By Jim Cline

The most recent batch of national economic reports from the past couple weeks, continue to reflect an economy that is recovering slowly. On balance, the news is positive.  The economic indicators from earlier in the summer of a possible recession seem to be receding, replaced with more positive, albeit, not vibrant indicators.

One of the more hopeful signs is the resurgence of the housing market.  The severely distressed housing market has contributed significantly to the depth of the recent recession and the slow recovery from it.  Most economists agree that no full recovery will occur, until the housing market rebounds. The most recent housing sales report shows home sales rising and suggests that the large inventory of unsold properties is starting to clear.

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By Jim Cline

The latest monthly report from the Washington State Economic and Revenue Forecast Council reports on some modest improvements.  The Council’s August Report contains the following highlights:

•  July U.S. employment grew by 163,000 jobs, the strongest labor market performance since February 2012.
•  Second quarter GDP growth slowed to 1.5%.
•  The Washington recovery remains moderately positive.
•  Washington job growth is on track with the forecast while housing construction is improving faster than expected.
•  As anticipated in last month’s report, revenue from the July 11 – August 10, 2012 collection period came in below the June forecast after last month’s high positive variance. Cumulatively, receipts are now   much closer to their forecasted value.

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