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NH Fiscal Policy Institute Report: Challenges Ahead

Published Wednesday Sep 9, 2020

Author NH Fiscal Policy Institute

NH Fiscal Policy Institute Report: Challenges Ahead

This year has posed unprecedented challenges to New Hampshire’s workers and the economy. The COVID-19 pandemic and crisis has contributed to significant changes in employment and affected the economic security of many Granite Staters. Despite positive trends in employment and the other indicators, which continued into early 2020, the onset of the COVID-19 crisis in NH created a severe public health emergency and has led to subsequent economic and employment fallout. This COVID-19 crisis is both a health and economic challenge, and continues to affect Granite Staters.

Unemployment in NH reached unprecedented levels in April 2020. This spike in unemployment was higher than at any point during the Great Recession, which spanned 2007 to 2009. Unemployment continues to remain elevated throughout the state, and job losses have been greatest in certain service-based industries. These industries, which paid lower than average wages, along with regions of the state where large portions of employment are supported by tourism and leisure activities, have experienced the largest levels of employment loss, represented through claims for unemployment insurance.

This NH Fiscal Policy Institute has create a brief that examines the recent employment landscape, the employment impacts of the COVID-19 crisis on specific industries and regions of NH, comparisons of the current economic recession to past recessions, and discussions of the new and increased pressures facing Granite Staters who may be the most vulnerable and face the greatest risks to their economic stability. Read the full report at NHFPI.

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