Jobs And Revenues Will Lag As WA Economy Recovers
Washington state coffers won’t start filling back up again until late 2010.
That’s the prediction from the state’s chief economic forecaster.
Arun Raha says consumers won’t start spending again until the economic recovery is well underway.
Arun Raha: “Once the employment rate starts to level off and people feel surer of their jobs and they see new jobs coming up, then I’m guessing consumer confidence will improve and people will start feeling a little easier about spending.”
Because Washington is a sales tax dependent state, consumer spending is key to the health of the state budget.
Raha is among many economists who predict the economy will begin its recovery later this year. But he says to expect a slow climb out of the recession.
© 2009 KUOW
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