The Economic and Revenue Forecast Council issued its monthly Economic and Revenue Update today. For the September 11 to October 10 collection period, collections exceeded the forecast by $10.6 million (1.1%).

Quoting the Update's summary:

• The U.S. economy did not worsen in the last month, but the outlook remains extremely uncertain.
• The Washington economy is performing close to expectations but is not immune to the uncertainty plaguing the global economy. The state is likely to outperform the U.S., but this will not save us from a downturn if the national economy falters.
• Major General Fund-State (GF-S) revenue collections for the September 11 – October 10, 2011 collection period were $10.6 million (1.1%) above the September forecast. While revenue is coming in as forecasted, downside risks remain high.

These days, not worsening passes for good news. The full document is available here.