Today, the Vermont Department of Labor released data on the Vermont economy for the time period covering March 2022. According to household data, the seasonally-adjusted statewide unemployment rate for March was 2.7 percent. This reflects a decrease of two-tenths of one percentage point from the prior month’s revised estimate.
“As we know, the Vermont economy changes with the seasons and as the sap flows, so too do the jobs. The months of April, May and June are a period of transition for many Vermonters, as they either return to employment or switch from winter to summer operations. Most notably, this is a time when programs of study, including apprenticeships, are nearing graduation. This presents an important opportunity for employers to partner with the Vermont Department of Labor and education providers to tap into this population and their newly obtained skills and abilities as they join the labor force. With this in mind, it is not surprising that the household data for March showed a boost to the Vermont labor force and the number of people working in the state – a trend that is likely to continue through the summer.
The Department of Labor has a number of hiring events already on the books, and employers are encouraged to take advantage of these opportunities as a way to find key talent. Of note, is the state-wide job fair hosted by the Associated General Contractors of Vermont, which is sponsored in part by the Department of Labor. This job fair is being held on Tuesday, April 26 at the Champlain Valley Expo and is open to all sectors and industries, including health care, government, manufacturing, and more. To learn more about these events and opportunities to connect with job seekers, contact our Workforce Development team at (802) 828-4394 or by visiting Labor.Vermont.gov/Jobs.” - Michael Harrington, Commissioner
State of Vermont Overview
The Vermont seasonally-adjusted unemployment rate declined to 2.7 percent in March. The comparable United States rate in March was 3.6 percent, which was a decrease of two-tenths of one percentage point from the revised February estimate. The seasonally-adjusted Vermont data for March show the Vermont civilian labor force increased by 1,389 from the prior month’s revised estimate (see Table 1). The number of employed persons increased by 2,133 and the number of unemployed persons decreased by 744. The changes to the labor force, the number of employed persons, the number of unemployed persons and the unemployment rate were statistically significant in the seasonally-adjusted series.
The March unemployment rates for Vermont’s 17 labor market areas ranged from 1.7 percent in White River Junction to 4.7 percent in Derby (note: local labor market area unemployment rates are not seasonally-adjusted – see Table 2). For comparison, the March unadjusted unemployment rate for Vermont was 2.4 percent, which was a decrease of four-tenths of one percentage point from the revised unadjusted February level and a decrease of two percentage points from a year ago.
Analysis of Job Changes by Industry
Seasonally-Adjusted (Table 3)
The seasonally-adjusted data for March reports a decrease of 100 jobs from the revised February data. There was an increase of 700 jobs between the preliminary and the revised February estimates due to the inclusion of more data. The seasonally-adjusted over-the-month changes in March were varied at the industry level. Those with a notable increase include: Accommodation & Food Services (+600 jobs or +2.1%) and Federal Government (+100 jobs or +1.5%). Industries with a notable decrease include: State Government (-500 jobs or -2.9%) and Professional & Technical Services (-300 jobs or -1.9%).
Not-Seasonally-Adjusted (Table 4)
The preliminary ‘not-seasonally-adjusted’ jobs estimates for March shows a decrease of 800 jobs when compared to the revised February numbers. As with the ‘seasonally-adjusted’ data, this over-the-month change is from the revised February numbers which experienced an increase of 400 jobs from the preliminary estimates. 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’ March data, Total Private industries increased by 8,000 jobs (+3.4%) over the year and Government (including public education) employment has increased by 700 jobs (+1.3%) in the past year.
The Unemployment and Jobs Report for April is scheduled to be released on Friday, April 20, 2022 at 10:00am. View the most recent report from our Labor Market Information division at http://www.vtlmi.info/press.pdf.