PHOENIX - California's unemployment rate now sits at its lowest since February 2008 and year-to-date revenues are $474 million above the forecasted $13.36 billion, according to the state's latest finance bulletin, released Wednesday by the Department of Finance.

California's unemployment rate dropped by 0.1% to 6.2% in July, the report said, with the 80,600 nonfarm jobs added that month representing the sixth largest month-over-month gain in the state since 1990.

Personal income tax revenues for to the general fund were $33 million above the August forecast of $4.14 billion, while August sales and use tax receipts were $42 million above the month's forecast of $1.96 billion. Corporation tax revenues came in $25 million below the month's forecast of $123 million, and revenues from insurance, estate, alcoholic beverage, tobacco taxes, pooled money interest, and vehicle license fees were $24 million above the $445 million forecast.

 

 

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