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Updated monthly

Summary for October 2005
In the twelve months ending August 2005, New Hampshire gained more than 14,400 jobs. As of August the unemployment rate for New Hampshire stood at 3.4 percent, compared to a national rate of 4.9 percent. For the rest of the country, the final reading for annualized GDP growth in the second quarter was 3.3%, unchanged from last month's preliminary estimate and in line with consensus. There were small revisions to consumer spending on services, imports and exports of services, and inventories that offset each other.

• Unemployment Rate and Employment
• Income and Prices
• Gross Domestic Product and Housing
• Business Cycle Indicators

Unemployment Rate and Employment

Nonagricultural wage and salary employment increased by 14,400 jobs in New Hampshire, compared to one year ago. There were small gains in manufacturing jobs and large gains in leisure and hospitality activities, retail trade, financial activities, health care and government. The Conference Board's Help-Wanted Advertising Index - a key measure of job offerings in major newspapers across America - dropped in August. The Index now stands at 35, down from 39 in July. It was 37 one year ago.

Unemployment Rate and Employment Charts

Income and Prices

New data for the second quarter of 2005 shows New Hampshire's Personal Income growing faster than the New England region. New Hampshire per capita income was sixth highest in the country among the 50 States in 2004. The prime-lending rate was 6.57 percent in September 2005. The cost of living has been rising along with energy prices. Inflation, as measured by the Consumer Price Index, increased 3.6 percent nationally. The CPI in the greater Boston area increased 4.0 percent over the past year.

Income and Prices Charts

Gross Domestic Product and Housing

Final estimates for Gross Domestic Product (GDP) for the second quarter of 2005 were released at the end of September 2005. These estimates reflect another complete revision to the National Income and Product Accounts. Inflation adjusted Gross Domestic Product grew at an annual rate of 3.3 percent in the second quarter of 2005.

Housing units authorized by building permits were up in the US and New England, but down in New Hampshire in July 2005, compared to the previous year. The median home selling price in the United States increased at an annual rate of 13.6 percent in the second quarter of 2005, and increased 6.6 percent in the Boston area. New Hampshire average home selling price increased by 5.3 percent in the second quarter of 2005, compared to one year previously. The New Hampshire average home selling price is still considerably below the Boston median home price.

Gross Domestic Product and Housing Charts

Business Cycle Indicators

The Conference Board announced that the U.S. leading index decreased -0.2 percent, the coincident index increased 0.2 percent and the lagging index decreased by -0.1 percent in August 2005. The Institute of Supply Management's manufacturing index registered 59.4 in September of 2005, and indicates moderately expanding manufacturing activity. The Conference Board index of consumer confidence plummeted nearly 19 points in September to 86.6 from a slightly revised August figure. This put the index at its lowest level since October 2003. The expectations component of the index led the decline, although weakness was widespread across questions.

Business Cycle Charts

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Dennis Delay
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Manchester, New Hampshire
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(603) 785-1129

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