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WIO Briefing Room
Red Ink for State's Unemployment Fund
So many people have been getting unemployment benefits for so long that the state's trust fund to pay them is on track to be tapped out, possibly as early as February. The Concord Monitor cites Darrell Gates, deputy commissioner for Employment Security, as predicting the state will borrow nearly $40 million between February and March.
Stimulus Pays for 7 Rural Water Projects
The USDA Rural Development program has funded projects in seven NH communities to improve their drinking water and wastewater systems. The total amount of grants and loans is now at $50 million statewide. This does not include large drinking and wastewater treatment projects funded through the EPA.
Towns funded include:
Farmington, Franconia, Franklin, North Conway, Peterborough, Plymouth, and Tilton.
State Unemployment at 7%
The unemployment rate in December rose 3 tenths of a percent to 7%. Officially, there were about 52,000 unemployed residents compared to 686,000 employed residents. There was a small drop, about 1,700, in the overall size of the labor force between November and December.
Boston Beige Book: In a Word, Modest
The bottom line for the Federal Reserve Bank for the Boston region is businesses remain cautious. The 40 or so employers who participate in the Fed's quarterly impressionistic survey report that more business is being done but not very much.
In retail, November and December were generally positive with hints that shoppers are a bit more willing to spend on discretionary items. However, they believe consumers will remain cautious about going into debt to buy the things they want rather than the things they need.
Food Stamp Rolls Near 100,000
Even as there are signs of economic recovery, the recession’s impact on families continues to grow. As of December, Food Stamps were helping to feed just about 99,300 residents. By way of context, that’s about a 65 percent increase since before the recession hit.
Nationally, after the last big downturn, the one in the early 1990’s, food stamp rolls continued to grow for another two years. If job growth coming out of this recession is sluggish, as most economists predict, the state might see that trend repeat itself.
December Housing Market Stays the Path
The New Hampshire housing market in 2009 ended with more homes sold than the year before but with prices still falling.
According to the latest figures from the New Hampshire Association of Realtors, December followed the pattern of the previous months. Statewide, the number of homes sold rose over 17 percent compared to December a year ago. The median price for a home was about 2 percent cheaper.
2009 Ends With Surge in Bankruptcies
Take 2005 out of the equation (when a change in bankruptcy law spurred a rush) and 2009 was one for the record books. 5,128 individuals and businesses ended up filing for bankruptcy during the year. Thanks to the New Hampshire Business Review for tracking the numbers. See their report here.
Huge Surge in November Homes Sales
The number of homes sold in New Hampshire shot up 70% in November. Analysts say the trend is very good but they remain cautious.
More than 11 hundred homes changed hands last month, a huge increase compared to November a year ago when only about 700 homes were sold. Russ Thibeault with Applied Economic Research says these number are better than expected and he explains them in one word. Affordability.
THIBEAULT: In a lot of New Hampshire Housing markets, it’s cheaper to own than rent right now.”
Slight Decline in November Unemployment
State unemployment in November fell slightly. The seasonally adjusted rate was 6.7 percent, one tenth of a percent less than in October. About 2 thousand more people had work compared to the previous month, but compared to November a year ago, there are nearly 20 thousand more people without jobs.
From the Boston Fed: Economic Picture Mixed
With commercial real estate as the lone hold out, most sectors in New England expect a recovery to take hold in 2010. At this moment though, here are signs of improvement but major doubts that they will last from one month to the next. Overall economic activity remains below what it was a year ago.
Some sector highlights:
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The market for single family homes showed little change in February compared to the month before.
Just about exactly the same number of homes changed hands from one month to the next. January’s total was 529 and February’s was 536. The median price in February fell about 7% to stand at 200,000 dollars.
Homes stayed on the market a few days less but on average, it still took about four and half months to sell a house. Coupled with low interest rates, this remains a good time for buyers.
The February unemployment rate was 7.1% for NH. This is one tenth of a percent higher than in January, seasonally adjusted. The number of unemployed residents increased by 670 over-the-month to 52,880. This was 11,970 more unemployed than in February 2009. From January 2010 to February 2010, the total labor force increased by 3,190 to 746,400. This was an increase of 3,790 from February 2009.
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