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Strategies & Market Trends : ahhaha's ahs -- Ignore unavailable to you. Want to Upgrade?

To: Ahda who wrote (3851)	12/18/2001 7:22:54 PM
From: Ahda	Respond to of 24758

Eight largest economy in the world has a shrinking revenue base. If our tech industry caused a boom across the nation at least that is what I though AG was assuming would be the driving force of our economy. We here in CA have unemployment at 6% and low interest rates. There are days i think i am loosing my mind as the market keeps going up higher and higher end houses are going lower in So Ca. People are just being more frugal this year. dof.ca.gov Service sector employment fell by 15,900 in November. Business services dropped 9,000 jobs, for the seventh consecutive month-over-month reduction and the largest one-month loss on record. Motion picture employment fell by 4,400 and amusement and recreation lost 2,400 jobs—much of it related to the September 11 attacks. Government was again the state’s leading growth industry in November, based on continued growth in education. Most of this growth was due to the opening of the new California State University Channel Islands campus. On a year-over-year basis, total industry employment grew by a modest 11,900 or 0.1 percent. Government added the most jobs, 66,000. Wholesale and retail trade followed by adding 22,000 jobs. Manufacturing has shed the most jobs, with employment falling by 88,300 since November 2000. California's unemployment rate rose for the fourth consecutive month in November, to 6.0 percent. This is 0.2 percent above October’s revised rate of 5.8 percent. The number of persons unemployed rose by 30,000. The unemployment roles have grown by 267,000 over the last nine months. Nationally, the jobless rate jumped 0.3 percent to 5.7 percent. Preliminary General Fund agency cash for November was $104 million below the 2001 Budget Act forecast of $4.4 billion. Year-to-date, revenues are $931 million below expectations. Personal income tax revenues were $129 million below the month’s forecast of $2.065 billion. Withholding was $141 million below the estimate of $2.155 billion—7.3 percent below the year-ago level. Other receipts were $1 million lower than the forecast of $202 million, and refunds were $13 million lower than the projected level of $292 million. For the year to date, this tax is $827 million under forecast. Sales and use tax receipts were $65 million below the month’s forecast of $2.07 billion. November cash includes the final portion of the final payment for third quarter sales, as well as the first prepayment for fourth quarter sales. Most of this loss appears to be attributable to third quarter sales, which were weaker than forecast and below last year’s level. Through November, the sales tax is $54 million below expectations. Bank and corporation tax revenues were $11 million below the month’s forecast of a loss of $109 million. Prepayments were $5 million below the estimate of $93 million and other payments fell $2 million short of the $79 million estimate. Refunds were $4 million above the projected level of $281 million. To date, this tax is down $325 million from forecast. Revenues from the insurance, estate, alcoholic beverage, and tobacco taxes came in $11 million above the $122 million that was expected. The remaining revenues—pooled money interest income and “other” revenues—were $90 million above than the month’s estimate of $252 million.