(HawaiiNewsNow) - Ben Bernanke did not announce a stimulus. Not only is the Fed not planning more stimulus, but Bernanke said perhaps Congress should do something more to stimulate hiring.
In economics, numbers matters more than words. This morning we have the newest reading from the commerce department's economic speedometer. In the second quarter, April to June, Annual growth speed was only 1%, slower than the 1.3% it estimated earlier.
Wall Street did not get the vapors either from Bernanke or the commerce report. The DOW opened down 100 before the Jackson Hole speech but then turned higher.
Hawaii State economists revise their official economic forecast downward. They predict this year will produce a net increase in jobs. Only 1.5 % and economic growth of 1.3 %. Both numbers are 3 tenths lower than what they said before
First Hawaiian economist Leroy Laney tells audiences in Hilo and Kona the Big Island is still recovering slowly. He says Hilo needs new hotel rooms, and predicts they will not be on Banyan Drive because that's leasehold.