The Office of Financial Management’s Forecasting and Research Division has released its November 2025 economic snapshot, offering a detailed look at Washington’s current fiscal and labor landscape. n nState revenues for the General Fund-State exceeded projections by $89.9 million, or 3.6%, contributing to an early biennial fiscal cushion of $110.8 million. This positive variance provides flexibility in budget planning despite ongoing uncertainties. n nLabor market indicators show modest softening. While unemployment held steady at 4.5% in August—the latest available data due to a federal government shutdown—labor force participation edged down to 62.0%, remaining below its 2023 peak. n nGasoline prices declined by 2.3% in October, offering temporary relief to consumers, though they remain 11% higher than the same period last year. Meanwhile, demand for new vehicles weakened, with registrations falling 3.8% in October and standing 6.2% lower compared to the previous year. n nTrade patterns also shifted significantly. Washington’s exports increased by 14% year-over-year in August, while imports dropped nearly 17.5% over the same period, signaling a notable rebalancing in international commerce flows. n
— News Original —nNovember WA monthly economic reportn nThe OFM November economic snapshot is here. This is a report produced by the Office of Financial Management’s Forecasting and Research Division. n nNovember 2025 Washington Monthly Economic Report [PDF] n nHere are some key highlights from this month’s report: n n📈Revenue beat forecasts: Washington’s General Fund-State revenues came in $89.9M (+3.6%) above expectations, providing a $110.8M fiscal cushion early in the biennium. n n💼Labor market is softening: Unemployment data is available through August due to Government Shutdown. Unemployment remains stable at 4.5% in August, with labor force participation slightly easing to 62.0%, still below its 2023 peak. n n⛽Gas prices offer short relief: Regular gasoline prices fell 2.3% in October, though they remain 11% higher than a year ago. n n🚗Demand for cars softens: New vehicle registrations dropped 3.8% in October and are 6.2% below last year. n n🌎Trade balances shift: Washington’s exports rose 14% year-over-year in August while imports fell nearly 17.5% year-over-year, reflecting a sharp shift in trade flows.