Maui May unemployment rate drops to 3.7%

The non-seasonally adjusted unemployment rate for Maui Island was 3.7% in May 2024, compared to 4.3% the previous month, and 2.5% at the same time in 2023. The data was included in a new report released today from the Hawaiʻi Department of Business, Economic Development and Tourism. 

The island of Molokaʻi has an unemployment rate of 3.9%, compared to 4.4% the month before, and 4.2% at the same time last year. The island of Lānaʻi had an unemployment rate of 0.8% in May, down from the previous month’s rate of 3.5%, and down from the 1.6% reported in May 2023. 

Combined, the three islands that make up Maui County had an unemployment rate of 3.6%, down from the 4.3% rate in April, and the 2.5% rate in May 2023.

The seasonally adjusted unemployment rate for May was 3%, compared to 3.1% in April, according to DBEDT. In May, 649,550 persons were employed and 20,050 were unemployed, for a total seasonally adjusted labor force of 669,600 statewide. Nationally, the seasonally adjusted unemployment rate was 4% in May, up from 3.9% in April.

The unemployment rate figures for the state of Hawai‘i and the US are seasonally adjusted, in accordance with US Bureau of Labor Statistics methodology. The not-seasonally adjusted rate for the state was 2.4% in May, compared to 2.8% in April.

In a separate measure of employment, total nonagricultural jobs increased by 2,100 month-over-month, from April 2024 to May 2024. Job gains were experienced in Professional & Business Services (+700); Construction (+500); Manufacturing (+200); and Trade, Transportation & Utilities (+200). Employment remained stable in Other Services.

Job losses occurred in Information (-100); Financial Activities (-200); Private Education & Health Services (-500); and Leisure & Hospitality (-800). Government employment went up by 2,100 jobs, primarily due to an above average seasonal return of workers in the Department of Education.

Year-over-year (May 2023 was the 38^th month of pandemic effects), nonfarm jobs have gone up by 3,900, or 0.6%. However, in comparison with March 2020 (the last month prior to pandemic effects), nonfarm jobs were down by 18,700, or -2.9%.