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Monday, October 5, 2009

UNH Prof, Other Experts, Reinforce What We Already Knew...

The recovery is not yet underway.

Fosters Daily Democrat reported yesterday:
Economic experts and business leaders say there are few signs that any kind of recovery from one of the worst recessions in U.S. history will occur anytime soon.

And when New Hampshire's recovery does finally start, it will be a slow process, they add.

"I think we're going to crawl out of the hole, not jump out of it," said Russ Thibeault, president of Applied Economic Research in Laconia. "The impact of this recession has been very, very broad."

New Hampshire's unemployment rate is 6.8 percent, 3 points higher than in July 2008, according to the state Economic Labor Market Information Bureau. The bureau reports that 18,900 people have been out of work since December 2007.

Meanwhile, Maine's unemployment rate is 8.4 percent, New England's second highest behind Massachusetts' 8.8 percent rate.

According to the New Hampshire bureau, the state has 755,100 workers in the civilian workforce, and nearly 50,000 of them were unemployed as of July.

The bureau reported that 15,600 jobs were shed in the past year. Manufacturing lost 7,400 jobs, construction lost 4,700, retail trade lost 900 and leisure and hospitality lost 1,500. Only education and health care gained, with 900 more employed people in 2009, the bureau reported. ...

Ross Gittell, a professor at the Whittemore School of Business and Economics at the University of New Hampshire, said he doesn't see anything that suggests the recession will end soon.

"There are not many strong signs of recovery," he wrote in an e-mail to the newspaper.

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