Weekly Unemployment Claims Update: June 14-June 20 [EconTax Blog]

Jun 25, 2020 - Should continued claims keep rising, however, it could signal that the state is in for a protracted slump. Initial Claims Count Somewhat Higher Than Recent Weeks. California processed 287,354 initial claims for regular unemployment insurance between June 14 and June 20.
https://lao.ca.gov/LAOEconTax/Article/Detail/487

Labor Agreements: Bargaining Units 1, 3, 4, 6, 9, 11, 14, 15, 17, 20, AND 21 [Publication Details]

Jun 25, 2020 - We reviewed the proposed labor agreements between the state and Bargaining Units 1, 3, 4, 6, 9, 11, 14, 15, 17, 20, and 21. These agreements establish Personal Leave Program 2020 and other provisions to reduce employee compensation costs assumed in the 2020-21 budget. This review is pursuant to Section 19829.5 of the Government Code.
https://lao.ca.gov/Publications/Detail/4257

Labor Agreements: Bargaining Units 1, 3, 4, 6, 9, 11, 14, 15, 17, 20, AND 21

Jun 25, 2020 - The state contributes a percentage of pay to fund state employee pension benefits at CalPERS. Although state employee pay is reduced during periods of furlough, their pension benefits are not affected.
https://lao.ca.gov/Publications/Report/4257

Home Sales Update: May 2020 [EconTax Blog]

Jun 24, 2020 - The slump deepened in May, as the state recorded barely half as many sales as in May 2019. The graph below shows unadjusted home sale counts according to Redfin, a national real estate brokerage. This next graph compares each week in 2020 to the comparable week in 2019 using Redfin data for California ’s twelve largest markets.
https://lao.ca.gov/LAOEconTax/Article/Detail/486

Home Prices Update: May 2020 [EconTax Blog]

Jun 23, 2020 - In the longer term, chronically high housing costs have hurt the state ’s business climate and been a key reason California loses residents to other states on net in most years. May 2020 data indicate that the typical home in both California and the nation at large has appreciated 4.3 percent since May 2019.
https://lao.ca.gov/LAOEconTax/Article/Detail/485

May 2020 Jobs Report [EconTax Blog]

Jun 22, 2020 - The state was somewhat slower to reopen its economy than most other states were.   The figure below summarizes nonfarm employment by sector based on the monthly survey of employers. Overall employment in the state as of the middle of May was 14.1 percent below the level of February, somewhat worse than the national figure of 12.8 percent.
https://lao.ca.gov/LAOEconTax/Article/Detail/484

Income Tax Withholding Tracker: June 15-June 19 [EconTax Blog]

Jun 19, 2020 - Nonetheless, given the pace and severity of the shift in the state ’s economy resulting from the COVID-19 pandemic, tracking weekly withholding is worthwhile as a way to assess the state ’s rapidly changing economic situation.
https://lao.ca.gov/LAOEconTax/Article/Detail/483

Weekly Unemployment Claims Update: June 7-June 13 [EconTax Blog]

Jun 19, 2020 - Should continued claims keep rising, however, it could signal that the state is in for a protracted slump. Initial Claims Count Similar to Recent Weeks. California had 243,344 initial claims between June 7 and June 13.
https://lao.ca.gov/LAOEconTax/Article/Detail/482

Income Tax Withholding Tracker: June 8-June 12 [EconTax Blog]

Jun 12, 2020 - Nonetheless, given the pace and severity of the shift in the state ’s economy resulting from the COVID-19 pandemic, tracking weekly withholding is worthwhile as a way to assess the state ’s rapidly changing economic situation.
https://lao.ca.gov/LAOEconTax/Article/Detail/479

Weekly Unemployment Claims Update: May 31-June 6 [EconTax Blog]

Jun 12, 2020 - Should continued claims keep rising, however, it could signal that the state is in for a protracted slump. Initial Claims Count Similar to Recent Weeks. California had 258,060 initial claims between May 31 and June 6.
https://lao.ca.gov/LAOEconTax/Article/Detail/478