The May economic snapshot is now available:

• May 2025 Washington Monthly Economic Report

This is a report produced by the Office of Financial Management’s Forecasting and Research Division. 

Here are some key highlights from this month's report:

• Revenue beats expectations: April General Fund-State revenue collections came in $41.7M above forecast, though year-to-date collections remain slightly below expectations.
• Seattle inflation slows: Seattle’s consumer price inflation rose 1.7% YoY (Year-over-Year), lower than the 2.3% U.S. average.
• Trade and vehicle sales surge: Exports rose 3.7%, imports jumped 11.7% in March. Meanwhile, vehicle sales hit a post-2017 high, driven by a 15.2% YoY increase in registrations.
• Job market cools, unemployment steady: Nonfarm employment rose by just 2,100 jobs month-to-month, while unemployment stayed at 4.4%. Initial claims dropped month-to-month but remain up year-over-year.
• Housing weak, prices up: Only 32,500 housing units were permitted in Q1, missing forecasts. Moreover, Seattle home prices rose 4.9% YoY, slightly outpacing the national average.

Check out the full report for more insights on Washington’s evolving economy.