HAWAII "LUV"S RECOVERY IN THE ECONOMY*

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Spelling out a recovery

Economists characterize the economic recovery partly in terms of the curves that statistics take when plotted on a graph. Various sectors might be described as taking L-, U- or V-shaped trajectories:

L IS FOR THE OVERALL ECONOMY

The National Bureau of Economic Research says the recession began in December 2007 and ended in June 2009, although it took 15 months, until September 2010, until the bureau officially could say the recession had ended. Now, according to First Hawaiian Bank economic adviser Leroy Laney, the state is in the midst of an L-shaped recovery.

U IS FOR THE TOURISM SECTOR

Hawaii’s seasonally adjusted total visitor arrivals, which plunged following the spring 2008 shutdown of Aloha and ATA airlines, have snapped back through September of this year in a U-shaped recovery.

V IS FOR HOME SALES

Sales of existing homes dipped sharply through the recession but have picked up just as sharply as recessionary pressures have eased. Quarterly single-family home and condominium sales statewide show a V-shaped recovery.