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Vermont Business Magazine Reports Steady Rise in Unemployment Claims Amid National Trends
By Timothy McQuiston
Vermont has seen a steady increase in weekly unemployment claims, totaling 599 for the week ending November 30, 2024. This figure marks a rise of 164 claims from the previous week and an increase of 88 from the same period last year. At the end of September, claims were significantly lower, at 181.
Despite this uptick in Vermont, the overall employment landscape in the U.S. appears more promising, supported by recent interest rate cuts from the Federal Reserve—0.5% in September and an additional 0.25% in early November. Economists express cautious optimism about the economy’s ability to achieve a "soft landing," although unforeseen national and international events could impact this trajectory.
In Vermont, the service sector recorded the highest share of claims at 42%, a decrease from 47%. Manufacturing claims rose to 16% from 6%, indicating a shift in economic activities. The construction sector also held steady at 16% but saw a decline from 30% the prior week, aligned with seasonal changes as outdoor work concludes.
Total unemployment insurance claims in Vermont for the week were 2,565, a slight decrease from the previous week and down 612 compared to last year. The state’s unemployment rate remains the second lowest in the nation at 2.3%, reflecting a modest rise of one-tenth of a percentage point in October.
Nationally, initial claims rose to 224,000, marking an increase of 9,000 from the previous week. The upcoming jobs report is expected to highlight an increase in nonfarm payrolls, signaling resilience in the U.S. labor market.
Amid these fluctuations, Vermont’s Unemployment Trust Fund remains strong, with a balance of $313.1 million, down slightly as payouts continue.
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Photo credit vermontbiz.com
