The OFM November economic snapshot is here. 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 beat forecasts: Washington’s General Fund-State revenues came in $89.9M (+3.6%) above expectations, providing a $110.8M fiscal cushion early in the biennium.

💼Labor market is softening: Unemployment data is available through August due to Government Shutdown. Unemployment remains stable at 4.5% in August, with labor force participation slightly easing to 62.0%, still below its 2023 peak.

⛽Gas prices offer short relief: Regular gasoline prices fell 2.3% in October, though they remain 11% higher than a year ago.

🚗Demand for cars softens: New vehicle registrations dropped 3.8% in October and are 6.2% below last year.

🌎Trade balances shift: Washington’s exports rose 14% year-over-year in August while imports fell nearly 17.5% year-over-year, reflecting a sharp shift in trade flows.

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