As blog readers will know, we have been checking in on new weekly claims for unemployment insurance as an indicator of labor market conditions in California. The last few weeks - including the data for the week ended April 3rd - show an uptick in such claims. So while some of the health indicators have led the governor to announce a reopening of the state scheduled for June 15th, there remains economic damage. National new claims data have also ticked up, whether seasonally-adjusted or unadjusted.
As we have also noted, the state budget outlook is somewhat disconnected from the underlying economy thanks to the budget's heavy dependence on upper-income taxpayers, cutbacks enacted last June when it was thought revenue would fall, and infusions of federal money.
The latest new claims data are (always) at https://www.dol.gov/ui/data.pdf.
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