State umemployment rate lowest in 4 years
Oct. Jobless rate down to 5.5% from 5.7% in Sept.
The Hawaii State Department of Labor & Industrial Relations announced Thursday that the seasonally adjusted unemployment rate for October was 5.5 percent, down from 5.7 percent in September.
The last time Hawaii had an unemployment rate at or below 5.5 percent was in November 2008.
"Hawaii’s improved unemployment rate is another welcome sign that our economy is continuing to recover," said Gov. Neil Abercrombie. "Coupled with our state’s strong credit ratings of Aa2/AA/AA and today’s encouraging economic growth forecast by the Department of Business, Economic Development and Tourism, we are seeing clear indications that our administration’s economic strategy is working."
Abercrombie added, "To continue this positive momentum, we remain committed to our proven plan of fiscal prudence and investing in state infrastructure and facilities that will continue to stimulate the economy and create employment opportunities for local residents."
Statewide, there were 606,950 employed and 35,550 unemployed in October, for a total seasonally adjusted labor force of 642,500. Nationally, the seasonally adjusted unemployment rate was 7.9 percent, up from 7.8 percent in September.
Initial claims and weeks claimed for unemployment benefits were down 7.8 percent and 14.7 percent, respectively compared to one year ago. Between September and October, initial claims increased by 173 claims or 10.6 percent while weeks claims dropped by 127 claims or 1.1 percent.
The unemployment rate figures for the State of Hawaii and the U.S. in this release are seasonally adjusted, in accordance with the U.S. Bureau of Labor Statistics methodology. The not seasonally adjusted rate for the State declined to 5.5 percent in October from 5.6 percent in September.
|Seasonally adjusted||Oct. 2012||Sept. 2012||Oct. 2011|
|Not seasonally adjusted||Oct. 2012||Sept. 2012||Oct. 2011|
Copyright 2012 by KITV All rights reserved. This material may not be published, broadcast, rewritten or redistributed.