There is still plenty of need for improvement but how could such a thing happen in Vermont, a state often claimed to be one of the most unfriendly business states? Vt. has one of lowest jobless rates in nation
“While the survey of Vermont households reported some economic weakness, we were still encouraged by Vermont businesses reporting increases in the employment numbers,” Labor Commissioner Annie Noonan said in a statement. With the state adding 2,500 jobs in July, Noonan said that points to the “strength and diversity of the state's economy.”
The national unemployment rate for July was 8.3 and Vermont at 5 percent unemployment is the fifth lowest in the country. Here in New England the average is 7.1. Vermont’s 5 percent unemployment rate was up .3 of a percent point from the last report but is the lowest in New England. Rhode Island can be found at the top with 10.8 percent, Connecticut 8.5 percent Maine at 7.6 percent and New Hampshire
These rates have to improve soon but the Vermont rate appears to be at odds with the doom and gloomsters (I am thinking Randy Brock and Bruce Lisman) suggestions that Vermont is an unfriendly state for businesses.
Oh,by the way big ol’ Texas, the state that is often at thetop of the most business friendly lists – their unemployment rate isup for the second consecutive month at 7.2 percent.
The official unemployment rate excludes many unemployed people. It does not include those who have given up looking or those who have exceeded the duration of benefits.
So, while VT is in better shape than most of the rest of the country, we’re probably really in the 10 – 15% range.
With a population of 625,741, assuming half are children, then 15% of the remainder would be somewhere in the neighborhood of 40,000 – 47,000 unemployed people who want work in the state.
Combine that with the number of small businesses teetering on the edge of survival, and you’ve got a solid chunk percentage of the state ready to lap up the “bad for business” mantra.
The sad thing is, since most have no exposure to areas where things are even worse, it’s almost impossible to recognize how much better things are for business right now in VT than they are elsewhere.
There is no doubt that the unemployment rate as defined will leave people out of consideration, especially those who have withdrawn from the workforce and are no longer “looking”. No matter how low the published unemployment rate, there will always be people who are unemployed, unemployable, or struggling in their small businesses. While this is awful, it’s still better to be at a 5% rate than 8%, no matter what the exact definition is, as those who are left out are probably proportional in each setting.
Furthermore, given that we gained jobs but the rate went up, that means the # of people looking grew faster than the # of jobs…altogether another good sign.
I take great pleasure in pointing out to Texans, Floridians, Kansans, etc., that their correlation of low tax rates to economic health of a state is just plain wrong. These people, since they stopped spending money on schools a generation ago, are almost immune to “facts” (which as we all know have a liberal bias). But it’s still fun to see the looks on their faces as cognitive dissonance sets in…
newsletter of doom shorter version sez:be afraid be very afraid
Rate go up a bit because Lt Gov is on vacation from his dirty jobs tour?