PRESS RELEASE: Vermont's Unemployment Rate Decreases to 9.4 Percent in June
Today, the Vermont Department of Labor released data on the Vermont economy for the time period covering June 2020. According to household data, the seasonally-adjusted statewide unemployment rate for June was 9.4 percent. This reflects a decrease of three and four-tenths percentage points from the prior month’s revised estimate of 12.8 percent.
“Vermont’s June data mirrored national level changes with an increase in the number of jobs and a decline in the unemployment rate. This captures only some of the economic story here and across the country. Unemployment insurance claims continue to be elevated and are providing a more-timely picture of the economic hardship that many Vermonters are facing. Until these claim numbers come down, the Department will continue our expanded efforts to support claimants and jobseekers with employers looking to hire. If you are a Vermonter seeking work or are an employer who is hiring, please contact the Department to learn about our programs and our adaptive approaches to providing services with limited in person contact.” - Michael Harrington, Labor Commissioner
The Vermont seasonally-adjusted unemployment rate decreased three and four-tenths percentage points to 9.4 percent in June. The comparable United States rate in June was 11.1 percent, a decrease of two and two-tenths percentage points from the revised May estimate. The seasonally-adjusted Vermont data for June show the Vermont civilian labor force decreased by 2,370 from the prior month’s revised estimate. The number of employed persons increased by 9,759 and the number of unemployed persons decreased by 12,129. The changes to the number of unemployed persons, the unemployment rate and the number of employed persons were statistically significant in the seasonally-adjusted series.
The June unemployment rates for Vermont’s 17 labor market areas ranged from 7.1 percent in Newbury to 16.6 percent in Woodstock (note: local labor market area unemployment rates are not seasonally-adjusted). For comparison, the June unadjusted unemployment rate for Vermont was 9.4 percent, which was a decrease of three and three-tenths percentage points from the revised unadjusted May level and an increase of six and nine-tenths percentage points from a year ago.
The preliminary ‘not-seasonally-adjusted’ jobs estimates for June show an increase of 14,300 jobs when compared to the revised May numbers. There was an increase of 900 jobs between the preliminary and the revised May 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’ June data, Total Private industries have decreased by 38,900 jobs (-15.0 percent) and Government (including public education) employment has decreased by 2,800 jobs (-5.0 percent) in the past year.
The seasonally-adjusted data for June reports an increase of 12,500 jobs from the revised May data. As with the ‘not-seasonally-adjusted’ data, this over-the-month change is from the revised May numbers which experienced an increase of 800 jobs from the preliminary estimates. The seasonally-adjusted over-the-month changes in June varied at the sector level. Those with a notable increase include: Other Services (+900 jobs or +10.8%), Education & Health Services (+5,600 jobs or +9.7%), and Leisure & Hospitality (+1,500 jobs or +8.5%). Sectors with a notable decrease include: Information (-200 jobs or -5.0%), Federal Government (-100 jobs or -1.4%) and Durable Goods Manufacturing (-200 jobs or -1.2%).
For the full report, go to http://www.vtlmi.info/. The Unemployment and Jobs Report for July is scheduled to be released on Friday, August 21, 2020 at 10:00 a.m.