According to a report released by the state Department of Labor and Industrial Relations, Hawaii's seasonally adjusted unemployment rate was at 4.4 percent in June 2014, exactly at the same level posted in April and May. In comparison, the seasonally adjusted unemployment rate for June 2013 was 4.7 percent. Leroy Laney, a professor of economics and finance at Hawaii Pacific University, commented, "The overall unemployment rate is good news. It seems to be stabilizing around that rate, but that's not a bad number to stabilize at given the national unemployment rate and the unemployment rate at a number of other states. We're still near the bottom, and that's a positive sign for the economy. There tends to be a labor shortage if it gets down to the 3 percent range, but I don't see the underlying strength of the economy being that strong. If construction were to have another shot in the arm from rail transit or something like that, that would put us over the top and lower the unemployment rate. An additional boost from tourism might make some difference, and let's not forget about the domestic sectors of the economy like business and professional services, education and health. Any of those things could contribute."
Honolulu County posted a 4.5 percent unemployment rate, Maui County had a 5.1 percent unemployment rate. Kauai County and Hawaii County (Big Island of Hawaii) came in at 5.4 percent and 6.6 percent respectively. County jobs data are not seasonally adjusted.
Source: Honolulu Star Advertiser, 7-18-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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