Today, the Vermont Department of Labor released data on the Vermont economy for the time period covering May 2022. According to household data, the seasonally-adjusted statewide unemployment rate for May was 2.3 percent. This reflects a decrease of two-tenths of one percentage point from the prior month’s revised estimate. The civilian labor force participation rate rose to 61.5 percent in May.
“This month’s household data shows continued decline in the number of unemployed Vermonters which highlights the challenge many employers face in finding workers. Vermont is not the only state in this position, as national data shows record low unemployment and record high job availability across the entire country. As employers know, today’s market requires active recruitment in order to find the talent needed to meet the demand for products and services. With a three to one ratio of vacant positions to unemployed Vermonters, employers must use every tool available to them to locate and attract jobseekers. The employers who are successful in this effort will be those who come at the problem with an open mind and who are willing to try things never been done before. To assist in this effort, the Department of Labor’s Workforce Development team is ready and available to provide one-on-one consultation to both employers and jobseekers alike. If you have not already visited VermontJobLink.com to post or apply for a job, make sure you take that next step, and for more information about other workforce services visit Labor.Vermont.gov/Jobs.”- Michael Harrington, Commissioner
State of Vermont Overview
The Vermont seasonally-adjusted unemployment rate declined to 2.3 percent in May. The comparable United States rate in May was 3.6 percent, which experienced no change from the revised April estimate. The seasonally-adjusted Vermont data for May show the Vermont civilian labor force increased by 829 from the prior month’s revised estimate (see Table 1). The number of employed persons increased by 1,477 and the number of unemployed persons decreased by 648. The changes to the number of employed, the number of unemployed and the unemployment rate were statistically significant in the seasonally-adjusted series.
The May unemployment rates for Vermont’s 17 labor market areas ranged from 1.6 percent in White River Junction to 3.4 percent in Derby (note: local labor market area unemployment rates are not seasonally-adjusted – see Table 2). For comparison, the May unadjusted unemployment rate for Vermont was 2.1 percent, a decrease of three-tenths of one percentage point from the revised unadjusted April level and a decrease of one and two-tenths percentage points from a year ago.
Adjusted Analysis by Industry
Seasonally-Adjusted (Table 3)
The seasonally-adjusted data for May reported a decrease of 500 jobs from the revised April data. There was a decrease of 600 jobs between the preliminary and the revised April estimates due to the inclusion of more data. The seasonally-adjusted over-the-month changes in May were varied at the industry level. Those with a notable increase included: Private Educational Services (+700 jobs or +6.2%) and Other Services (+300 jobs or +2.9%). Industries with a notable decrease included: Administrative & Waste Services (-600 jobs or -4.8%) and Federal Government (-200 jobs or -2.9%).
Not-Seasonally-Adjusted (Table 4)
The preliminary ‘not-seasonally-adjusted’ jobs estimates for May showed a decrease of 100 jobs when compared to the revised April numbers. As with the ‘seasonally-adjusted’ data, this over-the-month change is from the revised April numbers which experienced an increase of 200 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’ May data, Total Private industries increased by 4,900 jobs (+2.1%) over the year and Government (including public education) employment has decreased by 600 jobs (-1.1%) in the past year.
The Unemployment and Jobs Report for June is scheduled to be released on Friday, July 22nd, 2022 at 10am. More data and resources from the Labor Market Information division at vtlmi.info.