Weekly unemployment claims continue steady decline

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Weekly unemployment claims continue steady decline

Sat, 02/24/2018 - 4:16am -- tim

Vermont Business Magazine Weekly unemployment claims are on a slow decline, as they have been since the beginning of year. For the week of February 17, 2018, there were 412 claims, 63 fewer than than they were the previous week and 159 fewer than they were a year ago. Altogether 5,937 new and continuing claims were filed, a decrease of 103 from a week ago, and 901 fewer than a year ago. For most weeks of 2017, including the last several months, claims have registered below the year before.

For UI claims last week by industry, Services, which typically accounts for most claims, totaled only 32 percent. Manufacturing held 8 percent and Construction fell to 33 percent of total claims, which is a relatively high percentage for this category. Services, which typically holds the top spot, were highest at 40 percent.

The Department processed 0 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08).

Vermont's unemployment rate for December was 2.8 percent. This reflects a one-tenth drop from the revised November, October and September rates (2.9 percent), as all the major indicators slightly improved. SEE STORY.

On July 1, 2017, the state reduced taxable rates for individual employers according to their experience rating. The rate reduction cut the highest UI tax rate from 8.4 percent to 7.7 percent, and the lowest rate from 1.3 percent to 1.1 percent. Additionally, July 1 marked the sunset of a provision that required claimants to wait one week between the time they were determined eligible for benefits to when they could collect those benefits.

The Unemployment Weekly Report can be found at: http://www.vtlmi.info/. Previously released Unemployment Weekly Reports and other UI reports can be found at: http://www.vtlmi.info/lmipub.htm#uc

NOTE: Employment (nonfarm payroll) - A count of all persons who worked full- or part-time or received pay from a nonagricultural employer for any part of the pay period which included the 12th of the month. Because this count comes from a survey of employers, persons who work for two different companies would be counted twice. Therefore, nonfarm payroll employment is really a count of the number of jobs, rather than the number of persons employed. Persons may receive pay from a job if they are temporarily absent due to illness, bad weather, vacation, or labor-management dispute. This count is based on where the jobs are located, regardless of where the workers reside, and is therefore sometimes referred to as employment "by place of work." Nonfarm payroll employment data are collected and compiled based on the Current Employment Statistics (CES) survey, conducted by the Vermont Department of Labor. This count was formerly referred to as nonagricultural wage and salary employment.