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October 17, 2007

Panel lowers job growth estimates

The Consensus Economic Forecasting Commission, a state advisory panel, yesterday lowered its forecast for Maine job growth, though it increased personal income growth estimates for this year.

The commission's recommendations will now be considered by the Maine Revenue Forecasting Committee, which will further analyze projected corporate profits, capital gains and energy prices to refine state revenue estimates, according to the Associated Press.

The Consensus Economic Forecasting Commission lowered its projection of Maine's wage and salary increases from 0.7% to 0.5% this year, from 0.8% to 0.3% next year and from 0.8% to 0.6% in 2009. The commission increased estimated personal income growth in 2007 from 4.3% to 4.9%, but reduced the projected growth or held it steady in 2008 and 2009.

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