The newest status report from the state Economic & Revenue Forecasting Council said May was a mixed bag for Washington, with fewer jobs added than expected, but housing construction continues to improve.
Growth in the manufacturing sector slowed in May, according to the Institute of Supply Management index. And last month saw light vehicle sales growing for the first time since a huge jump in January.
“We believe the trend in car and truck sales is still positive, driven by replacement demand,” the forecasters wrote.
In the two months since the state adopted its March forecast, Washington’s economy added 4,600 jobs, about half of was expected. Manufacturing employment declined, when it had been expected to grow by 1,000 jobs. But construction jobs grew by 1,300 compared to the earlier report.
General Fund-State revenue collections for the May to June period were 2.3 percent higher than forecast, though a big part of that was early receipt of a Public Utility District tax payment. Without this timing anomaly, tax receipts would have be 1.7 percent more than forecast.
More detail on this latest state revenue forecast is available on the web.