California's Economy and Taxes

Monthly Jobs Report May 19, 2023

California businesses added 67,000 jobs in April, an above average pace after a sluggish start to the year. Despite employment gains, the state's unemployment rate rose slightly to 4.5 percent because more workers re-entered the labor force.

Chas Alamo

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U.S. Retail Sales Update: April 2023 May 16, 2023

U.S. retail sales have dropped 0.9 percent over the last 3 months and grown 1.6 percent over the last 12 months.

Seth Kerstein

Inflation Tracker May 10, 2023

Annual inflation is below the 2022 peak, but core measures have leveled off in recent months.

Ross Brown

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U.S. Retail Sales Update: March 2023 April 14, 2023

U.S. retail sales have grown 1.9 percent over the last 3 months and 2.9 percent over the last 12 months. Sales have grown faster than inflation over the last 3 months but slower than inflation over the last 12.

Seth Kerstein

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Updated 2022-23 "Big Three" Revenue Outlook March 15, 2023

Based on the most recent revenue and economic data, we currently estimate that collections from the state’s “big three” taxes—personal income, sales, and corporation taxes—are likely to fall below the Governor's Budget assumption of $200 billion in 2022-23.

Brian Uhler

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U.S. Retail Sales Update: February 2022 March 15, 2023

U.S. retail sales have grown 2 percent over the last 3 months and 5.4 percent over the last 12 months.

Seth Kerstein

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U.S. Retail Sales Update: January 2023 February 15, 2023

U.S. retail sales have grown 6.4 percent over the last 12 months, but have been flat after accounting for inflation.

Seth Kerstein

Updated Inflation Outlook January 22, 2023

Based on the most recent economic data, we now estimate that annual inflation will drop to about 4 percent by the second quarter of 2023.

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U.S. Retail Sales Update: December 2022 January 18, 2023

U.S. retail sales (seasonally adjusted) declined 1.1 percent from November to December. The two-month decline was 2.1 percent. In the last 30 years, two-month drops of at least 2 percent have happened around recessions.

Seth Kerstein

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U.S. Retail Sales Update: November 2022 December 15, 2022

U.S. retail sales (seasonally adjusted) declined 0.6 percent from October to November.

Seth Kerstein

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Unemployment Claims Tracker December 9, 2022

Despite worrying signs in some parts of the economy, the labor market remains steady. Seasonally adjusted weekly UI claims held steady over the last several months at between 40,000 and 50,000 claims per week. This level is in-line with UI claims seen during periods of sustained economic growth.