The Center for Jobs and the Economy has issued a special report on California’s Q4 2023 GDP growth, which although rising, continues to lag behind the national average, signifying ongoing economic challenges for the state. Despite maintaining its position as the 5th largest economy, California faces revenue difficulties amidst sluggish growth and declining contributions from the tech industry.
With California now posting the highest unemployment rate in the nation, this report focuses specifically on unemployment data to provide crucial insights into the state of employment in California.
The March labor force data in general produced weak results for the state. Nonfarm jobs dipped by 3,400 over the month, while January’s strong preliminary numbers were revised down sharply from the initially reported 58,100 to 25,600, the lowest since last September and only 38% as high as the gain in January 2023.
The state’s tax system leans significantly on these few taxpayers. For instance, the amount of income tax Ohtani could save annually by changing his residence in 2033 is equivalent to the total tax liability of the bottom 1.78 million tax filers in 2021 (positive AGI). To use another illustration, finding just 317 more individuals like Ohtani (with no deferrals and MLB approval for the 12 required expansion teams) or doubling the taxes paid by the bottom 3.34 million tax filers could erase the state’s projected deficit for 2024-25.
The Center for Jobs and the Economy has released a special report that delves into the tax burden on personal income in California, particularly focusing on its impact on different family types. For additional information and data about the California economy visit www.centerforjobs.org/ca.
As discussed in our preliminary report, nonfarm jobs in January posted a 58,100 gain in the preliminary estimate. While stronger than prior months, January only regained a portion of the ground lost due to the 231,800 downward adjustment in December coming from the annual revision process.
Highlights for policy makers:
Recovery 232,000 Jobs Weaker than Previously Reported
California Labor Force
Nonfarm Jobs by Region
Counties with Double-Digit Unemployment
Unemployment Rate By Legislative District
Below are highlights from the recently released trade data from the US Census Bureau and US Bureau of Economic Analysis. To view additional data and analysis related to the California economy visit our website at www.centerforjobs.org/ca. Trade levels in general showed improvement as the California ports continued to recover some of the market share lost […]
Below are the monthly updates from the most current February 2024 fuel price data (GasBuddy.com) and December 2023 electricity and natural gas price data (US Energy Information Administration). To view additional data and analysis related to the California economy visit our website at www.centerforjobs.org/ca. California’s average energy rankings showed continued deterioration in the residential sector, […]
Below are highlights from the recently released trade data from the US Census Bureau and US Bureau of Economic Analysis. To view additional data and analysis related to the California economy visit our website at www.centerforjobs.org/ca. Overall trade flows were largely stable compared to December 2022. Total trade flows through the state’s ports were off […]
Below are the monthly updates from the most current January 2024 fuel price data (GasBuddy.com) and November 2023 electricity and natural gas price data (US Energy Information Administration). To view additional data and analysis related to the California economy visit our website at www.centerforjobs.org/ca. California’s energy costs rankings showed deterioration in two categories, while fuel […]
As discussed in our preliminary report, nonfarm jobs rose 23,400 in December, bringing the preliminary job gains for all of 2023 to 311,600 (seasonally adjusted) and coming in 26% better than the average monthly jobs gain of 20,500 in pre-pandemic 2019.
Highlights for policy makers:
Recovery Progress
Job Openings Down 25% Since December
Labor Force Still Below Recovery
Unemployment Claims at Nearly a Quarter of US Total
May Revise Pulls UI Fund Repayments
California State Trust Fund Solvency Lowest Among the States
CaliFormer Businesses
May Revise: Projections Show a Reduced Surplus; Not a Deficit
Below are highlights from the recently released trade data from the US Census Bureau and US Bureau of Economic Analysis. To view additional data and analysis related to the California economy visit our website at www.centerforjobs.org/ca. Compared to a year ago, the November trade numbers in general show improved activity through the state’s ports. Both […]
Below are the monthly updates from the most current December 2023 fuel price data (GasBuddy.com) and October 2023 electricity and natural gas price data (US Energy Information Administration). To view additional data and analysis related to the California economy visit our website at www.centerforjobs.org/ca. Overall, California’s energy price rankings had some minor improvements, but they […]