News

News

Maui County unemployment rate drops to 5% for January 2022

Chart source: Hawaiʻi State Department of Business, Economic Development & Tourism

Maui County’s unemployment rate for January 2022 was 5%, down from 5.3% last month and 10.7% a year ago, according to data not seasonally adjusted from the Hawai‘i State Department of Business, Economic Development & Tourism.

Maui County’s unemployment rate is higher than the statewide unemployment rate of 4%, which is 4.4% when seasonally adjusted, and higher than the US unemployment rate of 4.4%. Seasonally adjusted reflects hiring and layoff patterns that accompany regular events such as the winter holiday season and the summer vacation season. 

Lānaʻi’s unemployment rate is 7.3%, Moloka’i 5.3% and Maui Island 4.9%.

Honolulu County has the lowest unemployment rate in the state at 3.8%, with the Big Island at 3.9% and Kaua’i at 5.2%.

Hawai’i was facing 22.4% seasonally adjusted unemployment in April 2020, when the state’s economy came to a screeching halt due to shutdowns due to the COVID-19 pandemic. Since then, the unemployment rate has been steadily improving, although it ticked up by .1% in January.

Statewide for January 2022, 644,150 people were employed and 29,500 people were unemployed for a total seasonally adjusted labor force of 673,700. About 41,700 more people are employed now than a year ago in Hawai’i.

In January 2022 vs. December 2021, total nonagricultural jobs increased by 500.

Job gains occurred in education and health services (+700); professional and business services (+400); information (+200); and manufacturing (+100).  Government employment rose by 200 jobs.

Most of the rise in education and health services was in health care and social assistance. Employment remained unchanged in other services.

Job losses occurred in construction (-100); leisure and hospitality (-100); trade, transportation and utilities (-300); and financial activities (-600). 

Contraction in financial activities was evenly split between finance and insurance, and real estate and rental & leasing subsectors.

Over-the-year (January 2021 was the 10th month of pandemic effects), nonfarm jobs have gone up by 41,700, or 7.5%. However, in comparison with March 2020 (last month prior to pandemic effects), nonfarm jobs were down by 58,500, or -8.9%. 

Original source: https://mauinow.com/2022/03/11/maui-county-unemployment-rate-drops-to-5-for-january-2022/

Enter your NameEnter your Email Address

Leave a Reply

Your email address will not be published.