Revised Statistics of Gross Domestic Product by Industry for 1997-2012

Widespread Growth Across Industries in 2012
Revised Statistics of Gross Domestic Product by Industry for 1997-2012

With this release, the Bureau of Economic Analysis (BEA) has provided new and expanded detail on the industry sources of U.S. economic growth in 2012. These newly available data, which reflect the results of the 2014 comprehensive revision of the annual industry accounts, confirm the widespread growth in 2012. Overall, 20 of 22 industry groups contributed to the 2.8 percent increase in real GDP. Professional and business services; finance, insurance, real estate, rental, and leasing; mining; and manufacturing were the leading contributors to growth.

• Professional, scientific, and technical services real value added—a measure of an industry’s contribution to GDP—increased 4.2 percent in 2012, continuing to reflect strong growth in computer systems design and related services.


• Real estate and rental and leasing increased 2.2 percent in 2012, the third consecutive year of positive real value added growth.


• Mining rose 14.0 percent in 2012, after increasing 9.9 percent in 2011, reflecting strong growth for oil and gas extraction.

Prices:

Value added prices modestly decelerated in 2012, increasing 1.7 percent after increasing 2.0 percent in 2011. Mining and agriculture, forestry, fishing, and hunting were the largest contributors to the deceleration in the GDP price index for 2012. Value added prices measure changes in an industry’s unit costs of capital and labor inputs and reflect the productivity of capital and labor used by the industry.

• Value added prices for the goods-producing sector decelerated in 2012, increasing 1.8 percent after increasing 6.0 percent in 2011. In contrast, value added prices for the services-producing sector accelerated, increasing 2.2 percent after increasing 1.2 percent in 2011.


• Value added prices for mining turned down in 2012, decreasing 8.0 percent after increasing 11.8 percent in 2011.


• Value added prices for agriculture, forestry, fishing, and hunting decelerated in 2012, increasing 1.4 percent after increasing 28.5 percent in 2011.

Other highlights:

• Real value added for manufacturing rose 1.9 percent in 2012, after increasing 0.7 percent in 2011.


• Real value added for information increased 4.4 percent in 2012, after increasing 2.2 percent in 2011. This is the industry’s strongest growth since 2008.


• Construction increased 4.0 percent, its first significant increase since 2004.


• Information-communications-technology producing industries accelerated in 2012, increasing 7.2 percent after increasing 4.7 percent in 2011.


• Manufacturing’s current-dollar share of GDP increased for the third consecutive year, to 12.5 percent, its highest share since 2007.

Comprehensive Revision of the Annual Industry Accounts

The estimates released today reflect the results of the comprehensive revision of the annual industry accounts for 1997-2012. The revision incorporates major changes in definitions, classifications, and statistical methods used to update the accounts to more accurately portray the evolving U.S. economy. Major changes introduced with this revision include:

• Updated industry and commodity definitions consistent with the 2007 North American Industry Classification System (NAICS).


• The results of the 2007 benchmark input-output (I-O) accounts, that incorporate U.S. Census Bureau data on shipments, receipts, and business expenses from the 2007 Economic Census, Business Expenses Supplement, and Service Annual Survey (SAS).


• The results of the 2013 comprehensive revision of the national income and product accounts, including the recognition of research and development (R&D) expenditures as capital, the capitalization of entertainment, literary, and other artistic originals, the expansion of the capitalization of the ownership transfer costs of residential fixed assets, and the use of an improved accrual accounting treatment of transactions for defined benefit pension plans.


• The incorporation of newly available and revised annual source data (e.g., Census’s Annual Survey of Manufactures and the Department of Treasury’s Statistics of Income).


• Expanded use of both Census Bureau SAS data for measuring gross output and BLS producer price indexes (PPIs) to deflate both output and intermediate inputs.

More detailed Annual Industry Accounts statistics are available on BEA’s interactive website www.bea.gov/itable/index.cfm. Additional information on this revision will be available in an article in the February 2014 issue of the Survey of Current Business.

BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov.  By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

* * *

Statistics of quarterly gross domestic product (GDP) by industry for 2005:Q1-2013:Q4 will be released on April 25, 2014 at 8:30 A.M. EDT.

U.S. Bureau of Economic Analysis

Revised Statistics of Gross Domestic Product by Industry for 1997-2012

Boeing machinists to vote on revised offer, union says

Boeing machinists to vote on revised offer, union says
http://s1.reutersmedia.net/resources/r/?m=02&d=20131221&t=2&i=823434047&w=580&fh=&fw=&ll=&pl=&r=CBRE9BK1OAZ00

SEATTLE Sat Dec 21, 2013 8:38pm EST

Construction cranes and palm trees line the entrance at South Carolina Boeing in North Charleston, South Carolina December 19, 2013.

Credit: Reuters/Randall Hill

SEATTLE (Reuters) – Unionized workers at Boeing Co (BA.N) who resoundingly rejected a proposed contract last month will get a chance to vote on the company’s latest offer, the union’s national office said on Saturday, despite opposition to the revised deal from local labor leaders.

“I can confirm that a vote will take place,” Frank Larkin, a spokesman for International Association of Machinists, told Reuters. “But the date and details are still being finalized.”

Boeing on Saturday said its offer was still valid, countering suggestions at a union rally last Thursday that said there was no offer because the local leaders had rejected it.

“The terms of Boeing’s enhanced contract offer to the IAM on December 12 stand,” Boeing spokesman Doug Alder said in an email. “If ratified by the membership, Boeing would honor that contract.”

In November, machinists at the Everett, Washington, plant where Boeing’s 777 jet is built voted 2-to-1 against the company’s initial offer.

The eight-year contract would have kept production of Boeing’s next jet – the 777X – in Washington state. But in exchange, management wanted to replace the workers’ pension plan with a 401(k)-style retirement savings account and raise their healthcare costs.

In the aftermath of that vote, Boeing said it would look for other locations to build the 777X, the only jet the company is likely to develop in the next 15 years.

Boeing later made a revised offer that included a larger signing bonus and other concessions, and asked union leaders to endorse it. But the leaders of IAM District Lodge 751, which represents the 31,000 workers, refused endorse it or put it up for a vote, saying the changes were not significant enough.

In an email to Reuters on Saturday, Bryan Corliss, a spokesman for District Lodge 751, said “our leadership is trying to contact our International President for details. As soon as we have them we will pass them on to our members.”

(Reporting by James B. Kelleher in Chicago and Alwyn Scott in Seattle; Editing by Sandra Maler and Eric Walsh)

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Read more about Boeing machinists to vote on revised offer, union says and other interesting subjects concerning Business at TheDailyNewsReport.com

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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Reuters: Bonds News

UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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Reuters: Bonds News

UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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Reuters: Bonds News

UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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Reuters: Bonds News

UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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Reuters: Bonds News

UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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Reuters: Bonds News

UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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Reuters: Bonds News

UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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Reuters: Bonds News

UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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Reuters: Bonds News

UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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Reuters: Bonds News

UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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Reuters: Bonds News

UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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Reuters: Bonds News

UPDATE 2-California revenue surges ahead of revised budget plan

UPDATE 2-California revenue surges ahead of revised budget plan

Wed May 8, 2013 1:38pm EDT

SAN FRANCISCO May 8 (Reuters) – California collected $ 15.03 billion in revenue in April, putting the state’s fiscal year to date revenue at $ 4.6 billion above the estimates in Governor Jerry Brown’s initial budget plan, the state controller’s office said on Wednesday.

Overall revenue in April missed the budget estimate by $ 119.9 million, but was up $ 5.4 billion from the same month a year earlier – an increase of 55.9 percent – propelled by rising incomes and consumer spending, the controller’s office said in a report.

“On balance, California’s fiscal health has improved materially and the state is beginning to turn the corner,” it said.

The report came a week ahead of Brown’s expected release of his revised budget plan for the state’s fiscal year beginning in July. The new plan will incorporate the latest revenue information.

In his initial plan, Brown projected deficit-prone California’s budget could swing to surpluses as the economy improves and if lawmakers support his efforts to restrain spending.

State and independent budget analysts have also been expecting the most populous U.S. state’s revenue to improve after voters in November approved a measure pushed by Brown to raise the state’s sales tax and personal income tax rates, retroactive to last year, on wealthy taxpayers.

Additionally, federal income tax changes that went into effect in January may have spurred many California taxpayers to sell investments last year. Meanwhile, the rising stock market may also be propelling capital gains revenue for the state.

Personal income taxes are California’s most important source of revenue and the state has historically relied on its wealthy taxpayers to provide the lion’s share of those taxes.

Following Brown’s initial budget plan, Standard & Poor’s upgraded its rating on $ 73.1 billion of California’s general obligation bonds by one notch to A from A-minus.

The rating actions in part reflected California’s improving finances and projected balanced budgets.

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Reuters: Bonds News

UPDATE 2-California revenue surges ahead of revised budget plan