NH employment outlook remains strong as bankruptcies continue record low pace

Bankruptcy filings in New Hampshire continue to remain at record low levels, and while the unemployment rate has risen slightly, more Granite Staters are working.

In November, some 51 Granite State individuals and businesses filed for protection, two fewer than October and exactly the same number as November 2021.

The total for November is the lowest for any November since 1987, when there were 37 – not counting the anomaly of 2006, the month that the federal bankruptcy law was changed to make it harder for individuals to file for protection.

For the year, filings are averaging 54 per month, 11.5 percent lower than last year, though the decline wasn’t nearly as deep as in 2021, when monthly filings fell 31 percent, or 2020, when they averaged 41 percent.

No Granite State businesses filed directly in October, but in November, a high-end custom builder, Detail Design Builder LLC of Amherst, filed for Chapter 11 protection on Nov. 22. It reported assets

As for the unemployment rate, it increased in October, from 2.2 percent to 2.4 percent. But the rise could have been because of an expanded labor force. There were 4,000 more people working than the previous month and nearly 15,000 more compared to a year earlier.

It looks like the favorable employment situation should continue into November, based on unemployment claims data. On Thursday, the federal Department of Labor reported that there were 268 initial unemployment claims filed during the week ending Nov. 26, compared with the 333 reported the previous week and 280 reported in the first week of November.

The latest data shows that continuing claims – made by individuals already collecting unemployment benefits – also are remaining relatively level. The DOL reported there were 1,743 people collecting checks during the week ending Nov. 19 about 50 fewer than they reported previous two weeks which were about the same.

Wages in New Hampshire were up 3.7 percent compared to last year and the consumer price index in the region rose by 6.9 percent.