Report: WA recession over, recovery `tepid at best'

Washington's economy is officially out of recession -- and state revenue is even growing a tiny

bit. But the recovery, mirroring the national scene, is "painfully slow" and "tepid at best," said a new Columbus Day report released by the state Economic and Revenue Foecast Council. The state's chief economist, Arun Raha, announced that tax collections for the past month have grown $2.5 million above the September forecast. In a two-year budget of $30 billion, that's peanuts, of course, but at least the number is heading the right direction for once. Governor Gregoire and the Legislature have dealt with a $12 billion shortfall in recent sessions, Gregoire recently ordered across-the-board cuts, and more cutbacks are coming in the new year. Raha noted that the Great Recession has been declared over at the national level, and added this:

"After analyzing a number of Washington economic indicators, we believe that the recession in Washington's economy has also ended. ... The fact that the recession in Washington is over does not mean the economy has returned to health; it only means that the economy has stopped shrinking and returned to growth, however modest."
That's what passes for good news these days.
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