History Compared With National and Regional Trends
The latest economic indicators are consistent with the current General Fund revenue forecast. As expected, this year brings slow growth, marked by high unemployment and cautious consumer spending.
While the fear of a double-dip recession is easing, economists expect slow growth through 2012.
Consumers, worried about employment, debt and income, are reluctant to spend; in turn, businesses are reluctant to hire in a frail economy.
Significant reductions in the unemployment rate require annual growth of 5 – 6%, but economists predict growth of less than 3% in 2011 and 2012.
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