The state’s Consensus Economic Forecasting Commission yesterday reduced its 2008 prediction for job growth in Maine from 0.3% to zero percent.
At its meeting yesterday, the five-member commission also reduced its growth estimate for personal income for the year from 4.4% to 3.5%, according to the Associated Press. However, Charles Colgan, the commission’s chairman, told the Legislature’s Appropriations Committee that if there was a national recession, Maine would likely not enter a deep or prolonged economic dive, the AP said.
Given the reduced forecast, it is expected that the Revenue Forecasting Committee, which will meet later this month, will also be compelled to reduce its state revenue projections, according to the AP.
