WELCOME TO NEW HAMPSHIRE BUSINESS. I’M FRED GOLDBERG. A NEW REPORT SHOWS THE HARD REALITY THAT NEW HAMPSHIRE EMPLOYERS ARE HAVING A HARD TIME HIRING. AND HERE’S A QUOTE FROM THAT REPORT. NEW HAMPSHIRE’S LABOR FORCE REMAINS THOUSANDS OF WORKERS BELOW PRE-PANDEMIC LEVELS. THE SEVERAL KEY INDUSTRIES STILL HAVE SIGNIFICANTLY FEWER FILLED JOBS THAN THEY DID BEFORE THE COVID 19 PANDEMIC BEGAN. WITH HISTORICALLY LOW UNEMPLOYMENT RATES INDICATE A SHORTAGE OF WORKERS IN THE STATE. WITH ME IS THE PERSON WHO RESEARCHED AND WROTE THAT REPORT, PHIL STRATTON, WHO IS RESEARCH DIRECTOR AT THE NEW HAMPSHIRE FISCAL POLICY INSTITUTE IN CONCORD. WELCOME, PHIL. THANK YOU VERY MUCH, FRED. IT’S GREAT TO BE HERE. NOW LET’S GO RIGHT TO THE CHART THAT YOU PROVIDED, WHICH SHOWS A SIGNIFICANT CHANGES IN EMPLOYMENT BY TYPE OF BUSINESS. TYPE OF BUSINESS BETWEEN FEBRUARY 2020 AND JUNE 20, 22. LEISURE AND HOSPITALITY. GOVERNMENT EDUCATION AND HEALTH. MANUFACTURING. INFORMATION. TRADE. TRANSPORTATION. UTILITIES ALL DOWN AND ONLY. MINING. LOGGING AND BUSINESS SERVICES UP. WHAT’S THE STORY BEHIND THE CHANGES IN THAT CHART? SO SOME OF THE STORY IS LONG TERM CHANGES IN THE ECONOMY OR CHANGES FROM THE PANDEMIC THAT WE DON’T KNOW EXACTLY HOW LONG TERM THEY’RE GOING TO BE. ANOTHER PART OF THE STORY IS THAT SOME OF THOSE SECTORS WERE MUCH MORE SIGNIFICANT. THE IMPACT IN PARTICULAR BY THE EARLY DAYS OF THE PANDEMIC THAN OTHERS, INCLUDING THEIR WORKERS. LEISURE AND HOSPITALITY. FOR EXAMPLE, IN THE FIRST FEW MONTHS OF THE PANDEMIC, LOST MORE THAN HALF OF THE JOBS THAT IT HAD IN THE STATE PRIOR TO THE PANDEMIC. SO THAT’S A MUCH MORE SEVERE IMPACT THAN WE SAW IN OTHER INDUSTRIES WHERE MORE WORKERS WERE ABLE TO TRANSITION TO WORKING FROM HOME. FOR EXAMPLE, THE WORKERS IN THAT INDUSTRY, MANY OF WHOM WERE LOW WAGE TO BEGIN WITH, THEN, AS A RESULT RELIED MORE ON THE PUBLIC POLICY SUPPORTS THAT WE SAW ASSOCIATED WITH THE PANDEMIC, ESPECIALLY NOW WITH THE SHORTAGE OF 6000 WORKERS IN NEW HAMPSHIRE EDUCATION AND HEALTH SERVICES. AND I SAY THAT GIVEN THE FACT WE’RE STARTING SCHOOL AND THE HOSPITALS AND CLINICS ARE STILL IN UNDER STRESS BECAUSE OF COVID, NOW THERE’S ANOTHER CHART. EMPLOYERS ARE OFFERING HIGHER WAGES AND BUSINESSES JUST TO KEEP OR TO ATTRACT EMPLOYEES AND YOU HAVE A CHART HERE THAT SHOWS A CHANGE IN INFLATION ADJUSTED WAGES IN NEW HAMPSHIRE. WHAT ARE WE LOOKING AT AS OF THE AVERAGE WAGE IN NEW HAMPSHIRE RELATIVE TO INFLATION? IF YOU ADJUST FOR INFLATION, THE AVERAGE WAGE HAS HAS ERODED DURING 2022. WE SAW IN CERTAIN SECTORS DURING 2021, PARTICULARLY LEISURE AND HOSPITALITY AND EDUCATION AND HEALTH SERVICES THAT THE WAGE WHEN YOU ADJUST FOR INFLATION DID RISE TOWARDS THE END OF 2021. IN THOSE SECTORS. HOWEVER, IN 2022, THOSE SECTORS AND OTHERS HAVE SEEN THE AVERAGE WAGE PAID ERODE AND THAT MEANS THAT MORE HOUSEHOLDS ARE STRUGGLING TO MAKE ENDS MEET AND TO COVER THEIR BUDGETS. DURING THE SUMMER, ABOUT ONE IN THREE ADULTS SURVEYED IN NEW HAMPSHIRE SAID IT WAS SOMEWHAT OR VERY DIFFICULT TO PAY FOR USUAL HOUSEHOLD EXPENSES. INFLATION IS DEFINITELY A KEY PART OF THAT, AS WELL AS THE THE EXPIRATION OF SOME KEY SUPPORT, SUCH AS THE EXPANDED CHILD TAX CREDIT. THAT FIGURE WAS QUITE A BIT LOWER WHEN INFLATION AND THOSE WAS LOWER IN THOSE SUPPORTS WERE IN PLACE. BRIEFLY, PHIL, DO YOU SEE ANY EVIDENCE OF A TURNAROUND IN THIS STATE OF AFFAIRS WITH EMPLOYMENT, ESPECIALLY BECAUSE INFLATION IS HAVING AN IMPACT ON PEOPLE’S INCOMES? SO THERE ARE TWO RISKS TO THE NATIONAL ECONOMY THAT I WOULD SEE. ONE IS THAT THOSE HIGH INFLATION RATES AND WHETHER THAT PERSISTS, THE SECOND BEING AROUND THE THE THOSE FEDERAL SUPPORTS BEING CURTAILED THAT WE’VE SEEN FROM THE PANDEMIC TO THE STATE ECONOMY, I THINK HOUSING AND CHILD CARE AND ACCESS TO BOTH AND THE AFFORDABILITY OF BOTH ARE KEY. AFFORDABLE HOUSING MEANS THAT PEOPLE WHO ARE LIVING HERE ALREADY ARE ABLE THEN TO SPEND MORE MONEY ON OTHER GOODS AND SERVICES THAT THEY NEED. UNAFFORDABLE HOUSING, OR LACK THEREOF, MEANS THAT MORE DOLLARS ARE DEVOTED TO THAT AND ALSO THAT PEOPLE WHO MIGHT WANT TO MOVE HERE FOR A JOB HAVE TROUBLE MOVING HERE AND FINDING A PLACE TO LIVE. AFFORDABLE CHILD CARE IS ALSO A KEY COMPONENT. THE LACK OF THAT CONSTRAINS THE ABILITY OF PARENTS TO ENGAGE IN THE WORKFORCE. SO HOW PUBLIC POLICY ADDRESSES THOSE ISSUES IS GOING TO BE IMPORTANT FOR HOW THE ECONOMY MOVES FORWARD IN THIS STATE. ON ANOTHER SUBJECT AND STILL YOU WOULD APPRECIATE THIS. FINALLY, YOU AND AGE IN NEW HAMPSHIRE, SMALL BUSINESS DEVELOPMENT CENTER ARE CONDUCTING AN ANIMAL, A SMALL BUSINESS SURVEY TO FIND OUT HOW THE CENTER CAN HELP NEW HAMPSHIRE SMALL BUSINESSES IN THESE UNIQUE ECONOMIC TIMES GO TO THEIR WEBSITE, WHICH IS AN HSBC DOT ORG. WE’RE PUTTING THAT UP ON THE SCREEN AND TO TAKE THE SURVEY. MY THANKS, PHIL SLACK, WHO IS DIRECTOR OF RESEARCH, DIRECTOR OF THE INFORMATION PUBLIC POLICY AND FISCAL POLICY, FISCAL POLICY INSTITUTE. AND IF YOU MISSED PART OF THIS BRIEFING ON NEW HAMPSHIRE EMPLOYMENT, YOU CAN GO TO WMUR,

NH Enterprise: Why is the Granite State’s labor drive hundreds of jobs beneath pre-pandemic ranges?

Phil Sletten, analysis director on the New Hampshire Fiscal Coverage Institute, helps break down the present labor drive in New Hampshire

Up to date: 10:24 AM EDT Sep 25, 2022

Fred Kocher, NH Enterprise host

Like most locations across the nation, New Hampshire’s labor drive took successful from the COVID-19 pandemic. Some locations have began to get better nicely. New Hampshire nonetheless has a methods to go, because the state’s job drive is hundreds of jobs beneath pre-pandemic ranges.On the newest installment of NH Enterprise, host Fred Kocher is joined by Phil Sletten, analysis director on the New Hampshire Fiscal Coverage Institute, to debate the present state of New Hampshire’s labor drive.

MANCHESTER, N.H. —

Like most locations across the nation, New Hampshire’s labor drive took successful from the COVID-19 pandemic. Some locations have began to get better nicely. New Hampshire nonetheless has a methods to go, because the state’s job drive is hundreds of jobs beneath pre-pandemic ranges.

On the newest installment of NH Enterprise, host Fred Kocher is joined by Phil Sletten, analysis director on the New Hampshire Fiscal Coverage Institute, to debate the present state of New Hampshire’s labor drive.