Vermont’s unemployment rate falls to 2.1 percent in April (2024)

by Timothy McQuiston, Vermont Business Magazine The Vermont Department of Labor reported today that the seasonally adjusted statewide unemployment rate for April was 2.1 percent. This reflects a decrease of one-tenth of one percentage point from the prior month’s revised estimate. The employment report was bolstered by an increase in the Labor Force and Total Employment, while Total Unemployment declined.

Vermont has the third lowest rate in the nation, one-tenth higher than North and South Dakota. California has the highest rate at 5.3 percent.

The comparable United States rate in April was 3.9 percent, an increase of one-tenth of one percentage point from the revised March estimate.

The civilian labor force participation rate was 65.5 percent in April, an increase of one-tenth of one percentage point from the prior month’s revised estimate.

Labor Commissioner Michael Harrington said, “The April numbers capture the economic bump associated with increased visitor traffic for the eclipse adding to an already busy season as spring transitions into summer. April traditionally kicks off the hiring season in Vermont with numerous job fairs across the state and the celebration of National Youth Apprenticeship Week in May. Vermont has more than 1,500 active apprentices and over 400 employer sponsors, and on June 6th and July 24th, the Department of Labor will once again be partnering with the Vermont Lake Monsters to bring two large job fairs to the baseball diamond in Burlington. If you’re an employer looking for talent or a job seeker looking for work, click the link to learn more about this event and others: https://labor.vermont.gov/2024-lake-monsters-job-fest. All are welcome to participate.”

The seasonally adjusted Vermont data for April show the Vermont civilian labor force increased by 860 from the prior month’s revised estimate (see Table 1). The number of employed persons increased by 997 and the number of unemployed persons decreased by 137. The change to the number of employed was statistically significant in the seasonally adjusted series.

The April unemployment rates for Vermont’s 17 labor market areas ranged from 1.7 percent in Burlington-South Burlington to 4.4 percent in Derby (note: local labor market area unemployment rates are not seasonally-adjusted – see Table 2). For comparison, the April unadjusted unemployment rate for Vermont was 2.3 percent, an increase of two-tenths of one percentage point from the revised unadjusted March level and an increase of five-tenths of one percentage point from a year ago.

Meanwhile, weekly unemployment claims fell for the second week following the wind-down from the long winter tourism season. Initial claims were 345 for the week ending May 11, down 95 from the week before (see tables below) and were up 111 from the same time last year. Total UI claims were 2,649, down 360 for the week and down 52 from last year.

Across the nation, labor remains tight but employment growth is cooling, suggesting the overall economy has slowed as housing starts fell and manufacturing production slipped. The Dow Jones Industrial Average has risen to a near historic high.

According to the US DOL, for the week ending May 11, the advance figure for seasonally adjusted initial claims was 222,000, a decrease of 10,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 231,000 to 232,000. The 4-week moving average was 217,750, an increase of 2,500 from the previous week's revised average. The previous week's average was revised up by 250 from 215,000 to 215,250.

Seasonally Adjusted (Table 3)

The seasonally-adjusted data for April reported an increase of 1,000 jobs from the revised March data. There was an increase of 1,000 jobs between the preliminary and the revised March estimates due to the inclusion of more data. The seasonally-adjusted over-the-month changes in April varied at the industry level. Industries with a notable increase included: Administrative & Waste Services (+500 jobs or +3.8%) and Accommodation & Food Services (+900 jobs or +2.9%). Industries with a notable decrease included: Transportation, Warehousing & Utilities (-400 jobs or -5.0%) and Durable Goods Manufacturing (-200 jobs or -1.2%).

Not-Seasonally-Adjusted (Table 4)
The preliminary ‘not-seasonally-adjusted’ jobs estimates for April showed an increase of 300 jobs when compared to the revised March numbers. As with the seasonally-adjusted data, this over-the-month change is from the revised March 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 April data, Total Private industries increased by 3,100 jobs (+1.2%) over the year and Government (including public education) employment increased by 1,100 jobs (+2.0%) in the past year.

The Unemployment and Jobs Report for May is scheduled to be released on Tuesday, June 25, 2024 at 10:00 a.m.

Last Modified Date: May 17, 2024