Economy
The Direct and Indirect Contributions of Tourism to Regional GDP: Hawaii
After two decades of development and refinement, the Tourism Satellite Account (TSA) has been touted as the most comprehensive way to measure the economic contribution of tourism to a destination’s gross domestic product. However, recent literature has pointed out that the TSA is deficient in that it does not yield the indirect contribution of tourism […]
Read MoreRecession or Not, US Growth Will Continue to Disappoint
The US economy is once again flirting with recession. While most data still suggest continued growth, recent events have clearly turned in a more negative direction. Coming weeks will show whether the damage is bad enough to tip the economy into a full-fledged downturn. In the mean time, this period of slower growth is taking […]
Read MoreIn Weak Economy the Fed is prepared to act
The US Bureau of Economic Analysis released a downward revision to its estimate of second quarter Gross Domestic Product this morning. They now estimate that the US economy expanded at a 1.0% annualized rate during the second quarter, down from 1.3% in their advance release The primary factors leading to the downward revision were a decline in […]
Read MoreQ & A: Social Security Disability Program – Problems and Reforms
1. THE SOCIAL SECURITY ADMINISTRATION IS KNOWN FOR ITS OLD-AGE PENSION PROGRAM BUT IT ALSO RUNS A PROGRAM PROVIDING BENEFITS TO DISABLED AMERICANS? The Social Security Disability Program provides insurance for American workers and their families against being left in poverty and unable to pay medical expenses if they become disabled. The Program currently provides […]
Read MoreHawaii Tourism Faces Challenging 2011
A little more than half way through 2011, Hawaii finds itself facing more economic uncertainty as the EU and US economies deal with slow growth, financial market volatility, and nervous consumers. What a disappointment given the early prospects for a year of strengthening tourism. But early in the year the tourism outlook was tarnished by […]
Read MoreQ & A: S&P’s downgrade of its rating for U.S. Treasury bonds
1. S&P’S DOWNGRADE: HOW DOES IT CHANGE THINGS? S&P’s downgrade of the US long term credit rating is a landmark historical event for the US. The ratings downgrade–from AAA to AA+– tells potential buyers of US government bonds that the risk of the US government defaulting on its $14 trillion debt has risen substantially. And […]
Read MoreQ & A: U.S. Employment, Unemployment… and the Stock Market
1. WHAT WERE THE RESULTS OF THE JULY EMPLOYMENT REPORT? Non-farm employment increased by 117,000 jobs while private employment increased by 154,000 jobs. Employment counts for May and June were revised upwards. The U.S. unemployment rate fell from 9.2% to 9.1%, and average hourly earnings rose to $23.10. 2. WHICH SECTORS ARE RESTRAINING JOB GROWTH? The State/Local Government sector is still cutting spending and jobs to balance […]
Read MoreWashington Ignores the Real Crisis
The US Bureau of Economic Analysis released second quarter data on the nations Gross Domestic Product this morning. Given all of the mixed economic news over the past several months, it does not come as a big surprise that this advance GDP estimate was very weak. The US economy expanded at a 1.3% annualized rate during the […]
Read MoreUHERO Research Fellow to appear at the Northeast Asian Economic Forum Meeting
UHERO Research Fellow James Mak to share his thoughts on tourism and tourism development based on 35 plus years of research at the Northeast Asian Economic Forum Meeting on August 2, 2011. Dr. Mak’s presentation will be built around a few thoughtful quotations about travel and tourism. The urge to travel is universal. Harold Vogel (2001) Tourism depends […]
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