The unemployment rate in New Hampshire fell by one tenth of a percentage point in June to 5.2%, representing a decrease in the number of unemployed by 1400. The number of jobs created according to the Household Survey however was only 250, meaning the balance of the no longer unemployed (1,150) left the workforce. While the size of the state’s labor force has rebound since the depths of the recession, the last 6 months have seen a series of declines.
Whether this is a short term pull back or the sign of a larger trend remains to be seen. While it is true that New Hampshire is a “graying” state, the dip as of late is too large and too rapid to be attributed to the aging of the labor force.
Turning to the Establishment Survey Data, 1,900 non-farm jobs were created in the month of June. Sectors seeing the largest gains were Durable Goods Manufacturing (+600), Financial Activities (+700) and Accommodation and Food Services (+1,700). Retail Trade (-600), Professional, Scientific and Technical Services (-600) and State Government (-900).[i]
The cities do not seem to have fared as well this month, with all four losing jobs: Manchester -500, Nashua -500, Rochester-Dover -600 and Portsmouth -200.
[i] This ‘loss’ seems to be a partial correction from last month’s gain of 1300 state government jobs