LOS ANGELES - California's economy continued to decline during August, with 34,000 jobs lost, according to a report released yesterday by the state Department of Finance.

Also, state revenue collections have fallen short of fiscal 1993 budget projections for the past two months. August general fund revenues dropped $70 million below the $3.1 billion May forecasts. Sales taxes fell $16 million below the May projections of $1.7 billion for the month of August.

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