Finance Bulletin

November 2001

Economic Update

A clearer picture is emerging of the California economy subsequent to September 11, 2001.  California clearly suffered less than the nation as a whole, with the state’s 4,300 drop in nonfarm jobs amounting to only 1 percent of the nationwide loss of 415,000 jobs.  September construction data reflect a partial post-attack month, and building activity slowed dramatically, with both residential and nonresidential construction experiencing the weakest month of the year.

  Employment Growth Slows

Monthly Cash Report

Preliminary General Fund agency cash for October was $220 million below the 2001 Budget Act forecast of $4.630 billion.  Year-to-date, revenues are $827 million below expectations.  This month’s receipts reflect activity subsequent to the September 11 events with the exception that third-quarter sales tax data are not yet finalized.

General Fund Agency Cash
2001-02 Budget Act Forecast

2000-01 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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