June 2003

Economic Update

There is still no sign of an upturn in California’s economic condition.  Employment continues to be lackluster, with industry job losses for four consecutive months.  In addition to continuing problems in the manufacturing sector, weakness is now appearing in the state’s service sectors.  While housing and real estate markets remain strong, home building has cooled from the phenomenal pace that 2003 started with. 

California and National Unemployment Rates Converge

Monthly Cash Report

Preliminary General Fund agency cash for May was $148 million above the 2003-04 May Revision forecast of $3.592 billion.  Including adjustments for actual April receipts that were not known when the May Revision forecast was prepared, year-to-date revenues are $147 million higher than the $60.822 billion that was expected. 

General Fund Agency Cash
2003-04 Governor's Budget Act Forecast

2002-03 Comparison of Actual and Forecast 
Agency General Fund Revenues

For more information, please contact the California Department of Finance,
Room 1145, State Capitol, Sacramento, CA or call (916) 323-0648.

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