N.H. Economic News Roundup: Household Income, Trade, and Urban Migration
According to a Census Bureau report, household incomes have gone up. Global trade is a hot campaign issue, and we'll look at how it impacts New Hampshire. And JP Morgan Chase plans to move six hundred jobs out of Salem.
Highlights from today's show
Household income has gone up in the Granite State over the last year, but our experts point out that this is not due to higher wages and salaries. Russ Thibeault cites a recent study by the New Hampshire Employment Security department that finds nearly one in twelve Granite Staters hold two jobs at the same time. He says,
It's not so much that we make a lot more money, it's just that we have a lot more workers, particularly female.
Caller Jane from Manchester points out that many of these workers are single mothers. In 2015, there were an estimated 30,000 single mothers in New Hampshire. At the same time, many rural areas of the state are still struggling to overcome the recession. Steve Norton says,
There are income gains across all age groups except for households outside metro areas...Carroll, Chesire, Belknap, Coos...still are in recession...so for wide swaths of the geography of New Hampshire, the main street is not experiencing such a good outlook.
Our experts attribute some of this struggle to global trade, which has been a hot topic in recent political debates. According to a report by the Economic Policy Institute, the state has lost over 22,000 jobs just to China. However, Jeff Feingold says New Hampshire is making an effort to strengthen small and medium-sized businesses through global trade.
New Hampshire has a very very strong exporting sector, about 20,000 jobs are related to it. We've exported $4 billion worth of goods and services in 2015.
In September, JP Morgan Chase announced it would be moving 600 jobs out of Salem. Meanwhile, the city has embarked on a project called Tuscan Village, a lifestyle center designed to allow residents to live, work, and eat in one convenient area. Our experts note that the loss of jobs in Salem from JP Morgan Chase will likely not impact this new lifestyle center. Feingold says,
This is designed to attract people from elsewhere...it might attract some people from the Seacoast, Boston, et cetera.
Norton and Feingold say that in the next month, they will be watching to see how the presidential election will impact the global, and national economy. Thibeault will be keeping his eye on job growth across the country. He says,
At some point the economy is going to slow down and maybe tip.
Check in after the election for our next economic roundup, where we'll tackle these issues and more.