Keeping track of the unemployment rate within the United States can be beneficial for those seeking to understand the economy better. The jobless rate is a fluctuating percentage of the number of unemployed individuals out of the entire labor force as a whole. For purposes of calculating the unemployment rate, unemployed workers must be at least 16 years of age without a job, but actively seeking employment. Those who are retired, students or unemployed by choice are not factored in this equation. The reason why keeping track of those unemployed is important, is because it provides important numerical data regarding the economy. For example, a low unemployment rate indicates a strong economy or, at the very least, an increase in overall job growth over time. High jobless rates, however, usually signal a flailing economy or potentially a declaration of a recession. Economists as well as government officials keep track of these rates in order to establish which business sectors need more attention, or where budgetary allowances should be made, such as the unemployment insurance program.
What is the unemployment rate in New Hampshire and how is it affected? As of May 2017, the unemployment rate in New Hampshire was at 2.9 percent, which is significantly lower than the national average at 4.3 percent. The unemployment rate in New Hampshire has been applauded on a national level, especially since the number of employed residents has increased steadily. The total number of workers in the state’s labor force as of May 2017 clocked in at 753,300 workers with only 21,900 of those workers unemployed in New Hampshire. Although the state may be much smaller in comparison to other states, the economy seems to be flourishing by the jobless rate statistics every month.
For those who still find difficulty in securing employment in New Hampshire, an alternative temporary solution comes in the form of unemployment benefits. The state of New Hampshire offers unemployment insurance benefits to qualified individuals who meet all eligibility requirements. Temporary wage assistance can help those in between employment or seeking new employment.