California Economy and Taxes

June 2022 Jobs Report July 25, 2022

California businesses added 19,900 jobs in June, about half as much as recent months and the slowest gain since last September.

U.S. Retail Sales Update: June 2022 July 18, 2022

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.

Income Tax Withholding Tracker: June 2022 July 11, 2022

California income tax collections were down 2 percent in June relative to last year. 

May 2022 Jobs Report June 20, 2022

California businesses added 42,900 net jobs in May (seasonally adjusted), about the same as April and another month of slower job growth than seen in the past year.

U.S. Retail Sales Update: May 2022 June 15, 2022

U.S. retail sales (seasonally adjusted) declined 0.3 percent from April to May. Inflation-adjusted sales declined more.

Cannabis Tax Revenue Update May 26, 2022

Preliminary cannabis tax revenue for 3rd quarter of 2021-22: $189 million.

April 2022 Jobs Report May 20, 2022

California employers added 41,400 net jobs in April (seasonally adjusted), the smallest net gain in the past six months. 

March 2022 Jobs Report May 11, 2022

California employers added 60,200 jobs net jobs March (seasonally-adjusted), a 4.2 percent increase on an annual basis. 

2021-22 “Big Three” Revenue Outlook Update: April 20, 2022 April 21, 2022

Our estimates suggest that it is virtually certain that collections from the state’s “big three” taxes—personal income, sales, and corporation taxes—will significantly exceed the Governor’s Budget assumption of $185 billion in 2021-22. Currently, our best estimate is that there will be somewhere between $33 billion and $39 billion in unanticipated revenue.

U.S. Retail Sales Update: March 2022 April 18, 2022

U.S. retail sales (seasonally adjusted) grew 0.5 percent from February to March. 

2021-22 “Big Three” Revenue Outlook Update: March 2022 March 28, 2022

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. 

California New Business Creation: February 2022 March 16, 2022

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 Update: February 2022 March 16, 2022

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.” 

Cannabis Tax Revenue Update February 23, 2022

Preliminary cannabis tax revenue for 2nd quarter of 2021-22: $196 million. Over the past year, cannabis tax revenue has grown much more slowly than it did previously.