Report is set to be released on Friday, September 16th at 10:00 am. to view the latest report. VTlmi.info/press.pdf.

State unemployment rate, seasonally adjusted

state July 2022 (P)
rate
rank

Minnesota

1.8 1

Nebraska

2.0 2

new hampshire

2.0 2

Utah

2.0 2

Vermont

2.1 Five

north dakota

2.3 6

south dakota

2.3 6

Kansas

2.4 8

Iowa

2.5 9

Missouri

2.5 9

Alabama

2.6 11

Idaho

2.6 11

Indiana

2.6 11

florida

2.7 14

Montana

2.7 14

rhode island

2.7 14

Virginia

2.7 14

Georgia

2.8 18

maine

2.8 18

Oklahoma

3.0 20

Wisconsin

3.0 20

wyoming

3.0 20

south carolina

3.2 twenty three

Arizona

3.3 twenty four

Arkansas

3.3 twenty four

Colorado

3.3 twenty four

Tennessee

3.3 twenty four

north carolina

3.4 28

Massachusetts

3.5 29

Oregon

3.5 29

Louisiana

3.6 31

Mississippi

3.6 31

connecticut

3.7 33

kentucky

3.7 33

new jersey

3.7 33

Washington

3.7 33

west virginia

3.7 33

California

3.9 38

Maryland

3.9 38

Ohio

3.9 38

texas

4.0 41

Hawaii

4.1 42

Michigan

4.2 43

pennsylvania

4.3 44

Delaware

4.4 45

Illinois

4.4 45

Nevada

4.4 45

New York

4.4 45

Alaska

4.5 49

new mexico

4.5 49

District of Columbia

5.2 51

footnote
(P) Reserve

Note: The rates shown are labor force percentages. Data refer to place of residence. The estimate for the current month may be revised in the following month.

last updated: August 19, 2022

August 19, 2022. Montpelier www.labor.vermont.gov & www.bls.gov/web/laus/laumstrk.htm