Personal income was down for Hawaii by $2 billion in the third quarter this year, as opposed to the third quarter of 2008. The number went from $54.3 billion to $52.26 billion, according to data published by the U.S. Bureau of Economic Analysis.
Personal income was up in nineteen states in the third quarter, however. The drop in Hawaii’s personal income has been attributed to the reduction in state and local government employment and spending. U.S. personal income grew 0.3 percent in the third quarter this year, following a 0.8 percent increase in the second quarter.
Based on information from the national price index for personal consumption and expenditures, it seems that inflation rose 0.7 percent in the third quarter after a 0.3 percent rise in the second quarter this year. Personal income growths were lower than the prices for goods and services in every state but Alaska, which had the largest personal income growth at a 0.8 percent increase. Louisiana had the greatest decline.
It seems that Hawaii is always just a bit behind economically. Trends that we see in the U.S. mainland always seem to affect Hawaii after a significant delay. Also, because such a large portion of Hawaii’s economy is dependent on tourism, the financial condition of those living on the mainland tend to dictate the prosperity of our state, at least to a point.
As always, we’ll have to watch, wait and work while future events play out.
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