The Washington economy is continuing to improve, but at the same slow pace it has shown for months, and with the same vulnerability to national and global events, according to the latest economic and revenue update.

The report’s main points for our state:

• As expected in June, the Washington economy continues to expand at a moderate pace.
• Job growth in recent months has been a bit stronger than expected.
• Manufacturing appears to be slowing but housing construction is picking up, especially in the multi-family sector. Home price appreciation has turned positive.
• Except for transportation equipment, Washington exports have weakened.
• Inflation in the Seattle area has picked up and exceeds the national rate.
• We expect the Washington economy to continue to outperform the U.S. economy by a narrow margin.