September economic snapshot is here! This is a report produced by the Office of Financial Management’s Forecasting and Research Division. The report is available publicly on our website:
Here are some key highlights from this month's report:
- State revenues remained above forecast: GF-S collections were $68.2 million (2.7%) above forecast for the August 11–September 10 period, bringing cumulative collections to $198.9 million above forecast.
- Seattle-area inflation stayed elevated: Consumer prices rose 4.4% year-over-year in August, compared with 3.4% nationally, driven in part by a 15.9% increase in energy prices.
- Washington employment softened: The state lost 900 jobs in August, as private-sector employment fell by 9,000, partly offset by an estimated 8,100 increase in public-sector jobs.
- Unemployment continued to improve: Washington’s unemployment rate declined to 4.9% in August, down from 5.0% in July and 5.2% in June.
- Washington vehicle registrations declined sharply: Seasonally adjusted new vehicle registrations fell 14.8% in August to an annualized 224,400 units.
Check out the full report for more insights on Washington’s evolving economy.
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