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State jobless rate dips to 2.7 percent

Hawaii’s unemployment rate resumed its descent in March, falling to 2.7 percent, its lowest level in nearly 10 years.

The seasonally adjusted number, which in February was tied for the second lowest in the nation, had been at 2.8 percent for two straight months. The last time Hawaii’s unemployment rate reached 2.7 percent was in June 2007, according to data released Thursday by the state Department of Labor and Industrial Relations..

“Hawaii’s economy continues to perform well with employment at historical highs and unemployment rates at near-record lows,” Linda Chu Takayama, director of DLIR, said in a statement.

Since its recent peak of 7.3 percent in 2009 during the recession, the jobless rate has been steadily falling. It fell below 4 percent in March 2015 and dipped below 3 percent this past October.

Hawaii’s lowest unemployment rate since January 1976 — the oldest available data — was 2.4 percent, occurring from October through December 2006 and May through September 1989.

The state’s labor force, which includes people who are employed and those who are unemployed but actively seeking work, increased last month to a record 696,800 from the previous high of 695,100 in February.

There were a record 677,700 people employed in March, up from the previous high of 675,500 the previous month. Those numbers include people who are self-employed. The number of unemployed fell to 19,100 from 19,600.

Hawaii’s jobless rate continues to be lower than in the U.S. as a whole. Earlier this month the national rate came in at 4.5 percent for March, down from 4.7 percent the previous month.

In February, New Hampshire had the lowest unemployment rate in the country at 2.7 percent, with Hawaii tied with South Dakota for second at 2.8 percent.

The state’s nonfarm payroll jobs, which include people who might hold multiple jobs, slipped by 200 in March to 650,100. The trade, transportation and utilities sector had the largest job loss at 400 jobs while the biggest job increase was in leisure and hospitality with 1,100 more workers. Construction, which has been a bellwether industry the past couple of years, saw its job count fall by 200. Over the past year total nonfarm jobs increased by 4,500, or 0.7 percent.

Hawaii’s unemployment rate is derived largely from a monthly telephone survey of households, while a separate survey of businesses determines the number of nonfarm payroll jobs.

Across the state, the unemployment rate fell in all four major counties from the year-earlier month. State and national labor force data are adjusted for seasonal factors, but the county jobs data are not seasonally adjusted and thus do not take into account variations such as the winter holiday and summer vacation seasons.

Honolulu County’s rate decreased to 2.4 percent from 2.6 percent. Hawaii County’s rate fell to 3.1 percent from 3.3 percent. Kauai County’s rate declined to 2.8 percent from 3.0 percent. Maui County’s rate fell to 2.9 percent from 3.1 percent.

Within Maui County, Maui’s jobless rate fell to 2.8 percent from 3.0 percent, and Lanai’s rate decreased to 3.6 percent from 5.1 percent. Molokai’s rate rose to 5.6 percent from 4.5 percent.

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