Finance Bulletin

June 2004

Economic Update

For the first time this year, California garnered its share of national employment gains. California added 23,600 industry jobs in May, or 0.2 percent—a pace that matched the nation's May employment growth. Even though the state's employment gains have been below historical standards, industry employment has grown for three consecutive months (and four out of the first five months of 2004) and the pace is accelerating. Other indicators, such as nonresidential construction, have also given signals that more substantial job growth should be forthcoming.

Job Growth Accelerates

Monthly Cash Report

Preliminary General Fund agency cash for May was $257 million below the 2004-05 May Revision forecast of $4.275 billion. Including adjustments for actual April receipts that were not known when the May Revision forecast was prepared, year-to-date revenues are $246 million lower than the $67.514 billion that was expected.

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

2003-04 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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