Hawaii's economic indicators show improvement

Associated Press

Hawaii's economy should continue to improve over the next several months, according to the latest economic indicators reported by the state.

The index of leading economic indicators for October, the latest month available, was up for the ninth consecutive month, the state Department of Business, Economic Development and Tourism reported Thursday.

"The index continues to suggest that Hawaii's gradual economic recovery will continue in the coming months," said DBEDT Director Ted Liu. "However, that outlook must be tempered by uncertainties in the international security situation, which the index cannot predict."

The Hawaii LEI index is made up of 10 components — five to reflect economic conditions in Hawaii and five reflecting the impact of national and international factors on Hawaii's economy.

Fewer initial unemployment claims by Hawaii's residents and an increase in the U.S. Pacific region's consumer confidence made the most positive contribution to the rise in the index for October, the department said.

However, reduction in average work hours in Hawaii and the national interest rate situation continued to have a negative influence on the overall index, it said.

Two other indicators that came in negative for October were Oahu real estate transactions and statewide private construction permits.

On the positive side were Oahu real estate prices, the national economic indicators and Japanese labor earnings.