State economist reports strong economic and revenue growth in latest monthly update.

The Economic and Revenue Forecast Council’s latest monthly update continues the good news trend.

Total nonfarm payroll employment rose 18,100 (seasonally adjusted) in September and Oc-tober, which represents a strong 3.3% annual rate of growth. This was even faster than the 3.0% average growth rate during the previous year. Manufacturing added 300 jobs in the two-month period in spite of the loss of 1,500 aerospace jobs. Construction employment increased 2,200 in September and October and government employment expanded by 1,700 jobs. As usual, the bulk of the net new jobs occurred in private, service-providing sectors, which added 14,000 jobs…

Major General Fund-State (GF-S) revenue collections for the November 11 – December 10, 2017 collection period came in $33.7 million (1.6%) above the November forecast. Revenue Act taxes came in $12.7 million (1.0%) above the forecast and non-Revenue Act taxes were $21.1 million (2.3%) above the forecast.

The national news also looks good.

This was another month of strong employment gains and low initial unemployment claims. Third quarter GDP growth was robust and, after several weak months, residential construc-tion and home sales improved. On a less positive note, light vehicle sales declined and wage gains remained tepid. 

The U.S. economy gained 228,000 net new jobs in November. Employment data for Sep-tember and October were revised up by 3,000 jobs. Sectors with notable employment gains in November included manufacturing (+31,000), health care (+30,000), construction (+24,000), professional and technical services (+24,000) accommodation and food ser-vices (+21,000) and employment services (+18,000)…

Average hourly earnings increased by five cents in November and are 2.5% above their year-ago level. The average workweek in November increased by 0.1 hours to 34.5 hours. The unemployment rate in November was unchanged at 4.1%. 

The second estimate of real GDP growth for the third quarter of 2017 was revised up from 3.0% to 3.3%. 

 We wrote of the November revenue forecast last month.