The Washington State Economic and Revenue Forecast Council’s June presentation provides a concise overview of the official state forecast for economic recovery. Key findings include:
- There are some tentative signs that the bottom of the recession is near; economic activity continues to decline, but at a slower pace.
- Washington’s economy is well positioned to recover at the same time as the nation. The recovery is likely to be gradual, or U-shaped, rather than V-shaped.
- The recovery in state revenue will lag the recovery in economic activity because consumers need to be more confident of economic circumstances before they increase spending.
More in the full presentation online.
The Council consists of two members appointed by the governor and four members appointed by the chairs of each of the two largest political caucuses in each house of the legislature.