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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 national income and consumer spending during the COVID-19 recession, including new numbers for June and revisions to numbers for prior months. Personal Income in June was 0.1% greater than in May and 15.4% less than the peak reached in March, which was boosted by […]

Federal relief funds to governments, businesses, and individuals in Washington total more than $93 billion so far

I’ve updated our table of federal COVID relief that has been allocated for Washington’s governments, businesses, and individuals. The relief now totals $93.6 billion. Of that, $67.3 billion has gone or will go to businesses and individuals and $26.3 billion is flowing through our state and local governments. This funding will be spent over several […]

State tax revenue since the pre-Great Recession peak has grown by more in Washington than in any other state

According to the Urban Institute’s Tax Policy Center, state tax revenue in Washington grew by 13.9% from the fourth quarter of 2019 to the fourth quarter of 2020. That was the fourth highest growth in the country, and well above the average growth in the U.S. of 6.0%. Comparing the pandemic period of April–December 2020 […]

In Washington 5,061 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 7,208 initial claims for unemployment insurance during the week ending July 17. Of this total, 5,061 initial claims were filed under the regular state unemployment insurance program; 1,604 claims were under the federal pandemic […]

July 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 last Friday, showed overall revenues almost spot on 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 […]

In Washington 5,488 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 7,316 initial claims for unemployment insurance during the week ending July 10. Of this total, 5,488 initial claims were filed under the regular state unemployment insurance program; 1,363 claims were under the federal pandemic […]

In Washington 5,924 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 8,280 initial claims for unemployment insurance during the week ending July 3. Of this total, 5,924 initial claims were filed under the regular state unemployment insurance program; 1,905 claims were under the federal pandemic […]

In Washington 7,505 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 10,401 initial claims for unemployment insurance during the week ending June 26. Of this total, 7,505 initial claims were filed under the regular state unemployment insurance program; 1,663 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 national income and consumer spending during the COVID-19 recession, including new numbers for May and revisions to numbers for prior months. Personal Income in May was 2.0% less than in April and 14.8% less than in March. March personal income was boosted by the […]

State revenues are now well above pre-pandemic levels

As Kriss wrote yesterday, the June 2021 revenue forecast is up substantially over the March 2021 forecast (on which the 2021–23 budget is based). (The numbers in this post are for funds subject to the outlook, or NGFO.) Through 2023–25 (the second biennium of the outlook), the forecast increased by $4.881 billion ($838 million in […]