UNEMPLOYMENT EDGES UP SLIGHTLY TO 4.9% IN AUGUST

JOB GROWTH SLIPS DOWN -0.2%.

Montpelier (September 19, 2008) -- The Vermont Department of Labor announced today that the seasonally adjusted unemployment rate for August 2008 was 4.9 percent, up one-tenth of a point from the revised July rate of 4.8% and up 1.1 points from a year ago.

"National economic conditions continue to have their impact on Vermont's labor market, though not quite to the same degree," said Patricia Moulton Powden, Commissioner of the Vermont Department of Labor. "Vermont's one-tenth of a point increase in unemployment was much smaller than the nation's four-tenths increase in August. Job losses have been smaller on a percentage basis as well, though any job losses remain a concern."

Vermont's observed seasonally adjusted monthly changes in employment, unemployment and unemployment rate are not statistically different from July values. For comparison purposes, the US seasonally adjusted unemployment rate for August was 6.1 percent, up four-tenths of a point from July 2008. Unemployment rates for Vermont's 17 labor market areas ranged from 2.6% percent in Hartford to 5.7% percent in Newport. Local labor market area unemployment rates are not seasonally adjusted. For comparison, the unadjusted unemployment rate for Vermont was 4.3 percent, down two-tenths of a point from July 2008 and up 1.1 points 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 800 or -0.3% over July, and by -1,000 or -0.3% over the year. Job losses were spread over many sectors including Manufacturing, Construction, Trade, Transportation & Utilities, Education & Health services, Financial Activities, Other services and Government. A notable exception was Leisure and Hospitality which added 200 seasonally adjusted jobs in August.

Before adjustment, Total Non-Farm jobs were essentially flat, -50 jobs from July to August, but down 600 jobs or -0.2% annually. Only Leisure and Hospitality showed any significant seasonal job gains from July to August (+700 / 2.0%), but the segment remains essentially flat over the year. The Health Care & Social Assistance sector continues to show good annual job gains (950/2.5%). Manufacturing is down over the year (-850 / -2.4%) as is the Construction sector, (-750 / -4.0%). Declines in construction may have been aggravated by poor weather in the measurement period.