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Local Economic Update

June 28, 2013

 

The economic recovery of Washington state continues, at what experts call a slow and steady pace. Unemployment rates are dropping and the labor market is growing, but the labor force is shrinking. The bottom line – there’s more good news than bad.           

Data released by the Washington State Employment Security Department last week shows a statewide unemployment drop from 8.3 percent to 6.6 percent in the last year. It was 9.2 in 2011.

The Wenatchee Metropolitan Statistical Area, which includes Chelan and Douglas counties, has seen a steady decrease since January of this year. Analyses for the month of May show the unemployment rate has registered year-over-year declines for the past 22 consecutive months. However, at 8 percent, the area’s unemployment rate is over a full percent higher than the state’s.

Yet, with Washington state’s unemployment rate a full percent below the federal rate, economist Paul Turek said we should all be feeling less pessimistic and more optimistic about the future of our local economy.