Economic forecast downgraded
Maine's Consensus Economic Forecasting Commission has downgraded its projections for job growth and personal income growth in Maine for the next two years.
Charles Colgan, a professor at the Muskie School of Public Service at the University of Southern Maine in Portland and head of the forecasting commission, yesterday told the Maine Legislature's Appropriations Committee that the commission has reduced its projections for job growth and personal income growth for 2009 and 2010, according to the Associated Press. Colgan told the committee that Maine would experience recessionary conditions worse than those in 2001, but not as bad as those experienced in 1990 and 1991, the AP reported.
The commission's projections will be used to update the state's revenue forecast before the end of the year.
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