1 Jan

Unemployment rate increases

first_imgVermont Department of Employment & TrainingVermont Labor Force Statistics (Seasonally Adjusted) January 2003 December 2002 January 2002Total Labor Force 351,600 351,900 345,500 Employment 337,400 338,700 332,600 Unemployment 14,300 13,200 12,900 Rate (%) 4.1 3.7 3.7Montpelier – The Department of Employment and Training recently announced aseasonally adjusted state unemployment rate of 4.1 percent for January, an increase offour tenths of a percentage point from the revised December estimate. The comparablenational rate was 5.7 percent, down three tenths of a point from the prior month.Unemployment rates for Vermont’s 13 labor market areas ranged from 2.2 percent inHartford, to 8.4 percent in Newport. Labor market area rates are not seasonally adjusted;for comparison, the unadjusted rate for Vermont was 4.1 percent.”Modest improvement in our job statistics provided a positive sign in January butnational economic conditions remained uninspiring,” said Anne V. Ginevan,Commissioner of the Department of Employment and Training. “Unemployment isgenerally higher than a year ago according to our latest estimates.”The Department revised its preliminary unemployment and job estimates for 2002according to the requirements of the U.S. Bureau of Labor Statistics. This procedure isused each year to incorporate the latest information in the monthly estimates. The reviseddata indicates Vermont’s unemployment rate was generally lower in the last six monthsof 2002 than originally estimated. The increase from the revised December 2002unemployment rate to the January 2003 rate reflects, at least partly, some differences inthe estimation process.Seasonally adjusted nonfarm jobs jumped 2,500 in January (see graph). Government educationemployment appeared to decline less than usual during the break in the school year; thusprompting an increase in the seasonally adjusted statistics. Private educational institutionsalso contributed to the surge. School calendar effects are temporary and usually offset thenext month, or soon thereafter. Retail trade experienced a modest improvement inJanuary, despite the usual cutbacks after the holiday season. Retail employment appearedless robust than usual in December and apparently the cuts were more modest in January.The detailed, unadjusted nonfarm jobs total fell by more than 5,000 due to seasonallayoffs in education, retail, construction and manufacturing. The net decline in jobs,however, was the smallest for January in at least 13 years. Leisure and hospitalityprovided a significant employment boost, although it was less than last year at this time.last_img read more

20 Oct

Trefick on the warpath again

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