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Vermont unemployment rate holds steady at 5.7 percent

first_imgThe Vermont Department of Labor announced today the seasonally adjusted unemployment rate for November 2010 was 5.7 percent for the second consecutive month. Compared to a year ago, the November unemployment rate is lower by a full percentage point. Since the start of the calendar year, the Vermont seasonally adjusted unemployment rate has followed a downward trend. In January it was 6.7 percent, followed by February and March at 6.6 percent. Then the next three months each saw declines of two tenths of percent to put the state rate at 6.0 percent in June, where it stayed for three consecutive months until the September announcement of 5.8 percent. October continued the downward trend with a one tenth of a percent decline in the statewide unemployment rate which is where we remain according to this recent data.‘Vermont held its ground this month as the national unemployment rate increased,’ said Valerie Rickert, Acting Commissioner of the Vermont Department of Labor. ‘According to household survey data, the trend of rising employment continues. This month’s reported increase was sufficient enough to offset increases to the labor force without increasing our unemployment rate. This indicates Vermonters are starting to see economic opportunities,’ Rickert continued.        Changes From Total Labor Force357,400356,600358,400800-1,000   Employment336,900336,200334,400       7002,500   Unemployment20,50020,40024,000100-3,500   Rate (%)’s labor force, employment and unemployment statistics are produced from a combination of a Statewide survey of households and statistical modeling. The data are produced by the Local Area Unemployment Statistics Program (LAUS), a cooperative program with the US Department of Labor, Bureau of Labor Statistics and the Vermont Department of Labor.Analysis of Job Changes by IndustryThe preliminary ‘not seasonally adjusted’ jobs numbers for November show a decrease of 2,450 jobs when compared to the revised October numbers. This reported over the month change does not include the 350 job increase between the preliminary and the revised October estimates due to the revision process and the inclusion of more sample data. As detailed in the preliminary November data, Total Private reports a decrease of 2,650 jobs and Government reports an increase of 200 jobs. In the private sector, the industries with notable declines were Leisure and Hospitality (-2,300 jobs) and Construction (-450 jobs). Educational and Health Services led all industries with an increase of 500 jobs. Trade, Transportation, and Utilities also trended up showing a positive gain (+400 jobs) as did Manufacturing (+150 jobs).Based on the preliminary November data, the annual rate of unadjusted job growth slipped back into negative territory this month (-0.1%). This is a decline from the revised October estimate by three tenths of a percent.The seasonally adjusted data for November reports a decrease of 600 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 positive revision from the preliminary October estimates (+300 jobs). A review of the seasonally adjusted November numbers shows Vermont’s Private Industries with a job decline of 600 jobs. Trade, Transportation, and Utilities (-600), Financial Activities (-400) and Leisure and Hospitality (-400) reported the largest job losses by industry. As for advancing industries, Construction (+400 jobs) and Educational and Health Services (+400 jobs) led the way for the seasonally adjusted data. Total Government had no change from the revised October counts.State of Vermont OverviewVermont’s seasonally adjusted unemployment held at 5.7 percent in November. The underlying data showed increases to the labor force (+800), total employment (+700), and to total unemployment (+100). For comparison purposes, the United States seasonally adjusted unemployment rate for November showed a two tenths of a percent increase to 9.8 percent.November unemployment rates for Vermont’s 17 labor market areas ranged from 4.1 percent in Hartford to 7.8 percent in Newport. Local labor market area unemployment rates are not seasonally adjusted. For comparison, the November unadjusted unemployment rate for Vermont was 5.7 percent, which was six tenths of a percentage point higher than the revised October data and down seven tenths of a percentage point from a year ago.Source: Vermont Department of Labor 12.17.2010 Vermont Labor Force Statistics (Seasonally Adjusted) November2010October2010November2009October 2010November2009last_img read more