Unemployment rate up, jobs down

first_imgUNEMPLOYMENT EDGES UP SLIGHTLY TO 4.8% IN JULY, VERMONT’S ANNUAL JOB SLIPS DOWN 0.1%.Montpelier (August 15, 2008)– The Vermont Department of Labor announced today that the seasonally adjusted unemployment rate for July 2008 was 4.8 percent, up one-tenth of a point from the revised June rate of 4.7% and up one point from a year ago.”National economic conditions continue to make job growth a challenge in the short-term,” said Patricia Moulton Powden, Commissioner of the Vermont Department of Labor. “This is showing up in our own labor market as a slight increase in unemployment coupled with a small decline in job growth.”Vermont’s observed seasonally adjusted monthly changes in employment, unemployment and unemployment rate are not statistically different from June values. For comparison purposes, the US seasonally adjusted unemployment rate for July was 5.7 percent, up two-tenths of a point from June 2008. Unemployment rates for Vermont’s 17 labor market areas ranged from 2.9 percent in Hartford to 6.0 percent in Newport. Local labor market area unemployment rates are not seasonally adjusted. For comparison, the unadjusted unemployment rate for Vermont was 4.5 percent, down two-tenths of a point from June 2008 and up eight-tenths of a point from a year ago.Jobs Data (Vermont’s job count estimates are produced from a statewide survey of business establishments conducted under the Current Employment Survey (CES) – a cooperative effort with the US Department of Labor, Bureau of Labor Statistics.)Seasonally adjusted job levels fell by 1,200 or -0.4% over June, and by -700 or -0.2% over the year. Much of the decline came as a result of a larger than expected fall in Local Government jobs – mostly education, (-600 or -2.0% over the month) and Construction jobs, (-400 or -2.8% over the month). However, sixteen out of the twenty-three seasonally adjusted series we measure showed declines or no growth in jobs. An important exception was Private Educational Services which grew by 700 jobs or 5.5% over the month.Before seasonal adjustment, Total Non-Farm jobs fell seasonally by -8,650 jobs or -2.8% from June to July – again driven by Local Government Education which shed 9,600 jobs for the summer. More importantly, annual unadjusted job growth was down -300 jobs or -0.1%. Seasonal job gains were seen in Construction (+150 / 0.8%), but the segment remains in decline showing a 650 job annual loss or -3.5%. Similarly, Retail Trade jobs grew by 100 in July, but still fell short of last year by 250 jobs or -0.6%. Leisure and Hospitality sector grew by 1,400 jobs or 4.2% in July, leaving the sector unchanged over the year.-30-last_img read more

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