OLYMPIA, Wash. - Washington's chief economist says the recession appears to be over in the state and the nation. But he warns that the economic recovery is still very fragile.
State economist Arun Raha says countries in East Asia and Western Europe are showing surprising economic strength. That helps the outlook for exports, and Washington is the most trade-dependent state in the nation. But Raha also cautions that commercial real estate has hit a wall, and that could spell trouble for local and regional banks.
Consumer spending also hasn't recovered yet. State budget director Victor Moore says consumers likely need to see the job market improve before confidence bounces back.