by Calculated Risk on 6/10/2013 08:38:00 PM

A little good news from the California State Controller: State Finances in May 2013

May was a good month for the State’s fiscal coffers, with revenues coming in well ahead of the estimates contained in the Governor’s revised budget re-leased last month. All three of the state’s principal revenue sources exceeded expectations and total General Fund revenues surpassed projections by close to $800 million or 12.4%. ...

The better-than-expected revenue performance last month reflects the underlying improvement of California's economy with a moderate but generally widespread resuscitation in the job market, a resurgence in housing, and solid advances in the technology sector. However, we caution against reading too much into May's numbers since this month typically accounts for only 7% of the total year's receipts. June's figures will be much more telling since that is a time when the state typically receives a large influx of tax receipts.

Tuesday economic releases:
• At 7:30 AM, the NFIB Small Business Optimism Index for May. The consensus is for an increase to 92.3 from 92.1 in April.

• At 10:00 AM, the Job Openings and Labor Turnover Survey for April from the BLS. Jobs openings decreased in March to 3.844 million, down from 3.899 million in February.  Job openings were unchanged year-over-year compared to March 2012.

• Also at 10:00 AM, the Monthly Wholesale Trade: Sales and Inventories for April. The consensus is for a 0.2% increase in inventories.