State economy shows no signs of a recession yet

Nov 7, 2019
Written by wpengine

Despite murmurs about a possible recession ahead, the state’s latest economic forecast remains healthy.

Highlights include:

  • Unemployment at 4.6%, a shade higher than the all-time low of 4.4%
  • State tax revenue of $45 million last month was 2.8% higher than expected
  • The state’s personal income growth rate of 7% is third-highest nationally.

The online news source The Lens reported on state economist Steve Lerch’s revenue report to the Economic and Revenue Forecast Council this week. He noted a drop in manufacturing exports and said data are unclear amid recent warnings of a recession in the next year. The Philadelphia Federal Reserve indicates slowed growth for Washington State as opposed to a recession, Lerch said.

Read more.