August state income tax withholding was down $450 million (6.1 percent) compared to last year.
California's housing market boomed during much of the pandemic, but it started to cool this spring. Over the last few months, sales prices and sales activity have declined notably.
Cannabis tax revenues have declined substantially for three straight quarters.
California added 84,800 jobs in July, about twice the level of recent months. Job gains for June were revised upward as well, from 19k to 37k.
U.S. retail sales (seasonally adjusted) remained nearly unchanged from June to July.
New IRS data on taxpayer migration during the first year of the pandemic shows an uptick of movement between California and other states, as well as within California.
California income tax withholding collections were $90 million (1 percent) lower in July compared to last year.
California businesses added 19,900 jobs in June, about half as much as recent months and the slowest gain since last September.
The amount of money spent on retail purchases in the U.S. increased 1% from May to June, but real sales declined due to inflation.
California income tax collections were down 2 percent in June relative to last year.
California businesses added 42,900 net jobs in May (seasonally adjusted), about the same as April and another month of slower job growth than seen in the past year.
U.S. retail sales (seasonally adjusted) declined 0.3 percent from April to May. Inflation-adjusted sales declined more.
Preliminary cannabis tax revenue for 3rd quarter of 2021-22: $189 million.
California employers added 41,400 net jobs in April (seasonally adjusted), the smallest net gain in the past six months.
We discuss our May revenue outlook.