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ERC forecasts modest near-term growth, flags tariffs and weak employment in Washington
Summary
Economic Revenue Forecast Council told House Finance the current biennium is $105 million ahead in the November forecast while the next biennium is $185 million behind; tariffs, weak employment, and elevated inflation are key risks to the state outlook.
Dave Reich, executive director of the Economic Revenue Forecast Council, told the House Finance Committee on Jan. 13 that the council’s November forecast shows state revenues up by $105 million in the current biennium but down $185 million in the next biennium.
"Overall, as we've said before, The U. S. Economy continues to kind of moderate a little bit," Reich said, summarizing the national and state outlook. Reich emphasized tariffs as a principal near-term risk — he said most estimates put the average tariff rate in the 15%–20% range — and described tariff-related price effects…
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