California income tax withholding collections were $90 million (1 percent) lower in July compared to last year.
California businesses added 19,900 jobs in June, about half as much as recent months and the slowest gain since last September.
The amount of money spent on retail purchases in the U.S. increased 1% from May to June, but real sales declined due to inflation.
California income tax collections were down 2 percent in June relative to last year.
U.S. retail sales (seasonally adjusted) declined 0.3 percent from April to May. Inflation-adjusted sales declined more.
U.S. retail sales (seasonally adjusted) grew 0.5 percent from February to March.
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 (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.”
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 (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.”
California employers added 50,700 net jobs in December, representing annualized growth of 3.6 percent.
Based on the most recent revenue and economic data, we currently project that there is a strong chance that collections from the state’s “big three” taxes will exceed the Governor's Budget assumption of $185 billion in 2021-22.
U.S. retail sales (seasonally adjusted) dropped 1.9 percent from November to December. Nonetheless, sales remained 17 percent above last December.
U.S. retail sales (seasonally adjusted) grew 0.3 percent from October to November. Retail sales have been elevated throughout 2021 following dramatic growth in January and March.
California income tax withholding collections in November were up nearly a third over last November.