The Labor Day holiday provides an occasion to step back for a little serious thought, a side dish to the sumptuous barbecues and glorious relaxation of a three-day weekend.

The news on the economic front issued in recent days seems heartening. Hiring in August rose with the addition of 128,000 jobs nationwide, pulling the unemployment rate down to 4.7 percent.

And in Hawai'i, the jobless rate has long been among the lowest in the nation.

But there's much that this single indicator doesn't reflect about our labor market, and there are still many weaknesses in the economy that need underpinning.

One is the housing sector. Nationally, the sizzling real estate market shows signs of slowing, and Hawai'i's own housing market, though far less volatile, is cooling.

From the labor perspective, the evidence of continued moderate economic growth is offset by rising costs, from fuel prices to groceries to housing costs.

Additionally, the jobless figures don't show how many families are supported by wage earners who work two or three jobs, or how many work only part-time. The underemployed aren't counted in the unemployment rate, and the fact that many of them are homeless doesn't show up, either.

This is not meant as a doomsday forecast but as an early warning system. The state must do everything in its power to support the development of new, higher-paying industries that could support a workforce at levels where mortgages or at least rents are within reach.

And there has been progress. Fledgling biotech enterprises hold out some promise, but they are typically small companies with limited hiring potential. Other avenues must be pursued, including the alternative energy development sector, especially ethanol production for local use and possible export. This route offers potential gains on three fronts: helping Hawai'i residents and businesses contain fuel costs, promoting green space and fostering agriculture and other, new economic opportunities.

Tourism is sure to remain the economic mainstay, but more emphasis should be placed on promoting ecotourism and other niche markets that attract higher-spending visitors and bolster the case for preserving our environment.

Keeping the focus on growing a diverse economy, one that's less reliant on service-industry jobs, will serve the interest of Hawai'i's working people for the long term.