A press release published yesterday, June 18, by the State of Washington Economic and Revenue Forecast Council (ERFC), states that it “appears that we are finally approaching the end of this Great Recession.” This prediction regarding the end of the financial is based on “claims for unemployment insurance” peaking and “monthly job losses are diminishing.”
However, the release states that the bottom is still lower than predicted in March. The forecast goes on to state that “job losses will likely continue through the end of this year.” And, according to the EFRC, when the economy does rebound the improvement is likely to be gradual.
The predication also stated that the General Fund forecast for the biennium is “$27.2 billion” which is $185 million less than projected. Many newspapers have noted that Governor Gregoire intends to make even deeper budget cuts, payroll cuts, and to cap hiring because of the decrease.
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