![]() ![]() Though the Legislative Analyst’s Office has yet to release its analysis of the projected shortfall’s impact on the state budget - that will come this week - politicians were quick to react. Those factors, combined with home sales that the analysts said have fallen by half in the past couple of years - also due to higher interest rates - have cooled the state’s economy.Īll of that has pushed the state’s unemployment rate up to 4.8%, with the number of unemployed workers climbing nearly 200,000 since the summer of 2022, the office noted. The office also pointed to stock market woes in 2022 as a factor. One of the big effects of that is the number of California companies that went public in 20 declined more than 80% from 2021. The company has not gone without its own criticisms. No overdraft fees: 1 spend only your available balance. Shop anywhere Visa debit cards are accepted: in-store, online or by phone, including paying bills 5. Manage your funds, set aside money, pay bills and more with the Mobile App 2. ![]() They attributed the drop to a slowdown in investment in California companies because of higher borrowing costs due to the Federal Reserve’s repeated interest hikes. The Bank of America cards will be active until April 2024.Money Network obtained the contract through a competitive bid. Track and manage your funds from anywhere. “This decline is similar to those seen during the Great Recession and dot-com bust,” the report authors wrote. Total income tax collections fell 25% in 2022-23, the office said, citing data after receipt of tax filings, delayed several months by a deadline extension from both the state and the feds for taxpayers affected by last winter’s storms. California faces a $26 billion revenue shortfall in 2022-23 and a $58 billion shortfall through the 2024-25 fiscal year, the state’s Legislative Analyst’s Office said Friday in an updated forecast. ![]()
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