New Hampshire’s economy in mid-2025 is both strong and shifting.
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- - The unemployment rate was 3.1% in April. That’s one of the lowest in the country. It shows a tight labor market. Job seekers have options. There are only 0.6 unemployed people for each job opening.
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- - But layoffs are rising. In January, 8,000 people were laid off or discharged. That’s 20% lower than the year before. Yet, the 12-month average layoff rate was 1.4%. That’s higher than the U.S. average of 1.1%. The data suggests high churn, even in a strong labor market.
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- - Healthcare is under pressure. Mass General Brigham, which includes Wentworth-Douglass Hospital in Dover, has started cutting jobs. These layoffs aim to cover a $250 million revenue shortfall. The goal is to cut $200 million from salary and benefits. Management and admin roles are the primary targets. But the ripple effect could extend wider.
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- - These cuts are part of a national trend. Hospitals and clinics are trying to cut costs. Rising expenses and shifting patient needs are forcing realignment. Supply chains are still stressed. Reimbursements remain flat. Providers are adjusting.
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- - Manufacturing is also adjusting. No large WARN notices have been posted recently. But long-term trends show strain. From December 2023 to December 2024, New England’s manufacturing jobs dropped by 1%. Earlier reports say 32 New Hampshire manufacturers laid off at least 10 workers each between July and October 2024. It’s not a collapse-but a steady decline.
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- - The broader economy is cooling. New England is expected to grow just 1.6% in 2025. New Hampshire’s job growth will slow to 0.6%. That’s still growth-but at a slower pace than past years.
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- - New Hampshire’s economy is diverse. Health care, business services, and tourism continue to grow. The workforce is educated. That helps shield the state from deeper declines.
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- - But inflation is a concern. Wages have not kept up with rising costs. That may slow consumer spending. It could squeeze business margins. Housing is expensive. Childcare is hard to find. These issues limit who can work-and where.
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- - New Hampshire’s job market remains tight. But behind the low unemployment, layoffs are quietly climbing. Healthcare is restructuring. Manufacturing is slowly shrinking. The economy is still growing-but more slowly. Rising costs and access challenges are testing resilience. The state is stable-but adjusting.
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