honoluluadvertiser.com

Sponsored by:

Comment, blog & share photos

Log in | Become a member
The Honolulu Advertiser

Posted at 12:33 p.m., Wednesday, June 13, 2007

Beige Book notes Japanese decline in Hawai'i tourism

Advertiser Staff

The Federal Reserve Board's latest Beige Book says the economy is generally expanding at a moderate pace in the Western U.S., though notes Hawai'i's tourism industry continues to be hurt by a decline in Japanese visitors.

The book from the Fed's 12th District, which includes Hawai'i, Alaska, California, Nevada and several other states, said price inflation was generally modest and that retailers reported moderate sales gains during the mid-April through late May period. The book, formally known as the "Summary of Commentary on Current Economic Conditions," is issued eight times a year by each of the board's districts.

The report by the San Francisco-based Federal Reserve bank mentioned services in the area generally reported solid demand, but noted tourism "has slowed in Hawaii after two record-breaking years, reflecting a modest decline in domestic tourism and a sharp decline in visits by Japanese tourists."

The report also cited Hawai'i in terms of real estate, noting it was one of the states and area, along with Utah, Idaho and the Seattle region, where prices continued to rise.