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

Here are updates (including just-released data for August) of two charts that I originally posted on September 12 regarding income and consumer spending during the Covid-19 recession. On the first chart, the stacked columns show estimated personal income for the U.S. as a whole, by month, from January 2019 through August 2020. The numbers are […]

In Washington 31,067 filed initial claims for 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 31,067 initial claims for unemployment insurance during the week ending September 26th. Of this total, 17,734 initial claims were under the regular unemployment insurance program; 4,439 claims were under the federal pandemic unemployment assistance […]

Nationwide, 837,000 filed for unemployment insurance last week

The U.S. Department of Labor (DOL) issued its weekly report on initial claims for unemployment insurance this morning. Nationwide, the number of seasonally adjusted claims was 837,000 last week. This is down from the (upwardly revised) number of claims for the previous week, 873,000. The 4-week moving average of seasonally adjusted claims was 867,250, down […]

In 2021, Washington’s minimum wage will increase to $13.69 and new overtime thresholds will be binding

The Department of Labor & Industries (L&I) has announced that the state minimum wage next year will be $13.69. It is currently $13.50—the highest state minimum wage in the country. 2020 is the last step of the phase-in of I-1433, so 2021 is the first year in which the minimum wage is adjusted by inflation. […]

In Washington 34,114 filed initial claims for 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 34,114 initial claims for unemployment insurance during the week ending September 19th. Of this total, 19,574 initial claims were under the regular unemployment insurance program; 5,284 claims were under the federal pandemic unemployment assistance […]

Nationwide, 870,000 filed for unemployment insurance last week

The U.S. Department of Labor (DOL) issued its weekly report on initial claims for unemployment insurance this morning. Nationwide, the number of seasonally adjusted claims was 870,000 last week. This is down from the (upwardly revised) number of claims for the previous week, 866,000. The 4-week moving average of seasonally adjusted claims was 878,250, down […]

State budget outlook improved, but not recovered

As Kriss noted earlier, today’s revenue forecast added back some of the revenues that were lost in the June forecast. However, the revenue estimate is still well below the February forecast (on which the current state budget is based). The chart shows how the forecast has changed. Revenues from funds subject to the outlook are […]

Forecast of state revenues increased

At its quarterly meeting today, the state Economic and Revenue Forecast Council (ERFC) updated its forecast of state revenues. This is the second official forecast to incorporate the impact of the COVID-19 pandemic. This second forecast adds back about half of the revenues lost in the first one, which was issued in June. In recent […]

In Washington 37,163 filed initial claims for 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 37,163 initial claims for unemployment insurance during the week ending September 12th. Of this total, 18,403 initial claims were under the regular unemployment insurance program; 7,286 claims were under the federal pandemic unemployment assistance […]

Nationwide, 860,000 filed for unemployment insurance last week

The U.S. Department of Labor (DOL) issued its weekly report on initial claims for unemployment insurance this morning. Nationwide, the number of seasonally adjusted claims was 860,000 last week. This is down from the (upwardly revised) number of claims for the previous week, 893,000. The 4-week moving average of seasonally adjusted claims was 912,000, down […]