U.S. retail sales (seasonally adjusted) fell 1.1 percent from June to July. Retail sales remain elevated due to dramatic growth in January and March.
U.S. retail sales (seasonally adjusted) grew 0.6 percent from May to June. Retail sales remain elevated due to dramatic growth in January and March.
U.S. retail sales dropped by 1.3% from April to May (seasonally adjusted), but sales remain elevated, with 14% growth over the last 6 months.
This post provides commentary on our May Outlook revenues.
March collections from the state’s three largest taxes—the personal income tax, corporation tax, and sales tax—exceeded projections by $2.5 billion (30 percent).
March retail sales were nearly 10 percent above February and 28 percent above March 2020.
February gross revenue collections from the state’s three largest taxes were ahead of budget projections by $1.6 billion (14 percent).
Despite a decline of 3 percent from January, February retail sales were 6.5 percent above February 2020.
U.S. retail sales grew 5.3% from December to January (seasonally adjusted)—the 4th-largest monthly increase since 1992.
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.
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.
December revenue collections from the state’s three largest taxes were ahead of Governor’s Budget projections by $3.0 billion (21 percent).
U.S. retail sales declined by 0.7% from November to December, but sales for the full year were 0.4% higher than 2019.
Credit/debit card data suggest CA taxable sales dropped by 2% in December but remained higher than January 2020.
November revenue collections from the state’s three largest taxes were ahead of budget projections by $2.4 billion (33 percent).