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.
– 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.
