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With the increased revenue forecast, the enacted operating budget leaves an estimated $5.5 billion ending balance in the four-year outlook

The $6.7 billion growth in the revenue forecast from the March to September includes $1.2 billion in legislative changes. These were the tax changes made by the Legislature earlier this year, including mainly the capital gains tax. The 2021–23 operating budget, as enacted, balanced over four years. The unrestricted ending balance for funds subject to […]

Through the outlook period, state revenues are now forecast to be $6.7 billion higher than expected in March

With Friday’s revenue forecast, state revenues from funds subject to the outlook (NGFO) are expected to be $6.699 billion higher through the outlook period (2019–21, 2021–23, and 2023–25) than had been forecast in March 2021 (which was the forecast the 2021–23 budget was based on). Compared to the June 2021 forecast, revenues for the six-year […]

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 add more than $1.8 billion to the amount available over the current biennium and next bienniums. Budget reports from legislative fiscal committees typically roll up four accounts: the general fund–state, the education legacy […]

In Washington 4,850 filed initial claims for regular unemployment insurance last week

This morning the state Employment Security Department (ESD) gave its weekly report on unemployment insurance claims. ESD reported a total of 6,496 initial claims for unemployment insurance during the week ending September 18. Of this total, 4,850 initial claims were filed under the regular state unemployment insurance program; 1,122 claims were filed under the federal […]

Average workers’ compensation rates could go up 3.1% next year—the largest increase since 2011

Today the Department of Labor & Industries (L&I) proposed increasing average workers’ compensation rates by 3.1% for 2022. According to L&I, base rates will increase for 230 of the state’s 325 risk classes (here are the proposed rates by risk class). If the rate increase is adopted later this year, it will be the first […]

September report on state tax collections

The most recent monthly report on general fund revenue collections from the state’s Economic and Revenue Forecast Council (ERFC), which was issued this morning, 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 the […]

In Washington 4,860 filed initial claims for regular unemployment insurance last week

This morning the state Employment Security Department (ESD) gave its weekly report on unemployment insurance claims. ESD reported a total of 6,640 initial claims for unemployment insurance during the week ending September 11. Of this total, 4,860 initial claims were filed under the regular state unemployment insurance program; 1,223 claims were under the federal pandemic […]

In Washington 5,205 filed initial claims for regular unemployment insurance last week

This morning the state Employment Security Department (ESD) gave its weekly report on unemployment insurance claims. ESD reported a total of 8,125 initial claims for unemployment insurance during the week ending September 4. Of this total, 5,205 initial claims were filed under the regular state unemployment insurance program; 1,417 claims were under the federal pandemic […]

In Washington 5,073 filed initial claims for regular unemployment insurance last week

This morning the state Employment Security Department (ESD) gave its weekly report on unemployment insurance claims. ESD reported a total of 7,193 initial claims for unemployment insurance during the week ending August 28. Of this total, 5,073 initial claims were filed under the regular state unemployment insurance program; 1,503 claims were under the federal pandemic […]

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 July and revisions to numbers for prior months. Personal Income in July was 1.1% greater than in June and 14.4% less than the peak reached in March, which was boosted by the […]