April 18, 2008

For Immediate Release

Contact: Andy Condon, 802-828-4153

VERMONT JOB COUNTS REMAIN STABLE WHILE UNEMPLOYMENT INCREASES

Montpelier -- The Vermont Department of Labor announced today that the seasonally adjusted unemployment rate for March 2008 was 4.6 percent, up three-tenths of a point from last month and up six-tenths of a point from a year ago.

“Vermont’s unemployment rate increased by three-tenths of a point in March reflecting a national and regional economic slowdown,” said Patricia Moulton Powden, Commissioner of the Vermont Department of Labor. “On a more positive note, job growth, as reported by our business survey remains stable.”

The observed seasonally adjusted monthly changes in the employment levels, unemployment levels and unemployment rate are not statistically different from February values. For comparison purposes, the US seasonally adjusted unemployment rate for February was 5.1 percent, up three-tenths of a point from February 2008. Unemployment rates for Vermont’s 17 labor market areas ranged from 3.4 percent in Hartford to 9.1 percent in Newport. Local labor market area unemployment rates are not seasonally adjusted. For comparison, the unadjusted unemployment rate for Vermont was 5.3 percent, up three-tenths of a point from February 2008.

Vermont Labor Force Statistics (Seasonally Adjusted)
				Changes From
	March 2008	February 2008	March 2007	February 2008	March 2007

Total Labor Force	351,900	352,600	355,200	-700	-3,300
Employment	335,800	337,500	340,900	-1,700	-5,100
Unemployment	16,100	15,100	14,300	1,000	1,800
Rate (%)	4.6	4.3	4.0	0.3	0.6

Seasonally adjusted job levels fell slightly as compared to February (-200 jobs or -0.2%) and grew slightly over March of 2007 (+300 jobs or +0.1%) (see graph). The largest adjusted declines were observed in Manufacturing, (-300 / -0.8%) and Retail Trade (-300 / -0.7%). Leisure and Hospitality showed an adjusted gain of 400 jobs or +1.2% over February, reflecting a relatively strong finish to the winter tourism season.

Before seasonal adjustment, Total Non-Farm jobs fell by 300 or 0.1% from February to March largely due to typical seasonal influences. Annual unadjusted job growth remains essentially flat at 250 jobs or +0.1%. Seasonal job gains were seen in Construction (+200 / 1.5%), but the segment remains in decline showing a 700 job annual loss or -4.8%. Professional & Business services grew by 300 over the month and 150 or 0.7% over the year. Health Care & Social Assistance grew by 200 jobs over the month and 1,250 jobs or 2.9% annually. Retail trade shed 300 jobs in March and has lost 250 jobs or -0.6% annually. Leisure & hospitality lost a better than expected 550 jobs in March, growing 100 jobs or 0.3% annually. Local Government Education lost 250 jobs in March remaining flat over the year.

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