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 stat...

05/02/2024

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.

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.

Reports and Studies

What WalletHub Got Wrong: State Taxes Rank

The extent to which this statement is true is often obfuscated by the approach taken in different comparisons that look at tax rates or only a select number of the many different taxes the state has chosen to impose. The results, however, are not so murky.

Press Release

California Business Roundtable Issues Statement on Passage of Proposition 1

The Roundtable looks forward to working to implement key elements of Prop. 1 as part of a larger solution.

Reports and Studies

Full January 2024 Jobs Report

As discussed in our preliminary report, nonfarm jobs in January posted a 58,100 gain in the preliminary estimate. While stronger than prior months, January only regained a portion of the ground lost due to the 231,800 downward adjustment in December coming from the annual revision process.

Reports and Studies

Quick Facts: California Employment Report for January 2024

On a data note, the annual data revision process continues with this release and will continue with the February numbers to be released in two weeks. In addition, with this report, we are resuming the employment and unemployment estimates by legislative district.

Reports and Studies

California Trade Report for January 2024

Trade levels in general showed improvement as the California ports continued to recover some of the market share lost during the uncertainty generated during the extended labor negotiations.

Reports and Studies

California Energy Price Data for February 2024

California’s average energy rankings showed continued deterioration in the residential sector, while fuels and commercial electricity rates remained the highest among the contiguous states and DC. With no relief in sight, California’s energy policies are taking the state’s economy into a government-driven experiment that runs counter to its previous experience with economic growth.

Reports and Studies

California Trade Report for December 2023

Overall trade flows were largely stable compared to December 2022. Total trade flows through the state’s ports were off by only 0.2% in nominal terms. For the year as a whole, the nominal value of the trade flows was down from 2022, but up slightly compared to 2021 and substantially compared to pre-pandemic 2019.

Press Release

Business Roundtable Announces Support for 2024 Ballot Measures

The Roundtable membership has voted to support several key measures on the 2024 ballot.

Reports and Studies

California Energy Price Data for January 2024

California’s energy costs rankings showed deterioration in two categories, while fuel and commercial electricity costs remained the highest among the contiguous states and DC.

Reports and Studies

Full December 2023 Jobs Report

As discussed in our preliminary report, nonfarm jobs rose 23,400 in December, bringing the preliminary job gains for all of 2023 to 311,600 (seasonally adjusted) and coming in 26% better than the average monthly jobs gain of 20,500 in pre-pandemic 2019.

Reports and Studies

Quick Facts: California Employment Report for December 2023

The Center for Jobs and the Economy has released our initial analysis of the December Employment Report from the California Employment Development Department. The additional information we generally address from the US Bureau of Labor Statistics will not be released until next Tuesday, at which time we will do a more complete analysis in our Full Jobs Report.

Press Release

Assemblymember Irwin and Committee’s Decision on the Wealth Tax Prioritizes Fiscal Stability for California

The California Business Roundtable extends sincere appreciation to Assemblymember Irwin, Chair of Assembly Revenue and Taxation, and the committee members for their prudent decision to hold Assembly Bill 259, the wealth tax proposal.

Reports and Studies

California Trade Report for November 2023

Compared to a year ago, the November trade numbers in general show improved activity through the state’s ports.

California Energy Price Data for December 2023

Overall, California’s energy price rankings had some minor improvements, but they remain at or near the highest among the contiguous states.

Reports and Studies

Special Report: California Strikes Out on Ohtani’s Blockbuster Dodger Deal

As part of its ongoing effort to report on significant economic trends in California, the Center for Jobs and the Economy is releasing this special report, which provides a detailed analysis of Shohei Ohtani’s decision to defer most of his annual salary of $70 million over 10 years.

Press Release

California Business Roundtable Endorses Proposition 1

SACRAMENTO, CA – The California Business Roundtable today announced it supports Proposition 1, Governor Newsom’s $6.38 billion bond measure to build 10,000 new community behavioral health beds and housing to provide care to Californians of all ages with serious mental health and substance use disorders.

Press Release

Business Roundtable Responds to Governor’s Announcement on Retail Theft

SACRAMENTO, CA — California Business Roundtable President Rob Lapsley issued the following response to Governor Newsom's announcement today on retail theft this holiday season:

The Latest Old

Full March 2024 Jobs Report

Quick Facts: California Employment Report for March 2024

California Energy Price Data for March 2024

California Trade Report for February 2024

Special Report: California Risks Slipping to 6th Largest Economy

Full February 2024 Jobs Report

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

Quick Facts: California Employment Report for February 2024

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

What WalletHub Got Wrong: State Taxes Rank

California Business Roundtable Issues Statement on Passage of Proposition 1

Full January 2024 Jobs Report

Quick Facts: California Employment Report for January 2024

California Trade Report for January 2024

California Energy Price Data for February 2024

California Trade Report for December 2023

Business Roundtable Announces Support for 2024 Ballot Measures

California Energy Price Data for January 2024

Full December 2023 Jobs Report

Quick Facts: California Employment Report for December 2023

Assemblymember Irwin and Committee’s Decision on the Wealth Tax Prioritizes Fiscal Stability for California

California Trade Report for November 2023

California Energy Price Data for December 2023

Special Report: California Strikes Out on Ohtani’s Blockbuster Dodger Deal

California Business Roundtable Endorses Proposition 1

Business Roundtable Responds to Governor’s Announcement on Retail Theft