The Vermont Department of Labor reports an increase in the November 2023 seasonally adjusted unemployment rate with a tenth of one percent rise to 2.1 percent. This denotes a significant increase in the Labor Market, which has been compounded by an increase in both the number of employed and unemployed individuals. Despite these figures, a remarkable number of vacancies remain, with employers actively seeking workers.

Vermont still ranks fourth in the nation for the lowest rates of unemployment. States like Maryland hold the lowest rate of 1.8 percent, while Nevada trails the country with a high 5.4 percent unemployment rate.

November data indicates a growth in the civilian labor force of Vermont with an increase of 1,166 from the previous month’s adjusted figures. The number of employed persons increased by 759 and the number of unemployed individuals grew by 407, making these changes statistically noteworthy.

The civilian labor force participation rate was 64.4 percent in November, a rise of two-tenths of one percent from the previous month’s adjusted estimate. Meanwhile, weekly unemployment claims decreased in Vermont to a relative low of 309.

Labor Commissioner Michael Harrington heralds this labor force expansion as a positive sign for Vermont’s economy. However, the persistent high number of job vacancies stands out from other pre-recession economic indicators. The state Department offers support to job seekers with a weekly newsletter listing local job openings. Individuals can subscribe to this newsletter by visiting Vermont Labor’s website.

Unemployment rates fluctuated among Vermont’s 17 labor market areas in November, from as low as 1.7 percent in Burlington-South Burlington, Middlebury, Newbury, Woodstock, and White River Junction to as high as 2.8 percent in Bennington and Derby.

The preliminary ’not-seasonally-adjusted’ estimates for November reported a job decrease of 600 compared to the adjusted October figures. Regarding year-over-year changes, Total Private industries reported an increase of 1,000 jobs, while Government employment rose by 2,600 jobs.

The December Unemployment and Jobs Report is scheduled for release on Tuesday, January 23, 2024, at 10:00 a.m.