Nevermind that national consumer confidence is on the rise. Half of Washington voters expect the economy to get worse, according to an Elway Poll released today.
Fifty-one percent of those surveyed expect things to worsen, while 43 percent say the recession will last another two years or more. The most pessimistic group: those with lower incomes and those who are older. King County respondents (54 percent) were more likely to say the economy had stabilized.
A caveat: the poll has a small sample (405 registered voters) and a margin of error of plus or minus 5 percent. The poll was conducted May 19-21st.
Separately, the state issued its preliminary June forecast. It expects the recession to end sometime in the third quarter, assuming the shape of a “U” downturn. More bearish economists say things such as high debt, rising oil prices or more shocks could turn this into an L-shaped downturn — nasty. And even the Fed’s economists expect renewed growth to be tepid.
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