Hawaii Unemployment Rate
Understanding the unemployment rate in the United States is an important part in understanding the economy as a whole. In order to determine the jobless rate, as it is also called, the number of jobless individuals is divided by the number of the total individuals in the workforce, which is then multiplied by 100 percent. This equation provides an unemployment rate percentage that is measured on a state-by-state basis, as well as for the country as a whole. In order for the Bureau of Labor Statistics to consider someone unemployed, they must not be working full-time, part-time, or even temporarily. The unemployment rate is specifically designated to measure workers who are unemployed within the labor force.
What is the unemployment rate in Hawaii?
For individuals who are wondering “What is the unemployment rate in Hawaii?” the answer is 2.7 percent as of May 2017. This unemployment rate is much lower than the national average, which is 4.4 percent. Jobless rate surveys found an increase of 3,600 jobs from March to April, which is what led to the decrease in the number of unemployment workers in Hawaii. Economists are reporting that the job market in Hawaii has had steady growth as the major jobs gains are seen predominantly in the trade, transportation, and utilities sector. Half of the 1,100 jobs created within this sector are said to have come from an expansion in retail trade. While some people may not see the importance of knowing the unemployment rate in Hawaii, there is value in staying on top of the trends in order to fully grasp the economic standings of a state.
For those who are experiencing difficulty within unemployment in Hawaii, applying for unemployment insurance benefits is always an option. Depending on eligibility factors as well as state requirements, unemployment benefits can act as a temporary solution for individuals who are looking to get back on their feet. With partial wage compensation, unemployment insurance benefits can be the necessary aid between employment opportunities. Find out the requirements for eligibility within the state of Hawaii prior to applying.