NH Unemployment Drops to 5.3%
According to New Hampshire Employment Security, the unemployment rate for the state in the month of May fell to 5.3%, a drop from 5.5% in April.
This drop reflects a 1350 fewer unemployed New Hampshire residents. The Household Survey data also found that 1800 jobs were created and the labor force grew by 450.
All of this is good news, in particular the fact that the labor force is growing. This indicates that people are no longer leaving the workforce due to a lack of work, which has been a hallmark of the long recovery.
According to the Establishment Survey, 2,500 non-farm jobs were created in May, with 1,400 of those being in the private sector. Sectors seeing the biggest gains were Arts, Entertainment and Hospitality (+1,200), Accommodation and Food Service (+800), and State Government (+1,300)[i]
Seeing the biggest losses were Wholesale Trade (-600) and Educational Services (-300)
Greater Manchester lost 300 jobs in May, Nashua and Portsmouth each gained 800, while Rochester-Dover shed 400.
[i] Note: This number conflicts with the actual number of hires by the state. See http://www.jbartlett.org/nh-fills-over-400-vacant-positions-despite-hiring-freeze for more details.