Vermont unemployment declines 0.1 percent in January to 5.7 percent

first_imgThe Vermont Department of Labor announced today the seasonally adjusted statewide unemployment rate for January 2011 was 5.7 percent.  This reported level resumes the downward trend established through much of 2010.  It is a decrease of one tenth of a percentage point from December 2010 and a decrease of a full percentage point from January 2010. ‘The national economy appears to be gaining some traction towards economic recovery which positively influences Vermont’s economic landscape,’ said Annie Noonan, Commissioner of the Vermont Department of Labor.  ‘In January, the Vermont economy showed positive trends in labor force growth and total employment, while total unemployment showed a decline.  We remain concerned about unemployment rates in various regions of Vermont that are still above the statewide average. The Department will continue its outreach and efforts to assist unemployed Vermonters through worker training, assistance with job search and placement activities.‘The long-term trend of Vermont’s economic recovery will be influenced by the federal policy debates on a myriad of issues, including whether Congress funds and reauthorizes workforce training and development money through programs such as Workforce Investment Act, Youth Employment and Dislocated Worker programs.  The Department continues to monitor and participate in these policy discussions as they relate to Vermont’s workforce,’ said Noonan.Governor Shumlin issued the following statement on the unemployment rate news:‘Today’s report that the state’s unemployment rate fell one tenth of a percentage point from December 2010 and by a full percentage point from January 2010 is positive news. Although the month-to-month decreases are modest, they reflect a steady downward trend that indicates our economy is slowly emerging from the recent recession. We will continue to work tirelessly to get Vermonters back to work, one job at a time.’The adjusted statewide rate has been hovering just under 6 percent since September.Analysis of Job Changes by IndustryThe preliminary ‘not seasonally adjusted’ jobs numbers for January show a decrease of 4,900 jobs when compared to the revised December numbers.  This reported over the month change does not include the 4,550 job increase between the preliminary and the revised December estimates due to the revision process and the inclusion of more data.  The December revision is unusually large because it was part of the annual benchmarking process which occurs in January for the previous year’s data. As detailed in the preliminary not seasonally adjusted January data, Total Private reports a decrease of 3,300 jobs and Government reports a decrease of 1,600 jobs.  In the private sector, the industries with notable increases were few though Leisure and Hospitality (+2,650 jobs or +7.4%) did have a big month.  Trade, Transportation, and Utilities (-1,650 jobs) and Construction (-1,350 jobs) reported the largest nominal declines in the not seasonally adjusted data.  Based on the preliminary January data, the annual rate of unadjusted job growth was a positive 2.7 percent.The seasonally adjusted data for January reports an increase of 5,300 jobs from the revised December data.  As with the ‘not seasonally adjusted’ data, this over the month change is from the benchmarked December numbers which experienced a positive revision from the preliminary December estimates (+3,300 jobs).  A review of the seasonally adjusted January numbers shows Vermont’s Private Industries with a job increase of 4,800 jobs.  There were several advancing industries.  Most notably were Accommodation & Food Services (+2,400) and Retail Trade (+1,200 jobs).  Transportation, Warehousing and Utilities (-300) and Health Care & Social Assistance (-200) reported the largest job losses by industry.  Total Government increased by 500 jobs from the revised December counts.State of Vermont OverviewVermont’s seasonally adjusted unemployment rate decreased one tenth of a percent to 5.7 percent in January.   The underlying data showed increases to the labor force (+1,400) and total employment (+1,600) combined with a decrease to total unemployment (-200).  For comparison purposes, the United States seasonally adjusted unemployment rate for January showed a four tenths of a percent decrease to 9.0 percent.January unemployment rates for Vermont’s 17 labor market areas ranged from 4.1 percent in Warren-Waitsfield to 9.9 percent in Newport.  Local labor market area unemployment rates are not seasonally adjusted. For comparison, the January unadjusted unemployment rate for Vermont was 6.3 percent, which was eight tenths of a percentage point higher than the revised December data and down one and three tenths of a percentage point from a year ago. Source: VT Department of Labor. 3.10.2011last_img

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