Finance Bulletin

November 2004

Economic Update

By many measures, the California economy is in better shape today than it was in 2003. The state's labor market has been on an upswing for the last several months. Since March 2004, the unemployment rate has dropped steadily, while industry employment has risen by 114,800. In October, California gained more than its share of national job gains. The positive labor market news is buttressed by healthy home building activity and steady growth in commercial construction, particularly offices.

Unemployment Rate Falling

Monthly Cash Report

Preliminary General Fund agency cash for October was $471 million above the 2004 Budget Act forecast of $4.385 billlion. Year-to-date, revenues are $1.08  billlion above expectations, primarily due to strength in the corporation tax.

General Fund Agency Cash
 2004-05 Budget Act Forecast

 2004-05 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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