Latest state economic forecast shows slower recovery

Here’s a news item from the Associated Press:  BOISE, Idaho (AP) — Idaho trimmed its economic growth forecasts, predicting fewer jobs and less personal income by 2013 than had been expected just three months ago. The new forecast indicates Idaho workers’ personal income will be about $820 billion lower in 2013 than in July’s forecast. Why the changes? Two big reasons: First, the economic forecasting tools that Idaho relies on to set its predictions lowered its outlook for the nation. And second, Idaho’s nonfarm employment over the summer missed projections, with 4,500 fewer jobs in the second quarter than had been predicted. Derek Santos, the state economist who prepared the latest numbers, wrote the new forecast isn’t a cause for lost hope, just lower expectations. He says, “Idaho’s economy will recover, just not as fast as in the previous forecast.”