On July 3, 2024
Local News

Vermont’s unemployment rate holds at 2.1% 

Courtesy Vt Dept. of Labor - Employers have succeeded in finding workers to fill the vacancies. In January 2023, employers had just over 332,000 nonfarm payroll jobs, 7% of them unfilled. In April of this year, there were almost 330,000 nonfarm jobs, and the share that was unfilled had dropped to 4.5%.

On June 25, the Vermont Dept. of Labor released data on the Vermont economy for the time period covering May 2024. According to household data, the seasonally-adjusted statewide unemployment rate for May was 2.1%. This reflects no change from the prior month’s revised estimate. The civilian labor force participation rate was 65.% in May, an increase of 1/10 of 1 percentage point from the prior month’s revised estimate.

“The preliminary May 2024 data indicates the Vermont labor market continues on a stable and consistent path. Employers are hiring, wages have been rising, and unemployment is low. For example, employment in the accommodations and food services industry is now higher than pre-pandemic levels. In addition, and more broadly, the household survey data estimates there are nearly 350,000 working Vermonters, which is the largest in state history,” said Commissioner Michael Harrington.

Courtesy U.S. Bureau of Labor Statistics
– The number of Vermonters working, including those who are self-employed, increased again in May, reaching 349,647. That was the 49th straight month of employment growth—starting in May 2020, the longest streak in 25 years.

The Vermont’s seasonally-adjusted unemployment rate of 2.1% is lower than the comparable U.S. rate of 4%. 

The May unemployment rates for Vermont’s 17 labor market areas ranged from 1.7% in Burlington-South Burlington, Middlebury, and White River Junction to 2.9% in Derby. For comparison, the May unadjusted unemployment rate for Vermont was 2%, an increase of 4/10 of 1 percentage point from a year ago.

The unemployment and jobs report for June is scheduled to be released on Friday, July 19, at 10 a.m.

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