June Economic and Revenue Update

Last Friday, the Economic and Revenue Forecast Council (EFRC) posted its monthly progress report, the Economic and Revenue Update, for June. The update sets the stage for Thursday, when EFRC will issue its quarterly update to the state revenue forecast.

The U.S. economy has performed largely as anticipated in the February forecast,

Times Editorial From Rasmussen's WRC Dinner Remarks: "Cynical Nation"

The Seattle Times draws on Scott Rasmussen's speech at the Research Council dinner for this excellent editorial.

"People don't trust government projections," Rasmussen said. "Eighty-one percent believe that whatever the government says, it will cost more."

A Great 78th Annual Meeting for the WRC

via www.washingtonstatewire.com

Excellent coverage of Scott Rasmussen's speech in Washington State Wire.

Pollster Scott Rasmussen Featured Speaker at WRC's 78th Annual Meeting

Join us Wednesday, May 26, at the Bell Harbor Conference Center in Seattle, to celebrate 78 years of the Washington Research Council. Our keynote speaker will be Scott Rasmussen, founder and president of Rasmussen Reports, one of the nation's premier polling firms.

The meeting begins as 7:00 p.m. Reception begins at 5:30.

Contact the WRC for ticket information.

Seattle Lost More Than 23,000 Private Sector Jobs Between March 2008 and March 2009

The Puget Sound Regional Council has posted estimates of employment in March 2009 for the cities in the four-county PSRC region here.

Unemployment Insurance Burden

This table compares the unemployment tax burden in Washington with that in other states.

1.18.10 pic

Challenging Times for Refiners

These are challenging times in the oil refining industry, as an article on the front page of the business section of today’s New York Times documents (Chilly Climate for Oil Refiners).

Five U.S. refineries have shut down in the past year.

FIFO or LIFO

I have been optimistic that this would be a LIFO recession. Washington was one of the last states to go into recession. It has been my belief that Washington would be one of the first states out and that over the next several years Washington would out perform the rest the nation as a whole by a comfortable margin. A U.S. map I saw today, however, has me wondering whether I’m right.

The state's November Economic and Revenue Forecast summarizes the case for optimism:

Caseload Forecast Adds $277 Million to 2009-11 Costs

Yesterday (Friday the 13th), the state Caseload Forecast Council updated its forecasts for K-12 enrollments and for various human services caseloads. Here is a table that summarizes the differences between the new forecasts and the caseloads assumed in the adopted 2009¬11 budget. The key changes include:

Another Collections Shortfall

The Economic and Revenue Forecast Council (EFRC) issued its monthly update late this afternoon. The document is available here. These three bullets from the update summarize the key takeaways:

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