Similar to the Economic Policy Institute’s State of Working America, the State of Working XX (SWXX) is a series of reports produced by state EARN groups describing the economic conditions for working families in their state. SWXX reports provide a comprehensive description of state economic conditions, often with a focus on labor market conditions. SWXX reports provide data and analysis on job growth, unemployment, wages, incomes, poverty rates, taxes, wealth, immigration, and other issue areas relevant to current state economic conditions and policy discussions. Many SWXX reports also include tailored and timely policy recommendations for strengthening economic conditions for workers in each state.
State of Working Vermont 2015
- December 1, 2015
- Public Assets Institute
- Staff Report
Vermont’s economy began to grow again after the recession, but has since cooled off. Even before the recession, real economic growth was slow. And figures released in December 2015 show
that Vermont’s gross state product—the value of goods and services produced in the state—was essentially the same in 2014 as it was in 2011, after adjusting for inflation.
Vermont’s labor market also faced challenges. Although employers finally replaced all of the jobs lost in the Great Recession, total employment in 2014—which counts farm and nonfarm workers as well as the self-employed—lingered below the 2006 peak and fell for the third year in a row. And while Vermont had the 5th lowest unemployment rate in the country, many Vermonters were underemployed or had given up looking for work.
Among the states, Vermont had the 14th highest percentage of working-age population in the labor force—either working or actively looking for a job. But there were fewer younger people in the labor force, due primarily to a smaller number of 35-to-54-year-olds in the population than prior to the recession. The labor force was more balanced by gender than in other states. However, unemployment for men remained higher than for women.