The Economic and Revenue Forecast Council released its monthly economic and revenue report yesterday. (Thanks to Washington Research Council for flagging it,) Here’s the line everyone looks for:
Major General Fund-State revenue collections for the January 11 – February 10, 2016 collection period came in $23.7 million (1.5%) above the November forecast.
That’s generally good news, but will have to be evaluated in the context of forecasts for the overall economy. While the state continues to show relatively strong economic performance, nationally the signs are less auspicious. From the ERFC report,
Economic data were generally weaker than last month. Labor market indicators such as job growth and layoff announcements worsened, GDP growth slowed, and manufacturing activity continued to contract. Areas with stronger economic data included increased home sales, a continued decline in oil and gasoline prices, and higher auto sales.
The official revenue forecast will be released February 17.
