Business Report: The official state economic forecast, local banks impact, and Singapore Airlines

Business Report: The official state economic forecast, local banks impact, and Singapore Airlines

HONOLULU (HawaiiNewsNow) - For today’s business report we look at the economic outlook for local businesses.

The state has revised its official economic growth forecast lower, again. In May, it expected 1.9% growth this year. In August, 1.5% and now 1%.

Nothing stimulates the economy like more money in the pockets of lower-paid wage earners. Central Pacific Bank says effective in December it will raise its starting wage to $16 an hour, triggering increases for many higher-paid workers as well. American Savings Bank did the same thing last pay day.

Singapore Airlines is giving up on Hawaii, at least the way it has been flying here. It’s discount division Scoot flies to Honolulu four times weekly by way of Osaka. Demand has been poor and the service will stop next spring.

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