Unemployment rate falls to pre-pandemic level of 3.1 percent

first_imgCommissioner’s Message“It is important to remember that the number of unemployed individuals only captures about a third of the population displaced by the Pandemic. The official total of unemployed Vermonters is approximately 10,000; however, in addition to this population, there are nearly 20,000 fewer Vermonters working now than there were a year ago. This total of 30,000 more closely aligns with the level of total unemployment claims the Department is handling across a multitude of benefit programs. It is important to note that many of these federal benefit programs are slated to expire at the end of this month, and while it looks as though a new relief package is nearing approval, claimants should prepare themselves for this possible benefits cliff. If you are able to work, now is the time to begin actively looking for employment. Employers across the state are hiring and the Department of Labor is here to assist you. Visit labor.vermont.gov to find out more about our re-employment services.” – Michael Harrington, CommissionerState of Vermont OverviewThe Vermont seasonally-adjusted unemployment rate decreased by one tenth of one percentage point to 3.1 percent in November. The seasonally-adjusted Vermont data for November show the Vermont civilian labor force increased by 1,867 from the prior month’s revised estimate. The number of employed persons increased by 2,115 and the number of unemployed persons decreased by 248. None of the changes in the seasonally-adjusted series were statistically significant. The November unemployment rates for Vermont’s 17 labor market areas ranged from 2.1 percent in White River Junction to 4.7 percent in Woodstock (note: local labor market area unemployment rates are not seasonally-adjusted). For comparison, the November unadjusted unemployment rate for Vermont was 2.8 percent, which was an increase of four-tenths of one percentage point from the revised unadjusted October level and an increase of five-tenths of one percentage point from a year ago.Analysis of Job Changes by IndustryNot-Seasonally-AdjustedThe preliminary ‘not-seasonally-adjusted’ jobs estimates for November show an increase of 1,200 jobs when compared to the revised October numbers. There was no change between the preliminary and the revised October estimates due to the inclusion of more data. 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 have decreased by 25,700 jobs (-9.9%) and Government (including public education) employment has decreased by 1,500 jobs (-2.5%) in the past year.Seasonally-AdjustedThe seasonally-adjusted data for November reports an increase of 1,700 jobs from the revised October data. As with the ‘not-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 seasonally-adjusted over-the-month changes in November varied at the industry level. Those with a notable increase include: Administrative & Waste Services (+700 jobs or +5.6%), Private Educational Services (+300 jobs or +2.6%), and Local Government (+600 jobs or +2.2%). Industries with a notable decrease include: Accommodation & Food Services (-900 jobs or -4.3%), Construction (-400 jobs or -3.5%), and Federal Government (-200 jobs or -2.7%).Unemployment Rates for States, Seasonally AdjustedStateNovember 2020(P)rateRankNebraska3.11Vermont3.11South Dakota3.53Iowa3.64New Hampshire3.85Utah4.36Alabama4.47Minnesota4.47Missouri4.47South Carolina4.47North Dakota4.511Idaho4.812Montana4.913Virginia4.913Indiana5.015Maine5.015Wisconsin5.015Delaware5.118Wyoming5.118Tennessee5.320Kansas5.621Kentucky5.621Georgia5.723Ohio5.723Oklahoma5.925Oregon6.026Washington6.026Arkansas6.228North Carolina6.228West Virginia6.228Colorado6.431Florida6.431Mississippi6.431Pennsylvania6.634Massachusetts6.735Maryland6.836Illinois6.937Michigan6.937Rhode Island7.339District of Columbia7.540New Mexico7.540Arizona7.842Alaska8.143Texas8.143California8.245Connecticut8.245Louisiana8.347New York8.448Hawaii10.149Nevada10.149New Jersey10.251Footnotes(P) Preliminary Note: Rates shown are a percentage of the labor force. Data refer to place of residence. Estimates for the current month are subject to revision the following month. by Timothy McQuiston Vermont Business Magazine The Vermont Department of Labor reported today that the state unemployment rate for November has now fallen back to its pre-pandemic level of 3.1 percent. This is not good news. Vermont claimants could lose some federal extended benefits because the rate is so low. The rate also hides the fact that the VDOL still estimates that 30,000 Vermonters are out of work, far higher than the official level. The unemployment rate is based on household data accumulated by the US Census.The seasonally-adjusted statewide unemployment rate for November of 3.1 percent reflects a decrease of one tenth of one percentage point from the prior month’s revised estimate of 3.2 percent. The comparable United States rate in November was 6.7 percent, a decrease of two tenths of one percentage point from the revised October estimate.Vermont is tied with Nebraska for lowest rate in the nation. Last Modified Date: December 18, 2020The Unemployment and Jobs Report for December is scheduled to be released on Tuesday, January 26, 2021 at 10:00 a.m. Read full report at http://www.vtlmi.info/press.pdf(link is external) Source: 18 December 2020 VDOLlast_img read more