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Read the latest news updates from the California Business Roundtable.

Amid Ongoing Talks of Tariffs and Trade, California Business Leaders Highlight the Critical Importance of California’s Trade and Warehousing to Jobs

California’s leading business organizations that make up the Goods Movement Alliance underscored the vital role of the trade.

03/12/2024
STAFF
PRESS RELEASE

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LATEST JOBS DATA RAISES RED FLAGS FOR CALIFORNIA’S ECONOMIC OUTLOOK

California's economic and jobs recovery data raises red flags for the business community.

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California Business Community Unites Behind Insurance Commissioner Lara

Broad-based business community support Insurance Commissioner Lara's ongoing commitment to his sustainable insurance strategy following devastating Los Angeles area fires.

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California Continues to Triple Down on Policies to Drive Up the Cost of Gasoline

The statewide business community commends Governor Gavin Newsom and the California Legislature for the passage and signing of a series of bills designed to address the ongoing retail theft crisis affecting businesses across the state.

Reports and Studies

California Energy Price Data for September 2024

In July, California average residential electricity jumped to 10th highest among the contiguous states, compared to 9th lowest in 2010. Electricity rates across all three primary end users as well as the cost of fuels remained the highest in the contiguous states.

Reports and Studies

California Trade Report for August 2024

The August trade data again showed strong results for California and its ports as shippers continued to surge activity ahead of pending tariffs and the then-threatened East/Gulf labor actions. Origin exports rose 9.9% in nominal terms compared to prior year. Total trade activity through the state’s ports was up 13.6%, with the strongest gains in imports.

Reports and Studies

Full August 2024 Jobs Report

California’s Real GDP grew by 2.8% in the second quarter (annualized change from the previous quarter), just below the 3.0% growth for the US overall and 27th highest among the states.

Reports and Studies

QUICK FACTS: California Employment Report for August 2024

The August numbers were positive but at relatively modest levels. Although revisions to the July numbers show stronger growth that month, nonfarm wage and salary jobs grew by only 6,800 in August, the 8th highest level among the states. Employment gains were 8,700.

Reports and Studies

California Energy Price Data for August 2024

In August, California average residential electricity rates (12-month moving average) passed a new milepost, coming in at just more than double the average for the rest of the US. Electricity rates across all three primary end users as well as the cost of fuels remained the highest in the contiguous states.

Reports and Studies

California Trade Report for July 2024

The July trade data showed strong results for California and its ports as shippers produced an early surge in activity in order to stay ahead of pending tariffs and potential labor actions. Origin exports rose 7.3% in nominal terms compared to a year ago. Total trade activity through the state ports accelerated by 22.7%, with the strongest increases coming from a steep rise in imports.

Reports and Studies

Special Report: A Closer Look At AB 98 And Warehouse Regulations on Jobs and the Economy

The Center for Jobs and the Economy tracks closely California’s Trade sector and its importance in creating well-paying, resilient jobs for millions of residents. California’s Trade sector is a national economic powerhouse, with more than 1 in 51 jobs nationwide supported by the sector. To further quantify the impacts of this sector, the Center released a detailed economic study, “Special Report: Economic Importance of Trade & the Ports to Southern California,” which quantified the importance of this sector.

Reports and Studies

FACT CHECK: California’s Fast Food Minimum Wage

Following the passage of the increase to the minimum wage for specified fast food workers, much attention has been paid to the impacts the wage increase will have on jobs. While anecdotal data, including the closure of legacy fast-food chain stores in California, has made headlines, we are now able to use empirical data to track the law’s impacts on jobs and the economy. Despite what some are saying, the data are clear: newly passed fast food minimum wage laws are leading to job losses in California.

Reports and Studies

Full July 2024 Jobs Report

The JOLTS (Job Openings & Labor Turnover Survey) estimates continue to indicate California employers are cutting back on their hiring plans, reducing the likely scale of future jobs growth in the state.

Reports and Studies

Quick Facts: California Employment Report for July 2024

The July numbers were generally positive, but again at levels showing the state economy largely running in place. After posting the worst unemployment rate among the states 5 months in a row, California finally notched down to the second worst in July, tying with Illinois in that slot. The total number of unemployed, however, remained above the 1 million mark for the 7th month in a row. Employment while showing a marginal gain of 7,300 for the month still was 88,700 below the near term high posted in May 2023.

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Statewide Business Community Supports Retail Theft Legislative Package as Part of Comprehensive Approach to Crisis

Press Release

WEBINAR: Dissonance in Climate Disclosure: The SEC, EU, California, and ISSB Recording

Press Release

Partnership Between California and NVIDIA an Important Step Toward Creating Economic Opportunities for the Future

The diverse and broad-based California business community has issued the following statement today in response to the newly announced partnership between the State of California and NVIDIA

Reports and Studies

California Trade Report for June 2024

The June trade data again showed positive news for California. Origin exports rose 1.6% in nominal terms compared to June 2023. Overall trade activity through the state ports rose 11.9% over this period as imports in particular surged 13.6% as shippers began holiday stocking early in response to rising risks of supply disruptions and looming rises in tariffs.

Reports and Studies

California Energy Price Data for July 2024

In May, California again posted the highest electricity rates among the contiguous states across all three major end use sectors. Although easing, California gasoline and diesel remained the highest as well.

Reports and Studies

Looking At California’s Economy Ahead of Last Month of Session

With the California Legislature returning for the final month of session this coming Monday, the Center for Jobs is releasing this special report, which contains metrics on the current jobs and economic outlook for the state. With recent news about the departure of Chevron and Tesla, and large layoffs by Intel, legacy companies are making major announcements that will affect both the current and future economy, especially the state budget.

Reports and Studies

Full June 2024 Jobs Report

As discussed in our preliminary report, nonfarm jobs posted more positive results over the past two months, with June’s preliminary number coming in near the pre-pandemic monthly average from 2019. The labor force numbers in contrast, although showing the best results since last December, still reflected a continuing weakness in the state economy. Tying with Nevada, California at 5.2% had the highest unemployment rate among the states for the 5th month in a run. Total unemployment just barely missed the 1 million mark by only 100 workers. Total employment although up in June was down 93,000 for the year and remained 386,000 short of recovery to the pre-pandemic peak.

Press Release

Governor’s Executive Order on Encampments Important Step in Addressing Homelessness

Reports and Studies

Quick Facts: California Employment Report for June 2024

Both the nonfarm job and employment numbers showed positive gains in June. At 22,500, the nonfarm job gains were in line with the pre-pandemic average of 20,800 from 2019, while the stronger May gains were revised only marginally. These two months of positive news, however, were not enough to offset California’s weak ranking in net jobs growth among the states, which remained in 4th place below North Carolina.

Reports and Studies

California Energy Price Data for June 2024

In April, California again posted the highest electricity rates among the contiguous states across all three major end use sectors. California gasoline and diesel remained the highest as well, with taxes and fees rising at the beginning of July to partially offset the drop in price per gallon. The tax and fee component is scheduled to rise substantially over the next few years in response to ongoing Air Resources Board rulemakings.

Reports and Studies

California Trade Report for May 2024

The May trade numbers in general showed positive news for California. Both origin exports and destination imports were up compared to May 2023. In nominal dollars, total trade through the state’s ports rose in this period, and the share of total US trade, while remaining well below previous highs, continued edging up.

Reports and Studies

Full May 2024 Jobs Report

While nonfarm jobs were more positive in May, the labor force numbers continued to post weak results. Although dropping 0.1 point to 5.2%, California’s unemployment rate (seasonally adjusted) was again the highest among the states for the 4th month in a row. The DC rate was marginally higher at 5.3%, but among the states, California was the highest.

Reports and Studies

QUICK FACTS: California GDP and Personal Income in the 1st Quarter

California real GDP slowed to an annualized rate of 1.2% from 3.1% in 4th Quarter 2023. California was below the overall US average of 1.4% and posted 28th highest among the states. Using the current projections from the April International Monetary Fund, World Outlook, continued growth at the current GDP rate would push California below India to shift from 5th to the 6th largest economy by 2025.

Reports and Studies

Analyzing High Earner Migration and its Impact on State Revenue

The migration of high earners to other states showed only minor changes in 2022, according to the annual release of tax migration data from the Internal Revenue Service (IRS). In tax year 2022, the number of high earner households leaving the state increased 7.2% to 48,875, taking with them a total AGI (adjusted gross income) of $31.5 billion. This increase was partially offset by a rise in the number of high earners moving into the state, rising to 24,205 with total AGI of $15.5 billion.

Reports and Studies

Quick Facts: California Employment Report for May 2024

Both the nonfarm job and employment numbers showed positive gains in May but again at different scales. Nonfarm jobs rose by 43,700, while the previously reported April gains were revised down by 1,100 to 4,100. With the preliminary May results, nonfarm jobs have now averaged gains of 17,000 in the first 5 months of 2024, higher than the 6,400 average set in the same period last year and closer to the 20,800 average for the entire pre-pandemic year of 2019.

Reports and Studies

California Trade Report for April 2024

Dominated by the surge in imports, total trade through the state’s ports rose $8.4 billion (13.3%) compared to April 2023. On a nominal basis, total trade through the state’s ports in the first 4 months of the year was 8.3% higher than the same period in 2023, and only $10 billion below the level reached in 2022.

Reports and Studies

California Energy Price Data for May 2024

In March, California continued its energy cost trifecta with the highest residential, commercial, and industrial electricity prices among the contiguous states. These rankings join the highest cost postings for gasoline and diesel as well.

Reports and Studies

May Revise Proposes to Weaken California’s Nation-Leading R&D Industry

The US Bureau of Economic Analysis recent release of a new series tracking the economic contributions of R&D activities in each of the states provides a timely data base to evaluate proposals in the May Revise related to business tax credits.

Reports and Studies

Full April 2024 Jobs Report

Most responses to the May Revise have appropriately focused on the revenue effects coming from the state’s extreme reliance on the tax returns of a relatively small number of high-income taxpayers.

Reports and Studies

Quick Facts: California Employment Report for April 2024

Both the nonfarm job and employment numbers showed positive gains in April, but at relatively modest levels. Nonfarm jobs rose by 5,200, and were not strong enough to even offset the 10,100 downward adjustment to the March gains.

Special Report: Economic Importance of Trade & the Ports to Southern California: Phase I Report: Baseline Economic & Fiscal Impacts

The Ports of Long Beach (POLB) and Los Angeles (POLA) are the core of the largest trade complex in North America. More than 3 million jobs nationwide are supported by the two ports and nearly 230,000 jobs in the region.

Reports and Studies

California Energy Price Data for April 2024

Last month, the governor announced that the state’s energy policies had set new records whereby clean energy had exceeded grid demand at some point during 40 of the last 48 days. Left unsaid, however, is that clean energy is not always produced when it is needed.

Reports and Studies

California Trade Report for March 2024

Total trade through the state’s ports was up $2.2 billion (3.3%) in March compared to the same period a year ago, generating yet another rise (on a 12-month moving basis) in the state’s overall share of US trade to 15.75% compared to the low of 15.32% last August.

Reports and Studies

Full March 2024 Jobs Report

As discussed in our preliminary report last week, the March data again showed California with the highest unemployment rate among the states and DC and, at 5.3%, the highest in California since December 2021. In contrast, the current Department of Finance forecasts underlying the budget revenue and spending projections expected unemployment to be only 4.9% in the first quarter of 2024.

Reports and Studies

Quick Facts: California Employment Report for March 2024

The March data returned to reporting mixed results for the state’s economy. Nonfarm jobs rose 28,000 in the preliminary results for March, while the loss in February was revised 3,300 lower to 6,600. The preliminary average monthly gain for the first quarter of 2024 was 15,800, down sharply from the previous quarter’s average of 38,800 but better than the 5,200 average loss in the first quarter of 2023.

Reports and Studies

California Energy Price Data for March 2024

The state’s energy policies continued to push prices ever higher. In January on a 12-month moving average basis, residential electricity rates rose to the second highest among the contiguous states, while industrial rates rose to the highest.

Reports and Studies

California Trade Report for February 2024

The Baltimore bridge collapse is the latest event adding to global trade disruptions, coming on the heels of continued challenges to shipping through the Panama and Suez Canals, uncertainty in the global economic outlook, and the shift of extended contract negotiations to the Eastern ports.

Reports and Studies

Special Report: California Risks Slipping to 6th Largest Economy

In Q4 2023, US Bureau of Economic Analysis reports that California real GDP rose 3.1% on an annualized basis, below the US average of 3.4% and 29th highest among the states. For 2023 as a whole, California real GDP rose 2.1%, below the US average of 2.5% and 32nd highest among the states.

Reports and Studies

Full February 2024 Jobs Report

California’s unemployment rate reached 5.3% in February, the highest in the nation and the highest in California since December 2021. Total number of unemployed surpassed projections made for the budget by Department of Finance by 7%, adding further strain to a state budget already facing multi-year deficits due to high spending.

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In Case You Missed It: Guest Opinion Piece Published in Los Angeles Daily News

A recent Los Angeles Times editorial completely misrepresented the root causes and attempted to cast blame in the wrong place. This is the same tactic the governor and Legislature have been using to try to displace the blame, but the facts speak for themselves.

Reports and Studies

Quick Facts: California Employment Report for February 2024

The February labor force data in general produced weak results for the state. Nonfarm jobs dipped by 3,400 over the month, while January’s strong preliminary numbers were revised down sharply from the initially reported 58,100 to 25,600, the lowest since last September and only 38% as high as the gain in January 2023.

Reports and Studies

Fact Check: What’s Behind California’s High Gas Prices?

The Los Angeles Times recently published an editorial allegedly to correct the record on information being disseminated by groups such as FactsPerGallon.com on the reasons why gasoline prices are so much higher in California. In what purports to be a fact check piece, the editorial is astonishingly fact-free in its arguments.

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