Labor Market Pulse · Finance · September 2026
Finance Labor Market Report: Manchester-Nashua, NH MSA — September 2026
Manchester Finance pay climbs as national hiring contracts.
Hillsborough County wages rose 6.1% to $1,719 weekly even as national financial activities employment shed 129,000 jobs since May 2025, with local Credit Analyst pay up significantly to $79,876 against a national median of $71,758.
Free archive edition. Published by WageScape as sent to subscribers; data as of September 2026.
Key indicators
- Metro unemployment rate: 3.0% — vs 4.1% national, 2.8% NH statewide
- Hillsborough County wage growth: 6.1% — Weekly pay averaging $1,719, highest in NH
- National financial activities job losses: -129,000 — Since May 2025, led by insurance carriers
- National wage growth deceleration: 3.0% y/y — September AHE growth, below 3.2% forecast
Key takeaways
Credit Analyst pay signals a scarcity premium building locally.
Metro advertised pay for Credit Analyst rose significantly to $79,876, outpacing the national median of $71,758 by a wide and growing margin. Tight regional labor supply combined with elevated lending-side hiring activity appears to be pulling this role's pay above what national data would predict.
FP&A Manager pay is falling locally while national rates hold firm.
Metro FP&A Manager pay dropped significantly to $97,339 even as the national median sits at $128,139 and remains stable — a gap exceeding $30,000. This divergence may reflect softer local demand for strategic finance talent or a shift toward leaner FP&A structures, and warrants a fresh look before using national data to anchor local offers.
Billing Specialist pay compression could strain retention at the entry level.
Metro Billing Specialist pay fell significantly to $50,000, essentially converging with the national median of $49,512 after presumably running above it. Combined with New Hampshire wage growth lagging inflation by 1.6% in purchasing-power terms, this role sits at elevated flight risk toward higher-paying adjacent functions.
Sub-3% unemployment is doing more to shape pay than national headcount cuts.
National financial activities employment has shed 129,000 jobs since May 2025, yet Manchester's 2.7%-3.0% unemployment range shows no sign of loosening. Finance leaders should treat national layoff headlines as a weak predictor of local candidate availability this cycle.
Median advertised pay by role — Manchester-Nashua, NH MSA
| Role | 25th percentile | Median advertised pay | 75th percentile | Metro trend | National median |
|---|---|---|---|---|---|
| Controller | $93,214 | $126,507 | $141,875 | Moderate increase | $113,754 |
| Senior Accountant | $77,572 | $91,276 | $100,000 | Moderate increase | $87,731 |
| Financial Analyst | $76,237 | $87,360 | $98,314 | Stable | $94,782 |
| Billing Specialist | $44,330 | $50,000 | $53,040 | Significant decline | $49,512 |
| Tax Specialist | $43,853 | $65,076 | $75,798 | Stable | $65,842 |
| Credit Analyst * | $62,949 | $79,876 | $80,098 | Significant increase | $71,758 |
| FP&A Manager | $97,339 | $97,339 | $124,078 | Significant decline | $128,139 |
* State-level figure shown where metro postings were too few.
WageScape's median is calibrated to correct for spurious low-value postings (reported as the 60th percentile of raw advertised pay). Download: CSV · JSON
Local market conditions
Manchester-Nashua's 3.0% unemployment rate and Hillsborough County's 2.7% county-level reading reflect a metro tighter than both the 4.1% national and 2.8% state averages, even as national financial activities employment has contracted by 129,000 positions since May 2025. Local wage momentum — Hillsborough County posted 6.1% average weekly wage growth to $1,719 — is running well ahead of the national Employment Cost Index's 3.2% wage and salary gain, suggesting Manchester-area Finance employers are competing in a labor pool tighter than the national hiring environment implies.
What it means
National contraction in financial activities headcount, concentrated in insurance carriers, isn't translating to looser local supply — Manchester's sub-3% unemployment means displaced talent from elsewhere is unlikely to meaningfully deepen the candidate pool here. Finance leaders building 2027 headcount plans should weigh that F&A functions nationally are hiring aggressively (74% plan to add permanent headcount per recent industry surveys) against a metro wage base already outpacing national comp growth, which raises the real cost of each net-new hire. Consider reviewing budget assumptions for roles where metro advertised pay has moved independently of national trends, particularly where local scarcity rather than national benchmarks should be driving the offer.
Looking ahead
Worth watching: New Hampshire's 23% year-over-year rise in ongoing unemployment claims through mid-2026 hasn't yet shown up in Manchester's headline unemployment rate. Watch whether this translates into longer time-to-fill or simply reflects extended search duration among a small pool of claimants.
Emerging pressure point: National F&A hiring surveys point to a 2026 Talent Shortage Index of 77%, reversing a 2025 surplus reading, with nearly half of organizations expecting direct labor rate increases above 4%. Metro Controller and Senior Accountant pay are already trending up moderately — a signal this national pressure may be reaching Manchester employers.
Potential inflection point: Average hourly earnings growth decelerated to 3.0% year-over-year nationally in September, easing budget pressure at the macro level. Whether this deceleration reaches Manchester, where county wage growth has been running more than double the national pace, will determine if 2027 salary budget relief materializes locally.
Expected: Small employers under 20 employees drove 79% of New Hampshire's 2025 private-sector job growth, a pattern likely to continue given sector contraction in manufacturing and retail. Finance functions at larger regional employers may find fewer displaced candidates flowing from mid-size competitors than national layoff data would suggest.
Methodology
Advertised pay from active employer job postings, not survey data. WageScape's median is calibrated to correct for spurious low-value postings: distribution analysis shows roughly the lowest 10% of raw values are erroneous entries, so the reported median is the 60th percentile of raw advertised pay. WageScape observes 98% of U.S. job openings daily.
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