A webcast of the state’s press conference (just 30 minutes long) on the October Economic Update is now available for viewing on the House website. Check it out. You’ll get a pretty good sense of how Department of Finance officials and state economist Tom Stinson view the status of our economy, budget and the bond market.
It’s worth noting that everyone speaking at the press conference underscored the positive news that revenue for FY 2008-09 has been better than expected. At the same time, it’s understood that we will have a budget deficit for the next budget biennium, FY 2010-11.
Dr. Stinson pointed out a major “X factor” – the recent actions by the Federal Reserve and Treasury to unfreeze the credit freeze. We haven’t seen the effects of this yet, and how successful they are, or are not, will greatly impact how bad the economy gets.
Next up: September unemployment and job numbers in Minnesota will be released this Thursday, October 16th.