State economists are trimming their forecasts for economic growth and tax revenues after business spending and exports declined more than expected this summer. But they aren’t calling for a downturn yet, given the continued strength in hiring and consumer spending. “We are not forecasting a recession, but recession risks remain elevated,” Meredith Moon, an economist with the Colorado Legislative Council, (CLC) told members of the legislature’s Joint Budget Committee on Friday. Trade tensions and slower growth abroad are weighing on economic activity in the U.S.