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.
Over all. California has lost more than 750,000 jobs since May 1990. Unemployment surged in August to 9.8% from 8.9% in July, and the housing market continues to remain soft, the department said.
"A sustained upturn in the national economy may be needed to start California on the path to recovery," the department noted, adding, however, that "the latest readings on the U.S. are not encouraging."