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California Economy and Taxes
 
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Thumbnail for U.S. Retail Sales Update: March 2021

U.S. Retail Sales Update: March 2021 April 15, 2021

March retail sales were nearly 10 percent above February and 28 percent above March 2020. 

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February 2021 State Tax Collections March 22, 2021

February gross revenue collections from the state’s three largest taxes were ahead of budget projections by $1.6 billion (14 percent).

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U.S. Retail Sales Update: February 2021 March 16, 2021

 Despite a decline of 3 percent from January, February retail sales were 6.5 percent above February 2020. 

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U.S. Retail Sales Update: January 2021 February 17, 2021

U.S. retail sales grew 5.3% from December to January (seasonally adjusted)—the 4th-largest monthly increase since 1992.

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Card Spending Update: January 2021 February 12, 2021

Credit/debit card data suggest CA taxable sales grew by 2% in January but the spending response to recent federal stimulus payments seemed to be weaker in CA than elsewhere. 

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January 2021 State Tax Collections February 12, 2021

Revenue collections through January have been well ahead of projections in the recently released 2021-22 Governor’s Budget. After accounting for changes in constitutionally-required spending, we estimate that these higher-than-expected collections represent a roughly $4 billion increase in discretionary state funding relative to the Governor’s Budget.

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December 2020 State Tax Collections January 20, 2021

December revenue collections from the state’s three largest taxes were ahead of Governor’s Budget projections by $3.0 billion (21 percent).

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U.S. Retail Sales Update: December 2020 January 15, 2021

U.S. retail sales declined by 0.7% from November to December, but sales for the full year were 0.4% higher than 2019.

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Card Spending Update: December 2020 January 14, 2021

Credit/debit card data suggest CA taxable sales dropped by 2% in December but remained higher than January 2020.

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November 2020 State Tax Collections December 16, 2020

November revenue collections from the state’s three largest taxes were ahead of budget projections by $2.4 billion (33 percent).  

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Card Spending Update: November 2020 December 16, 2020

Credit/debit card data suggest CA taxable sales continued to grow in November; spending now higher than January.

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U.S. Retail Sales Update: November 2020 December 16, 2020

U.S. retail sales declined by 1% in November, but total sales Jan.-Nov. 2020 were slightly higher than Jan.-Nov. 2019. 

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2021-22 Fiscal Outlook Revenue Estimates November 18, 2020

We discuss the main revenue forecast in our 2021-21 Fiscal Outlook. 

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U.S. Retail Sales Update: October 2020 November 17, 2020

U.S. retail sales grew modestly in October. Total sales January-October 2020 were just 0.1% below January-October 2019.

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October 2020 State Tax Collections November 13, 2020

October revenue collections from the state’s three largest taxes were ahead of budget projections by $2.8 billion (40 percent).