3rd Quarter 2009

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       Hawaii total personal income continued to increase but at a slower pace during the first quarter of 2009 (the period for which the latest data are available from the U.S. Bureau of Economic Analysis) over the same quarter of 2008.  The rate of increase was the highest for Personal Current Transfer Receipts.  Earnings increased but at a much lower rate compared to previous quarters.  Earnings increases in the government sector were partially offset by earnings losses in the private sector.   Proprietors' Income and Dividends, Interest, and Rent both decreased in the first quarter of 2009 (Table B-1).
   
      In the first quarter of 2009, total nominal personal income (i.e., not adjusted for inflation) increased $932 million or 1.8 percent from the first quarter of 2008 (Tables B-1 and B-2).    This was the lowest quarter over same quarter in the previous year growth since 2001.  For the year of 2008, total personal income increased 4.0 percent from 2007.
   
      Wage and Salary Disbursements, the largest component of personal income, had very slow growth during the first quarter of 2009.  It increased $157 million or 0.5 percent from the first quarter of 2008.  For 2008, Wage and Salary Disbursements grew 3.2 percent from 2007, lower than the 5.6 percent growth between 2006 and 2007 (Table B-3).  Wage and Salary Disbursements comprised about 57 percent of total personal income.
   
      Supplements to Wages and Salaries, consisting of employer payments to retirement plans, private group health insurance plans, private workers compensation plans, and other such benefits, increased $442 million or 5.3 percent in the first quarter of 2009 from the same quarter of 2008 (Table B-4).  For 2008, Supplements to Wages and Salaries increased 4.6 percent, slightly lower than the 4.8 percent annual increase between 2006 and 2007.
   
      Proprietors' Income, the income most closely related to entrepreneurial activity, decreased $119 million or 4.1 percent in the first quarter of 2009 over that of 2008 (Table B-5).  For 2008, Proprietors’ Income was down 1.8 percent from 2007, compared to 5.5 percent decrease between 2006 and 2007.
   
   
      Dividends, Interest, and Rent decreased $416 million or 5.0 percent in the first quarter of 2009 from the same quarter of 2008.  For the year of 2008, Dividends, Interest, and Rent were up 2.9 percent from 2007, compared to 8.7 percent growth between 2006 and 2007 (Table B-6). 
   
     The only segment with large growth was Personal Current Transfer Receipts, which mainly include Government Social Benefits to Persons.  It grew by $913 million or 13.4 percent in the first quarter of 2009 from the same quarter of 2008.  For 2008, Personal Current Transfer Receipts grew at a rate of 10.2 percent compared to a 9.7 percent growth in 2007 (Table B-7).
  
     In the first quarter of 2009, Contributions to Government Social Insurance, which is subtracted from total personal income, increased $46 million or 1.1 percent compared to the first quarter of 2008.  For 2008, Contributions to Government Social Insurance grew 3.1 percent from 2007 (Table B-8).
  
     In the first quarter of 2009, total non-farm private sector earnings decreased $521 million or 1.9 percent from the first quarter of 2008.  In dollar terms, the largest decrease occurred in Construction, followed by Accommodation and Food Services, Transportation and Warehousing, Retail Trade, and Real Estate and Rental and Leasing. The largest increase occurred in Health Care and Social Assistance, followed by Professional and Technical Services, Utilities, and Educational Services.  During the first quarter of 2009, total government earnings increased $1,040 million or 7.8 percent from the first quarter of 2008 (Table B-1).
  
     In the first half of 2009, Honolulu’s consumer price index (CPI) increased 0.3 percent from the same period last year, compared to the U.S. average CPI decrease of 0.6 percent for the same period (Table B-9).  The slow Honolulu CPI increase in the first half of 2009 was primarily due to low Housing price increase (0.8 percent) and negative Transportation price increase (-11.0 percent). Prices increased the most in Apparel, followed by Other Goods and Services, and Food and Beverages, in the first half of 2009 compared to the first half of 2008.