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California’s taxable sales totaled $127.9 billion in the fourth quarter of 2008, down $17.4 billion from the fourth quarter of 2007.
This is the sixth straight quarter of declines in taxable sales, lasting longer than either of the recessions of 1991 or 2001. Income continued to be much stronger than taxable sales, a trend in evidence since early 2007.
“This severe decline in taxable sales confirms that the economic recession hit Californians hard,” said Chairwoman Yee. “We are continuing to assist taxpayers and small business owners succeed under these challenging conditions. The BOE offers payment plans and other arrangements to help many businesses facing tough financial times.”
In the nine-county San Francisco Bay Area, taxable sales decreased 10.9 percent from the same quarter a year before, a slower fall than the 12-percent decline for the state as a whole.
The fourth quarter taxable sales fell by 8.5 percent in San Francisco, declining less than the Bay Area average. In San Jose, taxable sales declined by 10.7 percent and Oakland declined by 27.8 percent for the fourth quarter 2008.
In constant dollar terms, taxable sales decreased by 11.1 percent over the same quarter a year ago. The California Taxable Sales Deflator measured an inflation rate of -0.9 percent for the fourth quarter of 2008. By comparison, the California CPI rose by 1.8 percent.
Taxable sales in California is a quarterly report on retail sales activity in California, as measured by transactions subject to sales and use tax.
It includes data about statewide taxable sales by type of business, as well as data about taxable sales in all California cities and counties from the first quarter of 2000 through the fourth quarter of 2008 and can be viewed on the BOE Web site at www.boe.ca.gov/news/tsalescont.htm .
View all Taxable Sales in California for the fourth Quarter of 2008 here: www.boe.ca.gov/news/tsalescont08.htm .
