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We discuss the main revenue forecast in our 2021-21 Fiscal Outlook.
U.S. retail sales grew modestly in October. Total sales January-October 2020 were just 0.1% below January-October 2019.
October revenue collections from the state’s three largest taxes were ahead of budget projections by $2.8 billion (40 percent).
Credit/debit card data suggest CA taxable sales continued to grow in October but still remained slightly below January.
September collections from the state’s three largest taxes were ahead of budget projections by $4 billion (42 percent).
Credit/debit card data suggest California taxable sales continued to grow in September but still remained somewhat below January.
New vehicle registrations have rebounded from record lows in the spring, but remain below pre-recession levels.
Strong U.S. retail sales growth continued in September. Total sales January-September 2020 were just 1% below the same period in 2019.
August revenue collections from the state’s three largest taxes were ahead of budget projections by $1.7 billion (24 percent).
U.S. retail sales rose by 0.6 percent from July to August, making sales in August 2020 2.6 percent higher than sales in August 2019.
Credit/debit card data suggest CA taxable sales continued to grow in August but still remained below January.
Total revenue collections for the state’s three largest taxes came in 9 percent ($4.3 billion) ahead of budget projections.
U.S. retail sales in July 2020 were 2.7% higher than in July 2019.
We use data on credit card and debit card transactions in California to get a better sense of recent sales tax trends in California.
U.S. retail sales rose 8% from May to June, returning to 2019 level.