Thursday, May 29, 2014
What made this economic recovery in Washington State different than the early 1990s and 2000s?
In both the early 1990s and early 2000s, Washington State lagged the country in economic recovery. At least in terms of unemployment. But, you can see the curve of dipping unemployment this time around, Washington State matched or beat the jobless rate dip, especially in the past two years. So, what was different this time around? Some folks (a year ago) pointed out that our trade dependent nature would benefit the state, allowing us to lead the nation out of recession. But, wasn't this true in the 1990s and 2000s. Boeing and other trade dependent industries (natural resources, shipping, farming) still dominated then too right? Either way, the employment recovery looked different this time around. I'm curious why.