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Friday, July 12, 2024

Underlying Weakness: Not Great for Budget Outlook

In a recent report, the Legislative Analyst's Office (LAO) notes that the California economy has been bifurcated with job losses in private employment offset by gains in public sector jobs (government, health care, and social assistance). The layoffs in the tech sector have been well publicized and show up under "information" in the chart below. But other private industries are also exhibiting job losses. All of this is not good news for the state budget outlook.


Full LAO report at https://lao.ca.gov/LAOEconTax/Article/Detail/806.

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