March 2003

Economic Update

January’s labor market report is the first that uses the new North American Industrial Classification System (NAICS).*  Even though NAICS will ultimately provide a better picture of the economy, the transition makes it more difficult to glean current economic conditions.  That said, the California economy in January continued along trends that were evident throughout 2002: labor markets remain weak, high tech manufacturing continuing to suffer large job losses.  Homebuilding remains the economy’s bright spot.

For more information on NAICS you can read “NAICS: A NEW DATA STRUCTURE” in the November-December 2002 California Economic Indicators at or see EDD’s information at

California Nonfarm Employment Under NAICS

Monthly Cash Report

Preliminary General Fund agency cash for February was $241 million below the 2003-04 Governor’s Budget forecast of $3.708 billion.  Year-to-date, revenues are $362 million lower than the $43.995 billion that was expected.

General Fund Agency Cash
2003-04 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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