New Hampshire’s labor force of 770,240 residents resulted in an all-time high, according to statistics released this week from the state’s Employment Security department.
The figure was recorded at the end of July, when the New Hampshire Employment Security agency released its monthly statistical report on the labor force.
Gov. Chris Sununu, a Republican, released a statement in response to the figures. In it, he credited the reforms taken in his administration as a catalyst for the strong figures.
“Never before in New Hampshire’s history have so many Granite Staters participated in and benefited from such a thriving economy,” Sununu said in the statement.
The fresh set of figures, Sununu said, “reaffirms that the steps we have taken to cut taxes, slash regulations and spend wisely have resulted in real benefits for both New Hampshire businesses and the individuals they employ.”
Sununu has been at odds with New Hampshire’s Democrat-controlled legislature as talks for a new state biennium budget continue.
One specific stumbling block between Sununu and the legislature is linked to the tax cuts Sununu previously passed into law.
New Hampshire Senate and House legislators have proposed freezing the tax cuts in the new budget, but Sununu has voiced his adamant opposition to such a plan, asserting it could have an impact on the state’s long-term job market and erode the pro-business stance his administration has been supporting.
In the news release announcing the July jobs report, Sununu addressed the stalemate with the new budget.
“To pass a budget that dramatically increases taxes on New Hampshire’s job-creators by 12.5 percent would limit the opportunity New Hampshire businesses have to invest in their employees,” Sununu said in the statement.
Most of the state’s July jobs report was linked to positive indicators. Year-over-year, New Hampshire’s total labor force increased 1.03 percent, from 762,320 jobs in July 2018 to the record-setting 770,240 positions notched last month.
The fresh set of numbers also reveals an 800-job increase month-over-month. In June, New Hampshire Employment Security revealed the state’s labor force was comprised of 769,440 workers.
In other metrics, New Hampshire’s seasonally adjusted unemployment rate of 2.5 percent was flat from July 2018, but does represent a 0.01 percent increase from the 2.4 percent rate notched in June.
According to Employment Security officials, month-end seasonally adjusted estimates in July indicated 150 more claimants, from 18,940 residents in June to 19,090 in July. New Hampshire’s unemployment rate in July 2018 stood at 19,133 residents.
The national unemployment average was 3.7 percent in July, flat from the June report and a 0.2-percent decrease from the July 2018 unemployment rate of 3.9 percent.