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Unemployment rate jumps half point to 5.7 percent

first_imgThe Vermont Department of Labor announced today that the seasonally adjusted unemployment rate for November 2008 was 5.7 percent, up five-tenths of a point from the revised October rate and up 1.9 points from a year ago.”The nation’s economic slowdown is showing up in more sectors of Vermont’s labor market” said Patricia Moulton Powden, Commissioner of the Vermont Department of Labor. “Bright spots remain in Education & Health services as well as Professional & Business services which continue to show annual growth.”Job GrowthBefore seasonal adjustment, Total Non-Farm (TNF) jobs fell by 2,500 or -0.8% from October to November. Most of this decline is expected as we transition into the winter and holiday period. However, annual TNF job losses increased to -1,950 or -0.6%. The largest monthly seasonal declines were observed in Leisure & Hospitality, (-1,750 or -5.4%), Construction (-950 or -5.6%) Professional & Business services, (-450 or -2.0%) and Manufacturing, (-300 or -0.9%). Only Education & Health services, (+100 or 0.2%) and the Government sector, (+150 or 0.3%) showed month to month gains. On an annual basis Education & Healthcare, (+900 or 1.6%) and Professional & Business services, (+150 or 0.7%) are the only sectors showing significant job growth. The Manufacturing and Construction sectors have contracted by 1,050 and 1,200 jobs respectively over the year.When seasonally adjusted, November job levels declined by 600 or -0.2% over October and by 1,800 or -0.6% from November of 2007. Education & Health services, (+100 jobs), Leisure & Hospitality, (+ 400 jobs) and Total Government, (+200 jobs) were the only major employment sectors to show any seasonally adjusted monthly job growth.Employment GrowthVermont’s unemployment rate grew to 5.7 percent in November as a result of a sharp increase in the number of unemployed (+1,697 to 20,200) and a decrease in employment (-918 to 336,800). Vermont’s observed November seasonally adjusted unemployment levels and rate were statistically significant and greater than October values, but employment and total labor force values were not. For comparison purposes, the US seasonally adjusted unemployment rate for November was 6.7 percent, up two-tenths of a point from October 2008. Unemployment rates for Vermont’s 17 labor market areas ranged from 3.2 percent in Hartford to 7.4 percent in Newport. Local labor market area unemployment rates are not seasonally adjusted. For comparison, the November unadjusted unemployment rate for Vermont was 5.5 percent, up three-tenths of a point from October 2008 and up 2 points from a year ago.last_img

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