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In Washington 7,544 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 10,580 initial claims for unemployment insurance during the week ending June 19. Of this total, 7,544 initial claims were filed under the regular state unemployment insurance program; 1,581 claims were under the federal pandemic […]

Happy days continue, 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 $2.2 billion to the amount available over the remainder of the current biennium and the next biennium. Budget reports from legislative fiscal committees typically roll up four accounts: the general […]

The Economic and Revenue Forecast Council meets tomorrow

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

New economic profile: The Economic Contribution of Washington State’s Petroleum Refining Industry in 2019

We have updated our report on the impact of Washington’s five major petroleum refiners on the state’s economy. In 2019, the refiners directly provided 2,050 full-time jobs, paying an annual average wage of $148,683. In addition, the refiners employed, at high wages, 3,643 contract workers on an average day, doing maintenance, capital repair and capital […]

In Washington 6,892 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 10,188 initial claims for unemployment insurance during the week ending June 12. Of this total, 6,892 initial claims were filed under the regular state unemployment insurance program; 1,468 claims were under the federal pandemic […]

Growth in state average annual wage is the highest ever

In 2020, the state average annual wage was $76,741—an increase of 10.1% over 2019. According to the Employment Security Department (ESD), this is the largest annual percentage growth to the average wage ever. The higher than normal increase in reported average wages can be attributed to the fact that thousands of lower-paid workers lost their […]

Almost $90 billion in federal relief has so far been allocated to individuals, businesses, and governments in Washington

Federal coronavirus relief funding that Congress appropriated earlier this year in the American Rescue Plan (ARP) Act is still being distributed to its intended recipients. Because the bill includes so many pots of money that are for specific purposes, rather than for specific states, it’s still not clear exactly how much will come to Washington. […]

Official budget outlook adopted; economic forecast improved since March

Today the Economic and Revenue Forecast Council (ERFC) adopted an official budget outlook based on the operating budget passed by the Legislature (and accounting for vetoes). The ERFC also heard a presentation from Dr. Lerch on the preliminary economic forecast (which will help inform the June 23 revenue forecast). (The meeting materials, including the budget […]

In Washington 10,085 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 13,879 initial claims for unemployment insurance during the week ending May 29. Of this total, 10,085 initial claims were filed under the regular state unemployment insurance program; 1,647 claims were under the federal pandemic […]

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

Here are updates of two charts I have posted monthly regarding income and consumer spending during the COVID-19 recession, including new numbers for April and revisions to numbers for prior months. Personal Income dropped by 13.1% from March to April. March personal income was boosted by the $1.9 trillion federal relief package that was enacted […]