The Bureau of Labor Statistics released their latest report on unemployment around the nation and it seems that the unemployment rate in Hawaii is on the rise. Hawaii’s unemployment rate rose to 5.5 percent, up from 5.4 percent.
This may not seem like too much of a change, however, Hawaii doesn’t need its unemployment rates to go up at all, as the cost of living is way too high here for people to go too long without jobs.
Honolulu had the 21st lowest unemployment rate in August out of 372 metropolitan areas surveyed by the U.S. Bureau of Labor Statistics. That was down from 15th lowest in July. Hawaii had remained in the top ten in unemployment rates for quite a while, but the latest economic pressures have dropped the state out of even the top 20.
Honolulu was one of 103 metropolitan areas where the unemployment rate rose in August from July. The jobless rate fell in 237 metro areas and was unchanged in 32.
Honolulu’s July unadjusted jobless rate compared with rates of 9.6 percent for Hawaii County, 8.6 percent for Kauai County and 7.5 percent for Maui County. The statewide-unadjusted rate was 6.5 percent in August. When adjusted for seasonal factors the statewide rate was 6.2 percent.
On a national scope, the U.S. economy added no net jobs in August, the least amount of hiring in almost a year. The national unemployment rate held steady at 9.1 percent on a seasonally adjusted basis for the second consecutive month.
Businesses pulled back on hiring during the summer after the government said the economy barely expanded in the first six months of the year. This news, combined with the unbelief that President Obama can deliver on his jobs plan, combined with the debt crisis that continues to linger in Europe all make for a dismal outlook for the job market.