The Washington State Economic and Revenue Council (EFRC) today issued its November Economic and Revenue Update. Here is the summary:

• The U.S. economy has performed as expected in the last forecast, but the outlook remains extremely uncertain.
• Like the nation, the Washington economy has performed close to expectation. The state continues to benefit from strength in aerospace, software, agriculture and exports. However, there are significant risks to the state economy from outside the state, i.e. Europe and the other Washington.
• Major General Fund-State revenue collections for the October 11 – November 10, 2011 collection period were $22.5 million (1.9%) lower than the September forecast. Cumulatively, however, collections in the two months since the forecast are only $11.8 million (0.5%) lower than forecasted. While revenue is coming in close to the forecast, there are still considerable downside risks.

The full report is here.

At this point there is little reason to expect an upward revision to the revenue forecast at the ERFC's quarterly meeting on November 17.