Hawai'i's jobless rate drops to 3 percent
By Sean Hao
Advertiser Staff Writer
| |||
Hawai'i's jobless rate fell to 3 percent in July from 3.1 percent in June on a seasonally adjusted basis, reinforcing the view that Hawai'i's 10-year economic expansion remains on track.
Despite the dip in the unemployment rate, a separate survey showed a net decline of 800 nonagricultural payroll jobs to 616,700 jobs in July from June. Additionally, July's jobless rate of 3 percent was higher than the 2.7 percent unemployment rate posted in July 2005.
Still, 6,000 new jobs have been created statewide since the beginning of the year, according to a report released yesterday by the Department of Labor and Industrial Relations.
Economists expect state economic growth to slow this year. However, the low unemployment rate shows that Hawai'i's economy remains on strong footing, helped by a robust real-estate market and a stable tourism sector.
Hawai'i's jobless rate also remains significantly below the national seasonally adjusted 4.8 percent in July. The jobs data are adjusted to compensate for seasonal factors, such as holidays, that could skew year-over-year comparisons.
The July jobs report showed a month-to-month decline in information, educational services and government jobs. The construction, transportation, utilities and manufacturing sectors gained jobs.
On a nonseasonally adjusted basis, the Big Island's jobless rate in July fell to 3.9 percent, versus 3.8 percent last year; Honolulu's rate rose to 3.2 percent, compared with 2.9 percent a year ago; Maui County recorded 3.1 percent, up from 2.8 percent a year earlier; and Kaua'i's rate rose to 3.3 percent from 2.9 percent a year ago.
Reach Sean Hao at shao@honoluluadvertiser.com.