Tuesday, November 9, 2010

Economic Forecast: More Suspicion Than Celebration

Posted By on Tue, Nov 9, 2010 at 10:58 AM

The latest Idaho Economic Forecast is out, and it's not pretty.

The Division of Financial Management has lowered its expectations ... from a point which was pretty low to begin with. Because Idaho's job picture remains bleak, DFM has dropped its baseline for its employment forecast, which looks all the way to 2013. In the latest forecast, released late on Nov. 8, by 2013 there will be 11,600 fewer jobs than previous projected.

And that, in turn, lowers the forecast for personal income because wages are the largest component of personal income. The forecst predicts a paltry 4 percent growth in personal income annually through 2013.

"The news of the recession's end has been greeted with more suspicion than celebration," according to the report. "Indeed, over a year after the downturn's official end, consumers' moods remain dour. The main reason for consumers' malaise is the lack of jobs."

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