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State’s strong job growth in July improves economic outlook

In the month since the state’s Economic and Revenue Forecast Council issued its June forecast, the economy in Washington added 10,800 net new jobs, 5,500 more than the 5,300 expected in the forecast.

Private, service-providing industries accounted for most of the job growth in June, adding a net 7,200 jobs. The manufacturing sector managed an increase of 1,800 jobs mainly as a result of an unex- pected 1,300 job increase in aerospace employment. 

Excluding aerospace, the manufacturing sector added 500 jobs. The construction sector added 1,200 jobs in June while public sector payrolls increased by 600 jobs.

In addition to the stronger than expected employment growth in June, the historical employment estimates were revised up, adding 5,500 to the estimates of jobs in May. The stronger than expected growth added to the upward revision to the history means that the current estimate of employment in June is 11,000 higher than assumed in the June forecast. 

The state’s unemployment rate was 5.8 percent in June, down from 6.1 percent in May and 7 percent in June 2013.

Washington exports increased 11.9 percent in the second quarter of 2014 compared with the second quarter of 2013. Exports of transportation equipment (mostly Boeing planes) increased 10.4 percent over the year and exports of agricultural products jumped 62.5 percent over the year. Exports of all other Washington commodities rose 4.6 percent over the year.

Major General Fund-State revenue collections for the July 11-Aug. 10 period were $62.4 million, 5.1 percent higher than the June forecast. Cumulatively, collections are now $89.3 million or 3.5 percent higher than forecasted.

July’s new vehicle registrations were the strongest since November 2007, before the onset of the recession. Car sales reached a new post-recession high in July 2014. New vehicle registrations totaled 290,800 in July, 1.1 percent more than in June and 5.7 percent above July 2013.

The full report is available online

 

 
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