State revenues are picking up

California's $25-billion budget deficit is not going away, but at least the state coffers are looking a bit better. Controller John Chiang reports that tax revenues are $1.3-billion ahead of projections through the first eight months of the fiscal year (even though receipts in February were actually lower than forecast). Much of the eight-month gain comes from income taxes, which suggests that lots of folks are doing well in the stock market. Payroll withholdings are also up. Considering the state's still-high jobless rate, it's another sign of a bifurcated recovery.


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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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