Jobs & the Economy: The Truth Behind the Numbers. Or How I Stopped Worrying And Learned To Love Vermont’s Low Unemployment Numbers. Unemployment In Vermont: The Real Story . In other words, the story the Shumlin administration is not telling you.
Or How I Stopped Worrying And Learned To Love Vermont’s Low Unemployment Numbers
In other words, the story the Shumlin administration is not telling you.
Source: BLS.gov - ESTABLISHMENT DATA, STATE EMPLOYMENT, SEASONALLY ADJUSTED
Only 1 of the top10 occupations projected to have the most openings requires a college degree.
The 2nd-highest occupation is personal care aides, which reflects Vermont’s demographic mix of fewer young people and a growth in the overall percentage of retirees.
The total projected openings for 2015 is 12,010, the bulk of which are service positions.
A 5-Year Annual GSP Growth rate of 0.0% is not an outlook conducive to hiring. Even with some Vermont companies expanding, like Keurig Green Mountain, the net outlook for growth is zero.
The largest component of GSP is government – which is paid for by the taxes generated in private sector income. This is the very definition of being upside-down. If government dominates the economy, where will private-sector economic growth come from?
Which might help explain why it’s difficult to attract and retain manufacturers here.
This additional cost of home ownership is near the highest in the country, and with income sensitivity, many retired homeowners now pay a decreasing percentage of the overall property tax collected. This means the burden falls on an even smaller group of people, with a median household income at a far remove from 3rd-highest in the country.
Vermont ranks dead last in total personal income. Without income, there’s no spending, and with no spending, there’s no economic activity. Vermont’s dreary economic outlook is tied directly to this reality.
The same effect goes back to 2012 and prior years – the labor force shrinks faster than the number of employed shrinks, and you have a continually reducing unemployment rate. But you have fewer and fewer Vermonters who are actually employed.