Our weekly look at new weekly California claims for unemployment insurance once again shows no sign of recession. That's the Good News. The Bad News, as blog readers will know, is that state is facing a budget squeeze due to a drop in personal income tax revenue. Such squeezes can occur, even without a recession, due to the progressive nature of the California income tax and its reliance on high income taxpayers whose incomes reflect the volatility of the stock and other financial markets. We'll have more details in early January when the governor delivers his budget proposal for 2024-25,
As always, new claims data are at https://www.dol.gov/ui/data.pdf.
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