Kriss Sjoblom

March report on state tax collections

The monthly report on general fund revenue collections from the state’s Economic and Revenue Forecast Council (ERFC) was issued yesterday. For the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest (collectively the Revenue Act receipts), this report covers payments received between […]

Update on personal income, consumer spending and saving rates during the COVID-19 recession

Here are updates of charts I have posted monthly regarding national income and consumer spending during the COVID-19 recession, including new numbers for January and revisions to numbers for prior months. Personal Income in January was a slight 0.04% greater than in December and 12.8% less than the peak reached in March, which was boosted […]

Heed the pessimistic forecast

The economic and revenue forecast council (ERFC) is required to prepare three separate forecasts of state revenues: a baseline forecast, a pessimistic forecast and an optimistic forecast. The pessimistic and optimistic forecasts help to quantify the ERFC’s uncertainty concerning the baseline. The ERFC further quantifies this uncertainty by assigning probabilities to the three forecasts. The […]

Forecast of state revenues increased

At its quarterly meeting today, the state Economic and Revenue Forecast Council (ERFC) updated its forecasts of state revenues. These new forecasts, which add nearly $2.8 billion to the amount available over the current and next bienniums. Budget reports from legislative fiscal committees typically roll up four accounts: the general fund–state, the education legacy trust […]

February report on state tax collections

The monthly report on general fund revenue collections from the state’s Economic and Revenue Forecast Council (ERFC) was issued this morning. For the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest (collectively the Revenue Act receipts), this report covers payments received […]

Update on personal income, consumer spending and saving rates during the COVID-19 recession

Here are updates of charts I have posted monthly regarding national income and consumer spending during the COVID-19 recession, including new numbers for December and revisions to numbers for prior months. Personal Income in December was 0.3% greater than in November and 13.1% less than the peak reached in March, which was boosted by the […]

Update on personal income, consumer spending and saving rates during the COVID-19 recession

Here are updates of charts I have posted monthly regarding national income and consumer spending during the COVID-19 recession, including new numbers for November and revisions to numbers for prior months. Personal Income in November was 0.4% greater than in October and 13.6% less than the peak reached in March, which was boosted by the […]

December report on state tax collections

The monthly report on general fund revenue collections from the state’s Economic and Revenue Forecast Council (ERFC) was issued yesterday afternoon. Yet again, the report shows overall revenues above forecast. For the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest (collectively […]

Labor force participation

The labor force participation rate is the ratio between the number of people who are working or who say they are looking for work and the noninstitutional population age 16 or older. The participation rate’s behavior during and after the Covid-10 recession was unlike that during and after any other recession in the post-World War […]

Update on personal income, consumer spending and saving rates during the COVID-19 recession

Here are updates of charts I have posted monthly regarding national income and consumer spending during the COVID-19 recession, including new numbers for October and revisions to numbers for prior months. Personal Income in October was 0.5% greater than in September and 13.9% less than the peak reached in March, which was boosted by the […]