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Mon December 7, 2009
It's Bad But....Forcast Group Adjusting Numbers
By Tony McVeigh
Frankfort, KY – In October, the Consensus Forecasting Group predicted the state could be facing a 161-million dollar revenue shortfall this fiscal year. With the 2010 budget session just weeks away, the panel's again crunching the numbers. Does the economy look any better? "Things are getting marginally better. The forecast that we looked at today, the control and the pessimistic forecasts, were perhaps slightly more optimistic."
That's Dr. Larry Lynch, who chairs the panel of economic experts. He says manufacturing production, retail sales and corporate profits are up, but jobs are still lagging. The consensus group meets again later this month to offer revenue projections on which the state's next biennial budget will be based.