Today, the Vermont Department of Labor released data on the Vermont economy for the time period covering November 2021. According to household data, the seasonally-adjusted statewide unemployment rate for November was 2.6 percent. This reflects a decrease of two-tenths of one percentage point from the prior month’s revised estimate.
“November showed little change in our job market, according to data from Vermont businesses. The number of unemployed individuals continued to decline, falling by 548 in November. This brings the estimated unemployed population (as defined by Bureau of Labor Statistics data) down to 8,213 which is in line with pre-pandemic numbers from 2019. The unemployed population data is based on the household survey conducted by the U.S. Census Bureau, and not individuals collecting unemployment benefits. Conversely, the most recent data shows that in September, Vermont had an estimated 25,000 job openings. The combination of high demand and low supply continues to result in tight labor market conditions - not just in Vermont, but across the country.
The Department of Labor continues to work with schools, training providers and individuals looking to get back into the labor force to expediate their transition into employment. VermontJobLink.com now has over 20,000 job postings and the Department’s Job Centers are open for those looking for assistance in getting back to work. Additionally, staff are working to meet Vermonters in local communities across the state by conducting office hours in unique locations such as local libraries, recreation facilities, and municipal centers, providing new opportunities to connect with jobseekers and employers in non-traditional settings.
If you would benefit from in-person or virtual job services, please contact our Workforce Development Division at Labor.Vermont.gov/Jobs or by calling 833-719-1051.” - Michael Harrington, Commissioner
State of Vermont Overview
The Vermont seasonally-adjusted unemployment rate declined to 2.6 percent in November. The comparable United States rate in November was 4.2 percent, which was a decrease of four-tenths of one percentage point from the revised October estimate. The seasonally-adjusted Vermont data for November show the Vermont civilian labor force decreased by 212 from the prior month’s revised estimate (see Table 1). The number of employed persons increased by 336 and the number of unemployed persons decreased by 548. The changes to the number of unemployed and the unemployment rate were statistically significant in the seasonally-adjusted series.
The November unemployment rates for Vermont’s 17 labor market areas ranged from 1.3 percent in White River Junction to 2.9 percent in Bennington (note: local labor market area unemployment rates are not seasonally-adjusted – see Table 2). For comparison, the November unadjusted unemployment rate for Vermont was 1.8 percent, which was an increase of two-tenths of one percentage point from the revised unadjusted October level and a decrease of one and four-tenths percentage points from a year ago.
Analysis of Job Changes by Industry
Seasonally-Adjusted (Table 3)
The seasonally-adjusted data for November reports an increase of 200 jobs from the revised October data. There was an increase of 200 jobs between the preliminary and the revised October estimates due to the inclusion of more data. The seasonally-adjusted over-the-month changes in November varied at the industry level. Those with a notable increase include: Real Estate, Rental & Leasing (+100 jobs or +3.4%), Construction (+300 jobs or +2.1%), and Other Services (+200 jobs or +1.9%). Industries with a notable decrease include: Arts, Entertainment & Recreation (-100 jobs or -2.6%), Accommodation & Food Services (-400 jobs or -1.6%), and Federal Government (-100 or -1.4%).
Not-Seasonally-Adjusted (Table 4)
The preliminary ‘not-seasonally-adjusted’ jobs estimates for November shows an increase of 300 jobs when compared to the revised October numbers. As with the ‘seasonally-adjusted’ data, this over-the-month change is from the revised October numbers which experienced no change 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’ November data, Total Private industries have increased by 8,000 jobs (+3.4%) and Government (including public education) employment has increased by 500 jobs (+0.9%) in the past year.
The Unemployment and Jobs Report for November is scheduled to be released on Tuesday, January 25, 2022 at 10:00 a.m. The most recent report from our Labor Market Information division may be found at http://www.vtlmi.info/press.pdf.