California Faces $68 Billion Deficit Says the LAO

California Faces $68 Billion Deficit Says the LAO

Sacramento, CA…California Faces a $68 Billion Deficit. Largely as a result of a severe revenue decline in 2022‑23, the state faces a serious budget deficit. Specifically, under the state’s current law and policy, we estimate the Legislature will need to solve a budget problem of $68 billion in the upcoming budget process. Unprecedented Prior‑Year Revenue […]

Employment Inched Up 150,000 in October. Government, Social Assistance & Health Care Showed Gains

Employment Inched Up 150,000 in October.  Government, Social Assistance & Health Care Showed Gains

Washington, DC…Total nonfarm payroll employment increased by 150,000 in October, and the unemployment rate changed little at 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, government, and social assistance. Employment declined in manufacturing due to strike activity. This news release presents statistics from two monthly surveys. The […]

Biden Admin Grants Work Permits to 714,700 Venezuelan Immigrants

Biden Admin Grants Work Permits to 714,700 Venezuelan Immigrants

Washington, DC…Secretary of Homeland Security Alejandro N. Mayorkas announced the extension and redesignation of Venezuela for Temporary Protected Status (TPS) for 18 months, due to extraordinary and temporary conditions in Venezuela that prevent individuals from safely returning. After reviewing the country conditions in Venezuela and consulting with interagency partners, Secretary Mayorkas determined that an 18-month […]

Rupert Murdoch Steps Down as Chairman of Fox Corporation and News Corp

Rupert Murdoch Steps Down as Chairman of Fox Corporation and News Corp

Los Angeles, CA and New York, NY – September 21, 2023 – Following a career that began nearly 70 years ago in 1954, Fox Corporation (“FOX”) (Nasdaq: FOXA, FOX) and News Corporation (“News Corp”) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) announced today that Rupert Murdoch is stepping down as chairman of each board effective as […]

California Sues Oil & Gas Companies! State Says They Mislead Public About Climate Change

California Sues Oil & Gas Companies!  State Says They Mislead Public About Climate Change

Oakland, CA…California becomes the largest geographic area and the largest economy to sue giant oil companies. Joined by California Governor Newsom, California Attorney General Rob Bonta today announced the filing of a lawsuit against five of the largest oil and gas companies in the world — Exxon Mobil, Shell, Chevron, ConocoPhillips, and BP — and the American Petroleum Institute (API) […]

Fuel Prices Ignite Inflation Fears Again With Energy Index up 5.6% in August

Fuel Prices Ignite Inflation Fears Again With Energy Index up 5.6% in August

Washington, DC…The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.6 percent in August on a seasonally adjusted basis, after increasing 0.2 percent in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.7 percent before seasonal adjustment. The index for gasoline was the […]

Is California’s Unemployment Trust Fund Now Open to Everyone?

Is California’s Unemployment Trust Fund Now Open to Everyone?

Sacramento, CA…With the clock ticking toward the September 14 adjournment date for the session, the Legislature yesterday brought forth a new Senate Bill 799, which started its legislative life as something else but was gutted and amended to now extend unemployment benefits to workers who voluntarily leave their jobs. And the tab for it all will […]

Existing-Home Sales Slipped 2.2% in July

Existing-Home Sales Slipped 2.2% in July

Washington, DC…Existing-home sales receded in July, according to the National Association of Realtors®. Among the four major U.S. regions, sales grew in the West but faded in the Northeast, Midwest and South. All four regions registered year-over-year sales declines. Total existing-home sales1 – completed transactions that include single-family homes, townhomes, condominiums and co-ops – waned […]

Second Quarter GDP Comes in at 2.4% & Better Than Expected

Second Quarter GDP Comes in at 2.4% & Better Than Expected

Washington, DC…Real gross domestic product (GDP) increased at an annual rate of 2.4 percent in the second quarter of 2023 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 2.0 percent. The GDP estimate released today is based on source data that are […]

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