U.S. Retail Sales Update: February 2022 March 16, 2022

U.S. retail sales (seasonally adjusted) grew 0.3 percent from January to February. Retail sales have been elevated after growing dramatically in early 2021, but inflation has offset much of the past year’s apparent “growth.” 


Cannabis Tax Revenue Update February 23, 2022

Preliminary cannabis tax revenue for 2nd quarter of 2021-22: $196 million. Over the past year, cannabis tax revenue has grown much more slowly than it did previously.


2021-22 “Big Three” Revenue Outlook Update: February 2022 February 17, 2022

Based on the most recent revenue and economic data, we currently project that there is a very good chance that collections from the state’s “big three” taxes will exceed the Governor's Budget assumption of $185 billion in 2021-22 by at least several billion dollars. 


U.S. Retail Sales Update: January 2022 February 16, 2022

U.S. retail sales (seasonally adjusted) grew 3.8 percent from December to January. Retail sales have been elevated after growing dramatically in early 2021, but inflation has offset most of the past year’s apparent “growth.” 


December 2021 Jobs Report January 24, 2022

California employers added 50,700 net jobs in December, representing annualized growth of 3.6 percent. 


2021-22 “Big Three” Revenue Outlook Update: January 2022 January 21, 2022

Based on the most recent revenue and economic data, we currently project that there is a strong chance that collections from the state’s “big three” taxes will exceed the Governor's Budget assumption of $185 billion in 2021-22. 


U.S. Retail Sales Update: December 2021 January 14, 2022

U.S. retail sales (seasonally adjusted) dropped 1.9 percent from November to December. Nonetheless, sales remained 17 percent above last December. 


U.S. Retail Sales Update: November 2021 December 15, 2021

U.S. retail sales (seasonally adjusted) grew 0.3 percent from October to November. Retail sales have been elevated throughout 2021 following dramatic growth in January and March. 


Income Tax Withholding Tracker: November 1 - November 30 November 30, 2021

California income tax withholding collections in November were up nearly a third over last November.


Home Sales Update: October 2021 November 30, 2021

The pace of California home sales is slowing, although it remains high by historical standards.


Cannabis Tax Revenue Update November 30, 2021

Preliminary cannabis tax revenue for 1st quarter of 2021-22: $211 million.


October 2021 Jobs Report November 19, 2021

California employers added 96,800 net jobs in October, the highest monthly figure since July.


California New Business Creation: October 2021 November 19, 2021

The pace of new business creation in the state remains slower than in 2020 but faster than in most previous years.


Home Price Update: October 2021 November 18, 2021

California home price growth slowed sharply in October, but is still up 21 percent over the past 12 months.


2022-23 Fiscal Outlook Revenue Estimates November 17, 2021

We discuss the revenue estimates in our recently released Fiscal Outlook.