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Income Tax Withholding Tracker: June 2022 July 11, 2022
California income tax collections were down 2 percent in June relative to last year.
May 2022 Jobs Report June 20, 2022
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 Update: May 2022 June 15, 2022
U.S. retail sales (seasonally adjusted) declined 0.3 percent from April to May. Inflation-adjusted sales declined more.
Cannabis Tax Revenue Update May 26, 2022
Preliminary cannabis tax revenue for 3rd quarter of 2021-22: $189 million.
April 2022 Jobs Report May 20, 2022
California employers added 41,400 net jobs in April (seasonally adjusted), the smallest net gain in the past six months.
The 2022-23 Budget: May Revenue Outlook May 16, 2022
We discuss our May revenue outlook.
March 2022 Jobs Report May 11, 2022
California employers added 60,200 jobs net jobs March (seasonally-adjusted), a 4.2 percent increase on an annual basis.
2021-22 “Big Three” Revenue Outlook Update: April 20, 2022 April 21, 2022
Our estimates suggest that it is virtually certain that collections from the state’s “big three” taxes—personal income, sales, and corporation taxes—will significantly exceed the Governor’s Budget assumption of $185 billion in 2021-22. Currently, our best estimate is that there will be somewhere between $33 billion and $39 billion in unanticipated revenue.
U.S. Retail Sales Update: March 2022 April 18, 2022
U.S. retail sales (seasonally adjusted) grew 0.5 percent from February to March.
2021-22 “Big Three” Revenue Outlook Update: March 2022 March 28, 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.
California New Business Creation: February 2022 March 16, 2022
February 2022 business formation data shows that new business creation is retuning to long-term average levels after growing at a faster pace in late 2020 and throughout 2021.
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.”