The Missouri economy, like that of the US, continued to grow in Calendar Year 2007, but has come up against the strong currents of the housing and auto manufacturing slowdowns. After peaking at record levels in the spring, Missouri employment declined slightly into the autumn. According to US Bureau of Labor Statistics' data, through November 2007, the state gained 12,000 jobs over the previous twelve months, growth of 0.4%, and 87,900 jobs since January 2005. Missouri's economic outlook over the next two years is similar to that of the US, weighed down by the general outlook in the housing and automotive industries. Revenue forecasting is challenging under the best of circumstances. When uncertainties overshadow the economic forecast, the undertaking becomes even more difficult. Article X of the Missouri Constitution establishes a revenue and spending limit on state government. The Office of Administration projects that total state revenues will not exceed the total state revenue limit in Fiscal Years 2008 or 2009.
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