Economy, Business, Finance, and Labor

Slow improvement in the labor market continues in Washington state. The latest unemployment rate came out Wednesday.

Washington's employment department said the jobless rate for May ticked down two-tenths of a percent from April to land at 6.8 percent.

State labor economist Paul Turek says it's the first time since late 2008 that the unemployment rate stood below seven percent.

Timber industry giant Weyerhaeuser is about to get even bigger. The Federal Way, Washington-based company announced Monday that it's buying Longview Timber in a sale valued at more than $2.6 billion.

Weyerhauser says the purchase will increase its timber holdings in the Pacific Northwest by more than 33 percent. According to Weyerhaeuser and timber industry analysts, it's the third largest timber deal in U.S. history.

Oregon's economic outlook is looking brighter. That's according to state economists, who issued their quarterly revenue forecast Thursday. The news comes as lawmakers get ready to put together the state's next two-year spending plan.

The slow and steady improvement is still steady, just not quite as slow. The overall growth rate is still a bit behind past expansions, but state economist Mark McMullen says some of the factors holding back Oregon's economy are looking better, such as jobs and the housing market.