State of the State

STATE OF THE STATE

JANUARY 2018

 

Last week I was fortunate to be able to attend a “State of the State” conference with 2 very prominent speakers:  Steve Lerch, Executive Director for the Washington Economic and Revenue Forecast Council (He’s the guy that puts the forecasting budget together for Washington) and Scott Bailey, a S.W. Washington economist for the Employment Security Department.  It looks like 2018 has a good outlook; with some unknowns.

 

Economic growth in Washington is outpacing the national average, and should continue to perform in the same manor.  The upside is:

  • Leading Economic Index continues to climb
  • Optimism is up
  • Job growth is up
  • Employment growth is up, retail trade has exploded with Amazon while Aerospace has declined.
  • Unemployment down around 4%
  • Retail sales are up
  • Truck Freight to businesses is up
  • Household net worth is up 75%

 

The unknowns that could affect the economy:

  • North Korea, Russia, and the Middle East
  • Wage growth has been stagnant
  • Labor productivity is stagnant
  • International trade and fiscal policy uncertainty

 

Below are some graphs to help visualize what is anticipated for 2018 in Washington State.  I have a lot more slides available if you have any interest in seeing them; just shoot me a quick email and I will forward them to you:  MattMorris@Windermere.com


 

 

 

Leading Economic Indicator (EIN) suggest recession is not imminent

housing market, U.S. Leading Economic Index, economy,

 

 

JOB GROWTH IN WASHINGTON IS STRONG

 Jobs Washington State, Economy


 

OPTIMISM AND SALES EXPECTIONS ARE UP, UP, UP

Optimism, Retail Sales

Matt’s Blog

 


STEADY GROWTH OF RETAIL SALES POST RECESSION

 


 

U.S. HOUSEHOLD NET WORTH UP 75%

 

Posted on January 23, 2018 at 5:27 pm
Matthew Morris | Category: Economy | Tagged , , ,

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