VermontBiz Today, the Vermont Department of Labor released data on the Vermont economy for the time period covering October 2022. According to household data, the seasonally-adjusted statewide unemployment rate for October was 2.3 percent. This reflects an increase of two-tenths of one percentage point from the prior month’s revised estimate. The civilian labor force participation was 61.7 percent in October, a decrease of one-tenth of one percentage point.
“The State of Vermont and Department of Labor are celebrating our 8th annual National Apprenticeship Week, to highlight the benefits Registered Apprenticeship programs offer for jobseekers and employers. For employers, the value is in the ability to train and retain its workforce, while for jobseekers, they gain an industry recognized credential and ‘earn while they learn’. Vermont currently has 160 active Registered Apprenticeship programs and served nearly 5,000 apprentices last year. More than fifty percent of these apprentices were between the ages of 16 and 24. Vermont also offers a wide range of apprenticeship occupations, from traditional fields such as plumbing, electrical, and healthcare, to newly developed programs in high-demand sectors like aircraft and airframe mechanic, fiber optic cable installer, and CNC machinist. Registered Apprenticeship programs continue to be the gold standard of training programs, and the demand for skilled talent is undeniable. For more information about Registered Apprenticeships, either as an apprentice or as apprenticeship employer sponsor, please visit Labor.Vermont.gov/Apprenticeship or contact 833-719-1051.” – Michael Harrington, Commissioner
State of Vermont Overview:
The Vermont seasonally-adjusted unemployment rate rose to 2.3 percent in October. The comparable United States rate in October was 3.7 percent, an increase of two-tenths of one percentage point from the revised September estimate. The seasonally-adjusted Vermont data for October show the Vermont civilian labor force decreased by 72 from the prior month’s revised estimate (see Table 1). The number of employed persons decreased by 594 and the number of unemployed persons increased by 522. The changes to the number of unemployed persons and the unemployment rate were statistically significant in the seasonally-adjusted series.
The October unemployment rates for Vermont’s 17 labor market areas ranged from 1.5 percent in White River Junction to 2.8 percent in Derby (note: local labor market area unemployment rates are not seasonally-adjusted – see Table 2). For comparison, the October unadjusted unemployment rate for Vermont was 1.8 percent, a decrease of three-tenths of one percentage point from the revised unadjusted September level and a decrease of four-tenths of one percentage point from a year ago.
Analysis of Job Changes by Industy
Seasonally-Adjusted (Table 3)
The seasonally-adjusted data for October reported an increase of 200 jobs from the revised September data. There was a decrease of 600 jobs between the preliminary and the revised September estimates due to the inclusion of more data. The seasonally-adjusted over-the-month changes in October were varied at the industry level. Those with a notable increase included: Arts, Entertainment, and Recreation (+500 jobs or +12.2%) and Construction (+200 jobs or +1.4%). Industries with a notable decrease included: Health Care & Social Assistance (-600 jobs or -1.2%) and Federal Government (-100 jobs or -1.4%).
Not-Seasonally-Adjusted (Table 4)
The preliminary ‘not-seasonally-adjusted’ jobs estimates for October showed an increase of 2,900 jobs when compared to the revised September numbers. As with the ‘seasonally-adjusted’ data, this over-the-month change is from the revised September numbers which experienced a decrease of 900 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’ October data, Total Private industries increased by 3,500 jobs (+1.4%) over the year and Government (including public education) employment increased by 2,000 jobs (+3.7%) in the past year.