State economic forecast update

The Washington State Economic and Revenue Forecast Council has issued its forecast update for June.

This is a detailed report of national and state economic forecast indicators, with predictions for the next few years. Given everything that is in play at the moment — war in Ukraine, the ongoing COVID pandemic, supply-chain issues, inflation, employment levels, etc. — it’s worth reading through in detail.

The good news is that the unemployment rate in Washington is now under 4%, and the labor participation rate is growing. Total employment in the state is now above the pre-pandemic peak. Also, inflation is expected to fall back down to typical levels next year.

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