Olympia — Washington’s government revenues grew again over the past month, ticking $7.5 million higher than predicted in the weeks-old forecast that helped Republican and Democratic legislators settle sharp differences and pass a budget last month.
The uptick really amounts to a blip — just 0.6 percent more than the quarterly forecast had predicted for the month — or a drop in the bucket of a two-year state operating budget that spends $33.5 billion. The June forecast had already predicted a $231 million increase in revenues through the end of the budget cycle in June 2015, and a caseloads report had given lawmakers another $90 million of wiggle room to reach agreement.
The bonus revenue from June 11 to July 10 comes as the state jobless rate continues to fall, hitting 6.8 percent in May, and as retail sales were growing. But state economic forecaster Steve Lerch’s monthly report highlighted several conflicting trends — including an overall slowing in job growth and a recent decline in aerospace industry jobs.
“The Washington economy added just 7,100 jobs during the last three months for a 1.0 (percent) annual rate of growth,” the report stated. “In contrast, Washington employment growth had averaged 2.4 (percent) during the previous twelve months. Manufacturing employment declined 400 from February to May as a result of the loss of 900 aerospace jobs.”