Early predictions for the state’s economy are out (or in), and the bloom remains off the rose. But there’s no cause to panic.
Chang Mook Sohn, executive director of the Economic and Revenue Forecast Council has sent his preliminary forecast to members of the Governor’s Council of Economic Advisors.
Among the prognostications (which members of the council may correct, as they see fit):
&bull Real personal income will fall 2.8 percent in the fourth quarter and rise 4.4 percent in 2008.
&bull Wage and salary employment will see 1.4 percent growth in the fourth quarter and 1.8 percent next year.
&bull Manufacturing employment will rise 1.5 percent in the quarter and 0.4 percent in 2008.
&bull Construction employment will rise 2.5 percent in the fourth quarter and 0.8 percent next year.
And lest the council become fearful, the director says in October, as he did in September: "(W)e have assumed tht the credit and liquidity squeeze will have an adverse impact on housing and construction in Washington but that the impcat will be much less than in the rest of the country."