A new forecast for the state’s economy doesn’t include much good news. But the bad news isn’t earth-shattering either.
The marginal impact of the stimulus package will wear off as consumer spending will slow, according to the September economic forecast from the state Economic and Revenue Forecast Council.
The predictions follow the same pattern as previous reports, senior economic forecaster Eric Swenson said.
The report’s conclusions on the second quarter included:
The biggest changes predicted are housing permits, which will fall 42.5 percent. Also, construction employment is down by 4.2 percent and the drop will continue.
Other predictions include:
The Governor’s Council of Economic Advisors will review the forecast on Friday. The full report is available here.