The state of Hawaii posted an unemployment rate of 4.6 percent in January 2014, a decrease of 0.1 percent from the month before. However, the state Department of Labor and Industrial Relations are quick to point out that there were 625,643 people employed in January, which sets a new record for the most number of people employed ever. The previous record was posed in January 2007 when 625,345 people were employed. Hawaii Pacific University professor of economics and finance, Leroy Laney, stated, "It's a positive sign, no doubt about that. I think the number of people employed probably is affected by a growing labor force. As the population grows, the labor force grows, so the number of employed doesn't totally reflect an improving economy, but I suspect some of that does." Eugene Tian, the economic research administrator for the state Department of Business, Economic Development and Tourism, added, "Labor data shows that Hawaii's labor market continues to improve with unemployment rate among the lowest in the nation. It is encouraging to see that the labor force is approaching the 2011 level."
In January 2014, Honolulu posted an unemployment rate of 4.2 percent. Maui County had a 5 percent unemployment rate. Kauai County had a 5.4 percent unemployment rate. Hawaii (Big Island of Hawaii) County posted a 6.1 percent unemployment rate. County data is not seasonally adjusted. Nationally, the unemployment rate was 6.6 percent in January.
Source: Honolulu Star Advertiser, 3-18-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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