by Bill McBride on 10/11/2007 11:42:00 AM
Thursday, October 11, 2007
Based on sales tax revenue, it now appears that the California economy is in recession.
Click on graph for larger image.
The graph shows the September retail sales tax collections (and fiscal year through Sept) since 1998. The large decline in 2001 was related to the '01 recession, the tech bust, and 9/11.
Here are the numbers:
California Retail Sales and Use Taxes
Sept 2007: $2,038,416,000
Sept 2006: $2,201,717,000
September sales tax revenue was off 7% compared with last year.
Source: California Statement of General Fund Cash Receipts and Disbursements (hat tip John)