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Monday, December 05, 2022

As US unemployment falls, New Hampshire overtakes country, officials say

The US economy added 431,000 jobs in March, bringing the national unemployment rate to a new pandemic-era low of 3.6%, and New Hampshire officials say the state is trailing the rest of the country. Individual state numbers will not be released until April 11, but New Hampshire officials said past figures suggest New Hampshire is doing better than the entire country. “Job and unemployment are not just another statistic,” said President Joe Biden. “They go straight to the core of representing the economy, the ability of hard-working Americans to live with dignity, support their families, and create better lives for their children.” Job gains were lower than economists expected, but Bernstein, Jared Biden’s economic adviser, said the numbers are a good sign of what’s to come. “We like to take the three-month average, which gives you 562,000 jobs per month over the last three months,” he said. “We’re in a very strong trend here.” New Hampshire outperforms the nation in overall non-farm and private sector job growth. The state is close to recovering all the private sector jobs lost during the pandemic. “Our private sector labor force is less than 1% of what it was pre-pandemic, so that’s about 5,600 jobs,” said Richard Lavers, deputy commissioner for New Hampshire Employment Security. Lawers said there could be an increase in migration from other states. Help bridge that gap. “The growth that New Hampshire is seeing is people of working age, which is a much younger demographic than our neighboring states, so that’s another positive sign,” Levers said. Lavers said migration is important as the state saw a 5% reduction in workforce 18-20 and a 6% drop in workforce 60-64. He said it appears younger people are waiting longer to enter the workforce, while older populations are retiring earlier than in previous years. New Hampshire Employment Security will host a job fair on April 5. More information about this and other upcoming job fairs can be found online.

The US economy added 431,000 jobs in March, bringing the national unemployment rate to a new pandemic-era low of 3.6%, and New Hampshire officials say the state is trailing the rest of the country.

Individual state numbers will not be released until April 11, but New Hampshire officials said past figures show New Hampshire is doing better than the entire country.

“Job and unemployment are not just another statistic,” said President Joe Biden. “They represent the economy directly, go to the core of hard-working Americans’ ability to live with dignity, support their families, and create better lives for their children.”

Job gains were lower than economists expected, but Biden’s economic adviser Jared Bernstein said the numbers are a good sign of what’s to come.

“We like to take the three-month average, which gives you 562,000 jobs per month over the last three months,” he said. “We’re in a very strong trend here.”

New Hampshire outperforms the nation in overall non-farm and private sector job growth. The state is close to recovering all the private sector jobs lost during the pandemic.

“Our private sector labor force is less than 1% of what it was pre-pandemic, so that’s about 5,600 jobs,” said Richard Lavers, deputy commissioner for New Hampshire Employment Security.

Lavers said an increase in migration from other states could help bridge that gap.

“The increase that New Hampshire is seeing is working-age people, which is a much smaller demographic than our neighboring states, so that’s another positive sign,” Levers said.

Lavers said migration is important as the state saw a 5% reduction in workforce in 18-20 and 6% in workforce 60-64. He said it appears younger people are waiting longer to enter the workforce, while older populations are retiring earlier than in previous years.

New Hampshire Employment Security will host a job fair on April 5. More information about this and other upcoming job fairs can be found online.

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