More Economic Noose - Hawaii News Now - KGMB and KHNL

November 26, 2008

More Economic Noose

A flurry of economic reports last week- and none of them positive- suggests that our local economy is going to get worse and stay that way for some time. Forecasts from the University of Hawaii, the State of Hawaii, and First Hawaiian Bank all suggested a downward trend in job opportunities, personal income, tourism numbers, and a few other key economic indicators. The Dow Jones averages look like a rollercoaster daily- enough to make you nauseas, and the local prognosticators are now saying things might not get better until sometime in mid-2010 or later. That's about two years from now, a long time down the road relative to the prosperity we've seen of late and our expectations for pretty good economic times.

Home sales and the construction sector, steady performers here for years, will also feel the effect of this local and global malaise. If you have not done so yet, now would be a prudent time to really sit down, reassess everything you own, owe, spend money on, will spend money on, and make some decisions that are right for you and your family based on the growing business clouds ahead. When you see clouds, you think to bring an umbrella, you pack a coat, just in case. And that's what you need to do now- with a family planner, with a financial advisor, with your family, relatives, and maybe even your friends.

We will get through this, a bit leaner perhaps, with new opportunities and options, but getting from here to there will no doubt involve planning, sacrifice, restructuring, and creativity. Think about it... 

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