State unemployment rate drops to 4.7% in May

The state Department of Labor and Industrial Relations says Hawaii’s unemployment rate dropped to 4.7 percent in May.

In April, the state unemployment rate was at 4.9 percent.

The state unemployment rate for May is the lowest since September 2009.

One year ago, the state’s unemployment rate was at 6.1 percent.

“Hawaii’s unemployment rate fell to 4.7% in May according to the State Department of Labor. That is the lowest the unemployment rate has been since Sept. 2008. Before we get too excited, note that about 40% of the decline in the number of unemployed can be attributed to a declining labor force—down by 3,750 during the past 12 months, while the number of unemployed declined by 9,550”

Carl Bonham, UHERO Executive Director and Professor of Economics

Click here for DLIR’s full press release.

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