Chronology of Significant Economic Events

The following summary lists economic, political, and natural developments which have influenced California economic indicators. Comments or questions regarding this page should be directed to ERU@dof.ca.gov.

 

 

2022
January 1 California statewide minimum wage increases from $14.00 to $15.00 per hour for employers with 26 or more employees and from $13.00 to $14.00 per hour for employers with 25 for fewer employees. This marks the final year of the phase in of $15 minimum wage under SB 3(Leno, Chapter 4, Statutes of 2016) for employers with 26 or more employees. Next year the minimum wage for these employers will move to annual indexing, (where the minimum wage will increase by the rate of increase in inflation rate over 7 percent based on Consumer Price Index for urban wage earners and clerical workers (CPI-W). However, the highest allowed raise in wage is capped at 3.5 percent and wages cannot be lowered, even if there is a negative inflation.

The hourly minimum wage increases in the following California cities:

  • Belmont, from $15.90 to annual indexing
  • Cupertino, from $15.65 to annual indexing
  • El Cerrito, from $15.61 to annual indexing
  • Hayward, from $15.00 to annual indexing
  • Los Altos, from $15.65 to annual indexing
  • Mountain View, from $16.30 to annual indexing
  • Novato, from $15.24 to annual indexing
  • Oakland, from $14.36 to annual indexing
  • Palo Alto, from $15.65 to annual indexing
  • Petaluma, from $15.20 to annual indexing
  • Redwood City, from $15.62 to annual indexing
  • Richmond, from $15.21 to annual indexing
  • San Diego, from $14.00 to $15.00
  • San Jose, from $15.45 to annual indexing
  • San Mateo, from $15.62 to annual indexing
  • Santa Clara, from $15.65 to annual indexing
  • Sonoma, from $15.00 to $16.00
  • Sunnyvale, from $16.30 to annual indexing
January 3 On the first trading day of 2022, Apple becomes the first U.S. company to reach an intra-day high market value of $3 trillion, but ultimately closed the day below $3 trillion.
January 3 The S&P 500 added 30 points, or 0.6 percent on the first day of trading for 2022, closing at a new record high of 4,797.
January 3 The Food and Drug Administration (FDA) approves the use of Pfizer–BioNTech’s COVID-19 vaccine as a booster dose for 12- to 15-year-olds and amends the emergency use authorization for the Pfizer vaccine for COVID-19 that shortened the time between the completion of primary vaccination of the Pfizer vaccine and a booster dose to at least five months, instead of six.
January 4 The California Department of Water Resources (DWR) resumes operations at Edward Hyatt hydroelectric power plant on Lake Oroville. On August 5, 2021, DWR took the plant offline for the first time in its history due to low water levels caused by drought conditions.
January 4 The Dow Jones Industrial Average ended the day at a new record-high of 36,800, up 215 or 0.6 percent from the previous record of 36,585 from a day before, scoring back-to-back record closes in the first two trading days of 2022.
January 4 California Health and Human Services Agency (CHHS) reported a record number of daily COVID-19 cases in California, with more than 156,000 new infections reported. In comparison the highest number of COVID-19 cases was under 60,000 in 2020 (December 29, 2020) and under 90,000 in 2021(December 28, 2021).
January 5 California health officials extend the state’s indoor mask mandate through February 15 amid rising COVID-19 cases. The mandate was previously set to be reevaluated on January 15.
January 6 United States Department of Agriculture announced that the government of India has agreed to allow imports of U.S. pork and pork products into India, removing a longstanding barrier to U.S. agricultural trade.
January 6 California’s first confirmed case of “Flurona” occurs in Los Angeles. Flurona refers to the situation where a person is diagnosed with both COVID-19 and influenza at the same time.
January 7 The number of COVID-19 cases worldwide has crossed the 300 million mark, according to Johns Hopkins University.
January 7 The U.S. official unemployment rate declined to 3.9 percent in December, down 0.3 percentage points from 4.2 percent in November, bringing the 2021 annual average to 5.4 percent, down 2.7 percentage points from 2020 annual average of 8.1 percent. The U.S. added 199,000 nonfarm jobs in December, following a gain of 249,000 jobs in November, the lowest monthly job gain in 2021. The average number of jobs in 2021 was 146.1 million, 2.7 percent above the 2020 level of 142.3 million. The U.S. has recovered 18.8 million (84 percent) of the 22.4 million job lost in March and April.
January 8 CHHS reported a record 7-day average of number of new daily COVID-19 cases in California, reaching close to 123,000.
January 10 The U.S. Center for Disease Control and Prevention (CDC) reports a record number of new daily COVID-19 cases of about 1.3 million in the U.S., as the highly infectious omicron variant continues to spread throughout the country and beyond.
January 10 The U.S. Interior Department announces plans to block oil and gas leasing on about 11 million acres on Alaska’s North Slope.
January 12 California exports of goods was up 4.6 percent year-over-year in November 2021 to $14.9 billion, up 6.2 percent year-to-date for 2021. California imports of goods rose 13.4 percent year-over-year to $42 billion, up 15.4 percent year-to-date for 2021.
January 12 U.S. headline inflation reached its highest level in almost 40 years, accelerating 7 percent on a year-over-year basis in December 2021, the fastest rate since June 1982. Inflation also accelerated in Los Angeles and San Francisco in December, to 6.6 percent and 4.2 percent, respectively. The annual headline inflation was 4.7 percent for the U.S. and 4.2 percent for California in 2021, up from the annual headline inflation of 1.2 percent and 1.7 percent, respectively, in 2020.
January 14 U.S. retail sales in December were down 1.9 percent from November, but up16.9 percent from December 2020. Non-store retail sales in December were down 8.7 percent from November 2021, but up 10.7 percent from December 2020.
January 15 CDC reports that the seven-day average of daily reported COVID-19 cases in the U.S. reached a pandemic record of close to 786,000.
January 18 California median home sales price for existing single-family homes was $796,570 in December 2021, up 1.8 percent from November 2021 and up 11.0 percent from December 2020. For a fourth consecutive year, the statewide median price of existing single-family homes set a new annual record-high at $786,750 in 2021, up 19.3 percent from 2020 and up 32.8 percent from 2019. Existing single-family home sales volume totaled 429,860 in December 2021, on a seasonally adjusted annualized rate (SAAR), down 5.4 percent from November 2021 and down 15.7 percent from December 2020.
January 19 The Nasdaq Composite, dipped 1.1 percent in a day and closed at 14,340, down 10.7 percent from its latest record high of 15,994 on November 19, 2021. Following this decline, the Nasdaq enters a correction territory (10 percent or more below the recent record high) for the first time since March 8, 2021.
January 26 California permitted 104,000 housing units (SAAR) in December 2021, 11.7 percent below the 118,000 units permitted in November 2021 and 15.1 percent below the 123,000 units permitted in December 2020. This brings the annual average for 2021 to 120,000 units, 14 percent higher than the 105,000 units in 2020 and the highest annual average since 2006.
January 27 The U.S. real GDP grew by 6.9 percent seasonally adjusted annualized rate (SAAR) in the fourth quarter of 2021, up from the 2.3 percent (SAAR) in the third quarter, and bringing the 2021 annual growth to 5.7 percent after contracting by 3.4 percent in 2020.
January 28 According to the U.S. Labor Department, the U.S. employment-cost index (a quarterly measure of wages and benefits paid by employers) shows employers spent 4 percent more on wages and benefits in 2021, on a non-seasonally adjusted basis, as workers received larger pay raises in a tight labor market, marking an increase not seen since 2001.
January 31 The S&P 500 closes at 4,516, down 5.3 percent from December 2021, recording the largest month-over-month decline since March 2020. The Dow Jones closes at 35,132, down 3.3 percent from December 2021 and the NASDAQ closed at 14,240, down 9 percent from December 2021. Although all three major indices closed down month-over-month in January 2022, all indices were up compared to January 2021 (S&P 500 up 21.6 percent, Dow Jones up 17.2 percent and Nasdaq up 8.9 percent year-over-year).
January 31 To date, 730 acres have burned in California in 2022 from 138 fire incidents, resulting in 1 structures damaged or destroyed and no confirmed fatalities.
January 31 The U.S. Drought Monitor reports that 66.39 percent of California is in severe drought, down from 86.28 percent at end of December 2021, with a hundred percent of the state under at least abnormally dry condition. In contrast, 75.74 percent of the state was in severe drought with a hundred percent under at least abnormally dry condition in January 2021.
January 31 To date, California has recorded just over 8.5 million COVID-19 cases, or 11.3 percent of the nation’s close to 72 million cases. California has recorded over 84,000 deaths from COVID-19, or 10 percent of the nation’s more over 841,000 deaths. The seven-day average of cases for California at the end of January was over 38,000 cases, or 9 percent of the nation’s over 427,000 cases. The seven-day average of death from COVID-19 for California at the end of January was over 263, or 10.6 percent of the nation’s close to 2,500 deaths.
January 31 To date, more than 548 million COVID-19 vaccine doses have been administered in the U.S., with about 64.4 percent of the population fully vaccinated and 75.7 percent having received at last one dose. To date, California has administered 69.4 million COVID-19 vaccines, with about 68.1 percent of the population fully vaccinated and 77.6 percent having received at least one dose.
February 1 Job openings totaled nearly 11 million in December, more than 4.6 million above the total unemployment level, according to the U.S Department of Labor. There were 4.6 million more job openings than unemployed workers in December, and the “quits” level, which had soared to record highs in recent months, slowed to 4.34 million signaling a slowdown in a trend known as the Great Resignation.
February 4 The United States surpasses 900,000 deaths from COVID-19.
February 4 The number of long-term unemployed in January fell by 317,000 from December. There were 1.7 million Americans out of work for at least six months in January, accounting for 25.9 percent of all unemployed workers in for the month, down from 31.7 percent a month earlier.
February 8 Consumers ended 2021 with record levels of debt, which stood at $15.6 trillion, according to data released by Federal Reserve’s New York district. A large chunk of the debt-load increase came from mortgages, which saw balances rise by $890 billion in the year.
February 8 California merchandise exports rose by 12.3 percent in 2021, the largest annual increase since 2010 (a 19.3 percent from 2009), and up 0.8 percent from the pre-pandemic 2019 level. California merchandise imports also rose 18.0 percent in 2021 after declining by 7.4 and 2.9 percent in 2019 and 2020 respectively. California merchandise imports are now 15.5 higher than the pre-pandemic 2019 level.
February 9 Johnson & Johnson officially suspends production of its COVID-19 vaccine. It says production will likely resume later, and that millions of doses remain stocked for distribution per earlier agreements.
February 9 Governor Gavin Newson Signs a bill (Senate Bill 114), that extends COVID-19 supplemental paid sick leave through September 30, 2022. The governor also signed Senate Bill 113 that will provides tax credits, grants and other relief for small businesses, aimed at promoting Innovation and Entrepreneurship in California.
February 10 The Nasdaq falls back into correction territory, trading ten or more percent below the all-time high, only a day after it was out of the correction territory for the first time since January 19, 2022.
February 10 Governor Gavin Newson signs Senate Bill 115, early budget action that includes a $1.9 Billion COVID-19 package to bolster state’s ongoing emergency response.
February 10 The consumer price index for all items rose 0.6 percent in January, driving up annual inflation by 7.5 percent, marking the biggest gain since February 1982. Core inflation rose 6 percent, which also was slightly above expectations.
February 15 Governor Gavin Newsome nominates the fourth District Court of Appeal Justice Patricia Guerrero to the California Supreme court, the first Latina to be nominated for the state’s Supreme Court.
February 15 The State Duma of Russia passes a bill to officially recognize the self-proclaimed Donetsk People’s Republic and Luhansk People’s Republic in Eastern Ukraine as independent states.
February 16 The mask mandate for fully vaccinated Californians ends, after being extended through February 15, 2022 on January 5, 2022. State guidelines indicate masks are still required for certain indoor settings, regardless of vaccination status.
February 16 U.S. retail sales in January were up 3.8 percent from December, and up13.0 percent from January 2021. Non-store retail sales in December were up 14.5 percent from December 2021, and up 8.4 percent from January 2021.
February 16 According to the U.S. Department of Labor, import prices increased 2.0 percent in January 2022, the largest rise since April 2011, after declining 0.4 percent in December 2021.
February 17 California statewide median home price increased to $765,580 in January 2022, down 3.9 percent from December 2021, but up 9.4 percent from January 2021. The median price is down 7.5 percent from the record-high $827,940 set in August 2021. Single-family home sales volume were 444,540 on a seasonally adjusted annualized rate (SAAR), up 3.4 percent from December 2021, but down 8.3 percent from January 2021.
February 17 Disneyland and Disney California Adventure will no longer require vaccinated visitors to wear masks indoors starting on February 17, 2022.
February 18 Sales of previously owned homes in the U.S. rose 6.7 percent in January 2022 from December 2021, to a seasonally adjusted annualized rate of 6.5 million units, according to the National Association of Realtors. The supply of homes for sale fell to a record low 860,000 in January 2022, down 16.5 percent from a year ago. The median price of a home sold in January 2022 increased to $350,300, up 15.4percent from January 2021.
February 18 The Federal Reserve approves a rule banning its officials from trading stocks, bonds and also cryptocurrencies.
February 18 U.S. inflation rate as gauged by the core (excluding food and energy) personal consumption expenditure (PCE) measure rose 5.2 percent in January from a year ago, the biggest increase since April 1983.
February 18 U.S. GDP increased at an annualized rate of 7percent in the fourth quarter of 2021, closing out the year with the strongest growth since 1984.
February 22 Following the continued tension in the Russia-Ukraine crisis, stocks continue to trade below and the S&P 500 falls into the correction territory, the first time since June 26, 2020.
February 22 The White House officially calls the Russian advance into the Ukraine territory an Invasion.
February 22 The Los Angeles school district lifted its indoor mask mandate to students and staff.
February 24 California permitted 107,000 housing units (SAAR) in January 2022, up 2.3 percent from December 2021, but down 14.5 percent from January 2021.
February 25 Californian becomes the first state to surpass one million in Zero-Emission Vehicles sales.
February 25 President Joe Biden nominated Judge Ketanji Brown Jackson to be a Supreme Court justice, the first Black woman to be nominated for a Supreme Court justice.
February 28 Governor Gavin Newsom signs an executive order that updates the Division of Occupational Safety and Health’s (Cal/OSHA) current COVID-19 Emergency Temporary Standard (ETS) and the extend current ETS through May 5, 2022.
February 28 To date, 5,723 acres have burned in California in 2022 from 193 fire incidents, resulting in 1 structure damaged or destroyed and no confirmed fatalities.
February 28 The S&P 500 closes at 4,374, down 3.1 percent from January 2022, but up 14.8 percent from February 2021; recording the slowest year-over-year growth since October 2020. The Dow Jones closes at 33,893, down 3.5 percent from January 2022 and the Nasdaq closed at 13,751, down 3.4 percent from January 2022. Year-over-year, the Dow Jones was up 9.6 percent and Nasdaq was up 4.2 percent.
February 28 The U.S. Drought Monitor reports that 68.77 percent of California is in severe drought, down from 66.39 percent at end of January 2022, with a hundred percent of the state under at least abnormally dry condition. In contrast, 56.98 percent of the state was in severe drought with 99.30 percent under at least abnormally dry condition in February 2021.
February 28 To date, California has recorded close to 8.4 million COVID-19 cases, or 11 percent of the nation’s close to 77 million cases. California has recorded close to 89,000 deaths from COVID-19, or 9.6 percent of the nation’s over 928,000 deaths. The seven-day average of cases for California at the end of February was just under 4,700 cases, or 7.4 percent of the nation’s over 63,000 cases. The seven-day average of death from COVID-19 for California at the end of February was 93, or 5 percent of the nation’s over 1,800 deaths.
February 28 To date, more than 559 million COVID-19 vaccine doses have been administered in the U.S., with about 65.7 percent of the population fully vaccinated and 76.9 percent having received at last one dose. To date, California has administered over 72 million COVID-19 vaccines, with around 69.8 percent of the population fully vaccinated and 77.6 percent having received at least one dose.
March 1 The requirement for unvaccinated persons to mask in indoor public settings and businesses is replaced by a strong recommendation that all persons, regardless of vaccine status, mask in indoor public settings and businesses.
March 4 The U.S. official unemployment rate fell 0.2 percentage point to a new pandemic low of 3.8 percent in February 2022. Total U.S. nonfarm jobs rose by 678,000 in February 2022, with the largest gains in the food and accommodations subsector accounting for nearly one-fourth of the jobs added (+131,000). The U.S. has now recovered nine out of ten of the jobs lost (90.4 percent of 22 million jobs) in March and April 2020 as of February 2022, but still remained 2.1 million jobs below its February 2020 pre-pandemic level.
March 6 U.S. crude oil (West Texas Intermediate crude futures) spikes to an intraday high of $130.50, its highest since July 2008, before retreating and closing at $119.40, the highest close since September 2008.
March 7 According to data from Johns Hopkins University’s Center for Systems Science and Engineering, the number of known COVID-19 deaths around the world surpassed 6 million.
March 9 The value of California merchandise exports rose by 4.5 percent year-over-year in January 2022, after increasing by 2.6 percent in December 2021. The value of California merchandise imports rose 21.1 percent year-over-year in January 2022, following 16.3 percent increase in December 2021.
March 10 U.S. headline inflation accelerated to a 40-year high of 7.9 percent on a year-over-year basis in February 2022 (the highest level since January 1982), following 7.5 percent in January 2022. Los Angeles headline inflation decelerated slightly to 7.4 percent in February from 7.5 percent in January, which was the highest rate since June 1982. San Francisco headline inflation accelerated to 5.2 percent in February, its highest rate since June 2001.
March 11 California’s official unemployment rate was unchanged, for a third month in a row, at 5.8 percent in January 2022. California added 53,600 nonfarm jobs in January 2022 after adding 50,700 jobs in December 2021. As of January 2022, California has recovered 97.2 percent of the 2.7 million jobs lost in March and April 2020.
March 12 California, along with Oregon and Washington, officially ends mask mandate for schools.
March 15 President Joe Biden signed into law the Consolidated Appropriations Act of 2022, a $1.5 trillion spending bill that funds the federal government through the rest of the fiscal year.
March 15 More than 500 workers from United Steel workers union have gone on strike at a Chevron refinery in Richmond, California. The workers, roughly a third of workers at the refinery, are calling on Chevron to increase wages with rising inflation and health insurance costs.
March 16 U.S. retail sales in February 2022 were up 0.3 percent from January 2022 and up 17.6 percent from February 2021. Non-store retail sales in February 2022 were down 3.7 percent from January 2022 but up 13.8 percent from a year ago in February 2021.
March 16 California statewide median home price increased 0.7 percent month-over-month to $771,270 in February 2022, and up 10.3 percent than February 202. The median price is down 6.8 percent from the record-high $827,940 set in August 2021. The single-family home sales recorded its eighth year-over-year decline in February at 424,640, down 4.5 percent and 8.2 percent month-over-month and year-over-year respectively.
March 16 At the conclusion of its two-day monetary policy meeting, the Federal Open Market Committee (FOMC) raises the target range for the federal funds rate by 0.25 percentage point to a range of 0.25 percent to 0.5 percent. The move marks the end of FOMC’s pandemic-era easy money policy and the first interest rate increase since 2018. The target range for the federal funds rate has been between 0 percent and 0.25 percent since March 2020.
March 16 The FOMC downgrades its projection for U.S. real GDP for 2022, revised down by 1.2 percentage points to 2.8 percent seasonally adjusted annualized rate (SAAR), and revises-up its inflation forecast (Personal Consumption Expenditure inflation) for the same period by 1.7 percentage points to 4.3 percent.
March 23 California permitted 136,000 housing units (SAAR) in February 2022, up 27.6 percent from the 107,000 units permitted in December 2022, and up 17.4 percent from the 116,000 units permitted in February 2021.
March 23 California personal income rose 7.2 percent on a year-over-year basis in the fourth quarter of 2021, following a 4.9 percent increase in the third quarter. The main drivers of growth in the fourth quarter of 2021 were: wage and salaries (contributed 6.3 percentage points), proprietors’ income (contributed 0.6 percentage point), and property income (contributed 0.6 percentage point).
March 23 California personal income increased by 8.5 percent in 2021, following an annual increase of 8.6 percent in 2020, with wages and salaries contributing 6.2 percentage points of the headline growth. In contrast, 2020 personal income growth was largely driven by transfer payments, which grew by record-high 47.3 percent, and contributed 7 percentage points of the 8.6 percent headline growth.
March 24 According to the U.S. Department of Labor, initial claims for state unemployment benefits fell 28,000 to a seasonally adjusted 187,000 for the week ended March 19, the lowest level in more than 52 years (since September 1969).
March 25 California’s official unemployment rate fell 0.3 percentage point to 5.4 percent in February 2022. California added 138,100 nonfarm jobs in February after adding 60,300 jobs in January. As of February 2022, California has recovered 87.2 percent of the 2.7 million jobs lost in March and April 2020.
March 28 China announces a staged lockdown of the city of Shanghai in an effort to curb the spread of the country’s worst COVID-19 outbreak since 2020.
March 28 Santa Clara Valley Water District data shows that January, February and March were the driest first three months of a year in California history.
March 29 Following U.S. Food and Drug Administration’s (FDA) authorization of a second booster dose of either the Pfizer-BioNTech or the Moderna COVID-19 vaccine, the Centre for Disease Control and Prevention (CDC) updates its recommendations to allow immunocompromised individuals and people over the age of 50 who received an initial booster dose at least 4 months prior to be eligible for a second booster to increase their protection against severe disease from COVID-19.
March 31 The White House announces that it will release 1 million barrels per day of oil for the next six months, the largest ever release of oil from the Strategic Petroleum Reserve.
March 31 Acting California governor Eleni Kounalakis signed a legislation that extends eviction protections for Californians participating in rental assistance programs, making her the first woman in California’s 171-year history to sign a piece of legislation into law as Governor Gavin Newsom was on family vacation.
March 31 According to the U.S. Department of Commerce, Federal Reserve’s closely watched inflation measure, core personal consumption expenditures price index that excludes food and energy prices, increased 5.4 percent from the same period in 2021, its highest annual level since 1983.
March 31 The S&P 500 closes at 4,530, up 3.6 percent from February 2022, and up 14 percent from March 2021; recording the slowest year-over-year growth since October 2020. The Dow Jones closes at 34,678, up 2.3 percent from February 2022 and up 5.1 percent from March 2021, while Nasdaq closed at 14,221, up 3.4 percent from February 2022 and up 7.4 percent year-over-year from March 2021.
March 31 To date, 6,079 acres have burned in California in 2022 from 836 fire incidents, resulting in 1 structure damaged or destroyed but no confirmed fatalities.
March 31 The U.S. Drought Monitor reports that 93.65 percent of California is in severe drought, up from 68.77 percent at end of February 2022, with a hundred percent of the state under at least abnormally dry condition. In contrast, 64.02 percent of the state was in severe drought with 99.23 percent under at least abnormally dry condition at the end of March 2021.
March 31 To date, California has recorded 8.5 million COVID-19 cases, or 10.6 percent of the nation’s over 80 million cases. California has recorded 90,000 deaths from COVID-19, or 9 percent of the nation’s over 990,000 deaths. The seven-day average of cases for California at the end of March was 2,200 cases, or 8.7 percent of the nation’s close to 26,000 cases. The seven-day average of death from COVID-19 for California at the end of March was 24, or 4.1 percent of the nation’s 600 deaths.
March 31 To date, close to 566 million COVID-19 vaccine doses have been administered in the U.S., with about 65.9 percent of the population fully vaccinated and 76.9 percent having received at last one dose. To date, California has administered over 72.1 million COVID-19 vaccines, with around 69.6 percent of the population fully vaccinated and 76.4 percent having received at least one dose.
April 1 The official U.S. unemployment rate fell 0.2 percentage point to 3.6 percent in March 2022, and just 0.1 percentage point higher than the February 2020 pre-pandemic low of 3.5 percent. The U.S. added 431,000 total nonfarm jobs in March 2022 following a gain of 504,000 in January (revised) 2022 and 750,000 (revised) in February 2022. As of March 2022, the U.S. has recovered more than nine out of ten of the jobs lost (92.8 percent of 22 million) in March and April 2020.
April 5 California exports of goods rose by 12 percent year-over-year to $14.6 billion in February 2022 after increasing by 4.5 percent year-over-year to $13.7 billion in January 2022. California imports of goods rose by 20.6 percent year-over-year to $39.7 billion in February 2022, recording twenty consecutive months of year-over-year increase.
April 7 The U.S. Senate confirmed Judge Ketanji Brown Jackson’s nomination to be a Supreme Court Justice, making her the first Black woman to be an associate justice of the U.S. Supreme Court.
April 7 Initial jobless claims dropped to 166,000 in the week ended April 2, 2022, their lowest level in more than 53 years (since November 1968), according to data from the U.S. Labor Department, in an indication that the labor market has tightened further.
April 8 The United Nations Food and Agriculture Organization’s (FAO) food price index increased nearly 13 percent in March to a new record high of 159.3 points, as the war in Ukraine caused turmoil in markets for staple grains and edible oils. FAO, which tracks globally traded food commodities, also revise up its index for February to 141.4 points from 140.7 points, which was a record at the time.
April 8 President Joe Biden signs two bills into law, the ‘Suspending Normal Trade Relations with Russia and Belarus Act’ and the ‘Ending Importation of Russian Oil Act’, which the U.S. Congress approved on April 7, 2022.
April 12 U.S. headline inflation accelerated from 7.9 percent (year over year) in February 2022 to 8.5 percent in March 2022, its fastest rate since December 1981. Los Angeles inflation accelerated from 7.4 percent in February to 8.5 percent in March, Riverside inflation accelerated from 8.6 percent in January 2022 to 10 percent in March 2022, while San Diego inflation decelerated from 8.2 percent in January 2022 to 7.9 percent in March.
April 14 U.S. retail sales in March 2022 were up 0.5 percent from February 2022 and up 6.9 percent from March 2021. Non-store retail sales in March 2022 were down 6.4 percent from February 2022 but up 1.8 percent from a year ago in March 2021.
April 20 California statewide median home price increased to a new record high of $849,080 in March 2022, up 10.1 percent month-over-month from February 2022, and up 11.9 percent from March 2021. The single-family home sales volume were 426,970 on a seasonally adjusted annualized rate (SAAR), up 0.5 percent from February 2022, but down 4.4 percent from March 2021, recording the ninth successive year-over-year decline starting in July 2021.
April 21 The seasonally adjusted number continuing unemployment insurance claims during the week ending April 9 was 1,417,000, a decrease of 58,000 from the previous week’s unrevised level of 1,475,000. This is the lowest level for insured unemployment since February 21, 1970 when it was 1,412,000. The 4-week moving average was 1,481,750, a decrease of 31,250 from the previous week’s revised average. This is the lowest level for this average since March 21, 1970 when it was 1,456,750.
April 22 California’s unemployment rate fell 0.4 percentage points to 4.9 percent in March 2022, 1.3 percentage points higher than the U.S. unemployment rate of 3.6 percent and 0.8 percentage points higher than the pre-pandemic rate of 4.1 percent in February 2020. California added 60,200 total nonfarm jobs in March 2022, accounting for about 14 percent of the nation’s gain of 431,000 jobs for the same month.
April 25 Twitter, Inc., an American communications company based in San Francisco that operates the microblogging and social networking service Twitter, announces that it has accepted a $44 billion offer to sell the company to Elon Reeve Musk, the founder and CEO of SpaceX and Tesla.
April 26 California permitted 125,000 housing units on a seasonally-adjusted annualized rate (SAAR) in March 2022, down 7.8 percent from the 136,000 units permitted in February 2022, and down 5.6 from the 133,000 units permitted in March 2021.
April 28 U.S. GDP contracted by 1.4 percent in the first quarter of 2022, for the first time since the 31.2 percent (revised) contraction in the second quarter of 2020. This follows 6.9 percent growth in the fourth quarter of 2021, the strongest annualized growth in nearly 40 years.
April 28 Citing a fall in online shopping, higher costs from inflation and supply chain woes, the tech giant Amazon posted its first quarterly loss in seven years.
April 28 According to airport officials, Los Angeles International Airport saw more than 1 million international passengers in March 2022, up over 200 percent from March 2021, and hitting the million mark for the first time since the beginning of the pandemic in 2020.
April 29 The S&P 500 closed at 4,131.9, down 9 percent from the March 2022 close and 14 percent from its 52-week high and recording the slowest year-over-year growth since March 2020. The Dow Jones closed at 32,977.2, down 5 percent from the previous month and down 10 percent from its 52-week high, while Nasdaq closed at 12,334.6, down 13 percent from March 2022 and 23 percent from the 52 week high.
April 30 To date, 6,507 acres have burned in California in 2022 from 1,402 fire incidents, resulting in 1 structures damaged or destroyed but no confirmed fatalities.
April 30 The U.S. Drought Monitor reports that 95.18 percent of California is in severe drought, up from 93.65 percent at end of March 2022, with 100 percent of the state under at least abnormally dry conditions. In contrast, 87.95 percent of the state was in severe drought with 100 percent under at least abnormally dry conditions at the end of April 2021.
April 30 To date, California has recorded just over 8.6 million COVID-19 cases, or 10.6 percent of the nation’s over to 81 million cases. California has recorded around 90,000 deaths from COVID-19, or 9 percent of the nation’s over 990,000 deaths. The seven-day average of cases for California at the end of April was 2,989 cases, or 5.6 percent of the nation’s 53,336 cases. The seven-day average of death from COVID-19 for California at the end of April was 1, or 0.5 percent of the nation’s 302 deaths.
April 30 To date, close to 575 million COVID-19 vaccine doses have been administered in the U.S., with about 66 percent of the population fully vaccinated and 77.4 percent having received at last one dose. To date, California has administered over 75 million COVID-19 vaccines, with around 70.1 percent of the population fully vaccinated and 77.9 percent having received at least one dose.
2021
January 1 California statewide minimum wage increases from $13.00 to $14.00 per hour for employers with 26 or more employees and from $12.00 to $13.00 per hour for employers with 25 employees or less. The hourly minimum wage increases in the following California cities:

  • Belmont, from $15.00 to $15.90
  • Cupertino, from $15.35 to $15.65
  • El Cerrito, from $15.37 to $15.61
  • Hayward, from $13.00 to $15.00
  • Los Altos, from $15.40 to $15.65
  • Mountain View, from $16.05 to $16.30
  • Novato, from $15.00 to $15.24
  • Oakland, from $14.14 to $14.36
  • Palo Alto, from $15.40 to $15.65
  • Petaluma, from $15.00 to $15.20
  • Redwood City, from $15.38 to $15.62
  • Richmond, from $15.00 to $15.21
  • San Diego, from $13.00 to $14.00
  • San Jose, from $15.25 to $15.45
  • San Mateo, from $15.38 to $15.62
  • Santa Clara, from $15.40 to $15.65
  • Sonoma, from $13.50 to $15.00
  • Sunnyvale, from $16.05 to $16.30
January 1 Legislation expanding California Family Rights Act (CFRA) takes effect. SB 1383 enlarges CFRA to cover employers with five or more employees, down from the previous threshold of 50 or more, and extends leave rights to employees who care for grandparents, grandchildren, siblings, adult children, and other family members with serious medical conditions.
January 5 The L.A. County Board of Supervisors votes to extend the county’s eviction moratorium by a month to February 28 and makes updates to the county’s rent relief program.
January 6 A riot and violent attack breaks out against the 117th United States Congress at the U.S. Capitol in a failed attempt to overturn President Trump’s defeat in the 2020 presidential election, leading to five deaths, including a Capitol Police officer, and dozens of injuries.
January 6 Democrats gain control of the U.S. Senate as Democrat Jon Ossoff defeats Republican David Perdue in the Georgia runoff leaving the Senate evenly divided. Once sworn-in as vice president, Kamala Harris will have the power to break ties.
January 7 California exports of goods declined by 3.6 percent year-over-year in November 2020 to $14.2 billion, down 11.2 percent year-to-date. California imports of goods rose by or 9.2 percent year-over-year to $37 billion, down 4.1 percent year-to-date.
January 7 U.S. Congress certifies Joe Biden as the next president of the United States.
January 7 The S&P 500 and Dow both close at a new record highs of 3,804 and 31,041, respectively. The Nasdaq closes above 13,000 for the first time ever, ending the day at 13,068.
January 7 Facebook indefinitely suspends President Trump’s account following the January 6 Capitol insurrection.
January 8 The U.S. official unemployment rate remained unchanged at 6.7 percent in December bringing the 2020 annual average to 8.1 percent. Total U.S. nonfarm jobs fell by 140,000 in December, the first decline since April 2020. The average number of jobs in 2020 was 142.3 million, 5.7 percent below the 2019 level and the lowest since 2015. The U.S. has recovered 12.3 million (55.6 percent) of the 22.2 million job lost in March and April.
January 8 Twitter permanently suspends President Trump’s account.
January 8 The S&P 500 and Dow close at new record highs of 3,825 and 31,098, respectively.
January 11 For the seventh consecutive day, the U.S. averages more than 3,000 COVID-19 deaths per day and reports more than 200,000 new COVID-19 infections. California averaged about 500 deaths and 42,000 new cases daily over the same seven days.
January 12 The U.S. Centers for Disease Control and Prevention states that international air travelers to the U.S. will have to show a negative COVID-19 test before boarding a flight. The new order takes effect on January 26.
January 13 U.S. headline inflation accelerated 1.4 percent on a year-over-year basis in December 2020, bringing annual 2020 headline inflation to 1.2 percent in the U.S, the slowest inflation since 2015 and a deceleration from 2019’s pace of 1.8 percent. December inflation also accelerated in Los Angeles to 1.5 percent, with an annual average of 1.6 percent for 2020.
January 13 The House votes 232-197 to impeach President Donald Trump for the second time in two years for inciting a mob of his supporters to storm the U.S. Capitol.
January 14 Seniors aged 65 and older become eligible to receive the COVID-19 vaccine in California.
January 14 The global average temperature in 2020 tied 2016’s average of 1.69 degree Fahrenheit as the hottest year on record and was about 1.84 degrees Fahrenheit warmer than the average from 1851 to 1980.
January 15 California median home sales price for single-family homes hit a record-high $717,930 in December, the fifth time that a new record was set in 2020. California median home sales price grew by 11.3 percent to an average of $659,380 in 2020, following an increase of 3.6 percent in 2019. Home sales volume averaged 411,870 units in 2020, up 3.5 percent compared to a decline of 1.5 percent in 2019.
January 15 Global death toll from the COVID-19 pandemic surpasses 2 million.
January 15 U.S. retail sales in December 2020 were down 0.3 percent from November 2020 and up 6.3 percent from December 2019. Non-store retail sales were down 5.8 percent from November 2020 and up 19.2 percent from a year ago.
January 18 Governor Gavin Newsom formally appoints Alex Padilla to represent California in the U.S. Senate and Assemblymember Shirley Weber to replace him in the role of California Secretary of State. Mr. Padilla becomes California’s first Latino U.S. Senator and Assemblymember Shirley Weber the state’s first African American Secretary of State.
January 19 The U.S. confirms over 400,000 cumulative COVID-19 deaths or 2.4 percent of the global 16.5 million deaths, with about 34,000 cumulative deaths in California.
January 20 Former vice president and senator, Joseph R. Biden Jr. becomes the 46th president of the United States, the oldest president to take office in U.S. history.
January 20 Kamala D. Harris, California’s former senator, becomes the highest-ranking female official in U.S. history as the first female vice president and the first of African American and first Asian American decent.
January 20 President Biden signs various executive orders on his first day in office, including actions that:

  • Suspend the U.S. withdrawal from the World Health Organization set to occur July 6, 2021.
  • Reinstate the nationwide moratorium on evictions and foreclosures from December 31, 2020 through March 31, 2021.
  • Extend the pause on student loan payments and interest from December 31, 2020 through September 30, 2021.
  • Start the 30-day process for the U.S. to rejoin the Paris climate accord, following its exit on November 4, 2020.
  • Reverse the Muslim travel ban put in place on January 27, 2017.
January 20 Former California Secretary of State, Alex Padilla is sworn in as California’s first Latino Senator.
January 20 The S&P 500 and Dow close at new record highs of 3,852 and 31,188, respectively.
January 21 President Biden signs executive orders to accelerate COVID-19-related manufacturing and delivery of supplies for vaccination, testing, and personal protective equipment, establishes pandemic related programs for testing capacity, data collection, and requires mask wearing in all public transportation.
January 21 The S&P 500 closes at a new record high of 3,853.
January 22 California’s official unemployment rate rose to 9.0 percent in December, its first increase since April 2020, placing the 2020 annual unemployment rate at 10.2 percent. California civilian employment decreased by 1.6 million or 8.6 percent to 17.0 million in 2020, its lowest level since 2013. Labor force decreased by around 450,000 or 2.3 percent to just under19 million in 2020, its lowest level since 2015. California nonfarm jobs decreased by 1.2 million or 7.0 percent in 2020.
January 22 Retired U.S. Army General, Lloyd J. Austin III, becomes the first African American to serve as U.S. Defense Secretary.
January 23 The U.S. records 25 million cumulative COVID-19 cases, this amounts to one in every 13 people in the country, or about 7.6 percent of the population. California makes up 12.8 percent or 3.2 million of the U.S. total.
January 25 California lifts its December 3rd stay-at-home order across the state, allowing restaurants and personal care services to reopen with modified operations.
January 25 The S&P 500 closes at a new record high of 3,855.
January 26 Global COVID-19 confirmed cases surpass 100 million, the U.S. makes up over a quarter (25.6 million) of total global cases, including 3.2 million or 3.2 percent from California.
January 26 Janet Yellen becomes the first woman to serve as the U.S. Secretary of Treasury.
January 28 U.S. real GDP growth slowed to 4.0 percent in the fourth quarter of 2020 (seasonally-adjusted annualized rate) bringing it to around the same level as in the third quarter of 2018. For the year 2020, U.S. real GDP is estimated to have declined by 3.5 percent, the largest decline since World War II.
January 28 General Motors (GM) announces it will no longer produce gasoline-powered cars, vans, and sport utility vehicles by 2035. These vehicles currently account for about 40 percent of the company’s U.S. models. GM also pledges to make its factories and other facilities carbon neutral by 2040.
January 29 Governor Gavin Newsom signs legislation to extend the California eviction moratorium from January 31 to June 30, 2021.
January 29 Governor Newsom swears in former Assemblymember Shirley Weber as California’s first African American Secretary of State making her the fifth African American to serve as a state constitutional officer.
January 29 The stock market faces major volatility and the sharpest weekly decline since October 2020, following a squeeze on short-selling positions on stocks such as GameStop and AMC by traders from a Reddit group.
January 29 The S&P 500 ended the month down 1.1 percent at 3,714 despite multiple records of daily close throughout the month, the Dow closed down 2.0 percent for the month at 29,983 and the Nasdaq finished the month up 1.4 percent at 13,071.
January 29 Johnson & Johnson’s single-shot COVID-19 vaccine is proven to be 66 percent effective in preventing moderate disease and up to 85 percent effective against severe disease. FDA will need to approve emergency authorization before being available in the United States.
January 31 Throughout January, the various nominated cabinet members to the Biden Administration have been sworn in, making it one of the most diverse in U.S. history.
January 31 The U.S. administered more than 34.6 million doses of COVID-19 vaccine in January, including 9.8 percent or 3.4 million in California. Roughly 27.7 million people have received at least one dose of the vaccine, and about 6.5 million people have been fully vaccinated in the nation.
January 31 As of the end of January, California has recorded 3.3 million cases of COVID-19 or 12.6 percent of U.S. cases which total 26.2 million. California deaths from COVID-19 total 41,000, 9.3 percent of U.S. deaths which total 440,000.
January 31 To date, 1,171 acres have burned from 297 fires across the state, a notable increase from January 2020, when 22 acres had burned from 97 fires.
This state website below provides official counts of COVID-19 daily cases and deaths in California, key statewide and local actions taken, along with relevant information and services for individuals, families, and businesses. https://covid19.ca.gov/
February 1 President Biden signs a proclamation that reinstates a 10 percent tariff on aluminum imports from the United Arab Emirates, reversing an exemption by the Trump administration and citing need for domestic production of aluminum for national security and industry.
February 2 Amazon posts Q4 2020 earnings at nearly $126 billion, up 44.8 percent from just over $87 billion in Q4 2019 and Alphabet Google posts Q4 2020 earnings at $56.9 billion, up 23.7 percent from $46 billion in Q4 2019.
February 2 President Biden signs three executive orders that:

  • Rescinds Trump’s memo requiring immigrants to repay the government if they receive public benefits and increases executive branch involvement in promoting immigrant integration and inclusion and requires agencies to review immigration regulations and policies.
  • Rescinds previous administration policies and guidelines and in their place takes an approach that is in favor of addressing the economic and political causes of migration, working with organizations to provide protection to asylum seekers and ensures Central American asylum seekers have legal access to the United States.
  • Revokes Trump’s order justifying separating families at the border and creates a task force to recommend steps to reunite separated families.
February 4 The S&P 500 closes at a new record high of 3,872 points.
February 4 President Biden signs executive order expanding the United States Refugee Admissions Program, rescinding Trump policies limiting refugee admissions and increased vetting.
February 5 The S&P 500 closes at a new record high of 3,887 points.
February 5 California merchandise exports declined by 10.3 percent in 2020, the largest decline since the Great Recession (-17.1 percent in 2008), bringing it down to around 2010 levels. California merchandise imports declined by 3.0 percent in 2020 after declining by 7.4 percent in 2019, bringing it to its lowest level since 2013.
February 5 The official U.S. unemployment rate fell 0.4 percentage point to 6.3 percent in January 2021 from 6.7 percent in December 2020. Total U.S. nonfarm jobs rose by 49,000 in January 2021, following a decrease of 227,000 (revised down) in December 2020.
February 8 The S&P 500 closes at a new record high of 3,916 points.
February 10 CDC releases a new guideline stating fully vaccinated people don’t need to quarantine after exposure to COVID-19.
February 10 U.S. headline inflation grew at 1.4 percent on a year over year basis in January 2021, unchanged from December 2020.
February 12 The S&P 500 closes at a new record high of 3,935 points.
February 13 After a four-day trial, former president Donald J. Trump is acquitted by the Senate for the second time.
February 14 State of Emergency declared in Texas as winter storms leave over 3 million without power, and 12 million with disrupted water systems, resulting in food shortages across the state.
February 14 President Biden signs executive order that establishes a White House Office of Faith-Based and Neighborhood Partnerships to coordinate providing community services in partnership with federal, state and local governments and with other private organizations.
February 15 California statewide median home price declined slightly to $699,890 in January 2021, down 2.5 percent from the record-high $717,930 set in December 2020, but 21.7 percent higher than January 2020’s median home price.
February 15 Ngozi Okonjo-Iweala of Nigeria becomes the first woman and African to be chosen as Director-General of the World Trade Organization.
February 17 President Biden signs executive order reversing a Trump executive order expanding industry-led apprentice programs in favor of those supported by organized labor.
February 17 U.S. retail sales in January were up 5.1 percent from December 2020 and up 10.8 percent from January 2020. Non-store retail sales were up 11.0 percent from December 2020 and up 28.7 percent from a year ago.
February 19 The U.S. officially re-enters the Paris climate agreement.
February 19 FEMA issues a Major Disaster Declaration for Texas amid severe winter storms.
February 22 The U.S. reaches 500,000 COVID-19 deaths, including 49,338 in California.
February 22 The Biden Administration reforms the Paycheck Protection Program, creating an exclusive eligibility period from February 24 through March 9, 2021 to businesses with fewer than 20 employees among other changes to make the program more accessible including allowing loans to legal residents, those delinquent on loan payments, and those with prior non-fraud related felony convictions.
February 23 Governor Gavin Newsom signs into law the Golden State Stimulus, which provides relief for individuals, families, and businesses in California most impacted by the pandemic, including a direct payment of $600 for low-income Californians.
February 24 President Biden signs executive order to supplement a previous order promoting products made in America and to strengthen supply chains for critical goods and in particular: pharmaceuticals, rare earth minerals, semiconductor chips and large-capacity batteries.
February 24 California permitted 136,000 housing units (seasonally-adjusted annualized rate) in January 2021, up by 12.5 percent over January 2020, according to the Census Building Permits Survey.
February 24 California surpasses 50,000 COVID-19 deaths, accounting for nearly 10 percent of the U.S. total.
February 25 The World Health Organization reports six consecutive weeks of declining global COVID-19 cases.
February 25 Costco pledges to raise minimum wage to $16 an hour, up from $15 in 2019, for their 180,000 workers.
February 25 U.S. real GDP grew by 4.1 percent (seasonally adjusted annualized rate) in the fourth quarter of 2020 per Bureau of Economic Analysis’s second estimate, a marginal upward revision from the preliminary estimate of 4.0 percent.
February 25 The U.S. House of Representatives passes the Equality Act, prohibiting discrimination based on sexual orientation and gender identity.
February 25 The United States administers its 50 millionth and California administers its 8 millionth COVID-19 vaccine.
February 26 The S&P 500 closes the month at 3,811, up 2.6 percent from January month end. The Nasdaq closes at 13,192, up 0.9 percent, and Dow Jones closes 30,932, up 3.2 percent from month end in January.
February 27 Johnson & Johnson receives emergency approval from FDA for single dose COVID-19 vaccine.
February 28 To date, 75 million COVID-19 vaccine doses have been administered in the U.S. with a 1.7 million rolling daily average, up from a daily average of 1.3 million on February 1 with about 7 percent of the population having received two doses. To date, California has administered 8 million COVID-19 vaccines with a rolling daily average of 195,000 on February 28, up from 155,000 on February 1.
February 28 For the eighth time since 1877 when first recorded, there was no measurable rain in Downtown Los Angeles the entire month of February.
February 28 For the month of February, the United States Drought Monitor has reported that about 57 percent of California fell under severe drought conditions, up from around 0 percent a year ago.
February 28 To date, 1,900 acres have burned from 687 fires across the state.
February 28 As of the end of February, California has recorded 3.5 million cases of COVID-19 or 12.3 percent of U.S. cases which total 28.6 million. California deaths from COVID-19 total 58,200, 11.1 percent of U.S. deaths which total 525,800.
March 1 United Airlines states 3,139 workers at SFO and 662 at LAX are at risk of furlough when U.S. aid package for airline workers expires on April 1, citing rebound of air travel not at the paced it hoped. The company expects the furlough to last six months.
March 2 President Biden addresses the nation stating that there will be enough doses of vaccine for every adult in the U.S. by the end of May 2021.
March 3 U.S. 7-day average number of vaccine doses administered tops 2 million per day for the first time, exceeding the goal of 1.5 million doses a day set by President Biden shortly after taking office in January.
March 3 California has administered more than 10 million doses of COVID-19 vaccine, less than three months after the first shot was administered in the state.
March 4 California set aside 40 percent of vaccine doses for the hardest-hit quarter of the state as measured by the Healthy Places Index (doubling the allocation compared to the rest of the state) and established a vaccine equity metric with an initial goal of delivering a minimum of 2 million doses to those communities (to date, the state delivered 1.6 million doses to this quarter of the state).
March 4 Governor Gavin Newsom signs an executive order extending authorization for local governments to halt evictions for commercial renters impacted by COVID-19 through June 30, 2021.
March 5 California exports of goods declined by 2.5 percent year-over-year in January 2021 to $13.1 billion. California imports of goods rose by 4.0 percent year-over-year to $33.3 billion.
March 5 The U.S. official unemployment rate fell 0.1 percentage point to 6.2 percent in February 2021. Total U.S. nonfarm jobs rose by 379,000 in February, driven by job growth in the leisure and hospitality sector. The U.S. has recovered 57.6 percent of the 22.2 million jobs lost in March and April 2020.
March 5 Governor Gavin Newsom signs a $6.6 billion school reopening package, which provides $2 billion to fund safety measures to support in-person instruction and $4.6 billion for expanded learning opportunities such as summer school, tutoring, and mental health services.
March 8 Over 200,000 California teachers, school staff, and child care workers have been vaccinated since the state began dedicating 10 percent of vaccine supply for education workers on March 1, nearly triple the state’s goal of 75,000 vaccines per week.
March 10 The Dow Jones closes above 32,000 for the first time ever, ending the day at 32,297.
March 10 U.S. headline inflation grew at 1.7 percent on a year-over-year basis in February 2021, following two consecutive months at 1.4 percent. Los Angeles headline inflation increased to 1.0 percent on a year-over-year basis in February 2021, following 0.9 percent in January.
March 11 The S&P 500 and Dow Jones both close at new record highs of 3,939 and 32,486, respectively.
March 11 President Biden signs the American Rescue Plan Act, a $1.9 trillion rescue package to provide direct relief to Americans, safely reopen schools, and mount a national vaccination program to contain COVID-19. Key provisions include:

  • A third round of direct payments of up to $1,400 for individuals, $2,800 for joint filers, and $1,400 for each qualifying dependent (depending on income level).
  • Extension of emergency unemployment programs through September 6, 2021, including the enhanced unemployment benefit of $300 per week.
  • $350 billion in aid to state and local governments.
  • Expanded Child Tax Credit from $2,000 to $3,600 for children under age 6, and $3,000 for other children under age 18.
  • $22 billion in rental assistance for states, territories, and local governments to assist households unable to pay rent and utilities due to the COVID-19 crisis.
  • More than $50 billion to support small businesses, including $7 billion for the Paycheck Protection Program and $29 billion in relief for small and mid-sized restaurants.
  • $170 billion to support education, including $123 billion for the elementary and secondary school emergency relief fund.
March 11 President Biden directs states to make all adult Americans eligible for vaccine by May 1.
March 12 California reaches the goal set on March 4 to administer 2 million vaccine doses to the hardest-hit quarter of the state (as measured by the Healthy Places Index).
March 12 The S&P 500 and Dow Jones close at new record highs of 3,943 and 32,779, respectively.
March 12 TSA officers screened 1.4 million people at airports, the highest number of passengers on a single day since March 15, 2020, but still 20 percent lower than the number of passengers on the same day in 2020.
March 12 The latest benchmark revision to the California labor market statistics revised the record-high unemployment rate in April 2020 from 16.4 percent to 16.0 percent. The state’s record low unemployment rate was revised to 4.1 percent in November 2019 (previously estimated at 3.9 percent in the six months through February 2020). California’s official unemployment rate fell 0.3 percentage point to 9.0 percent in January 2021. California lost 70,000 jobs in January after losing 75,000 jobs in December. As of January 2021, California has recovered 34.0 percent of the 2.7 million jobs lost in March and April 2020.
March 12 The United States administers its 100 millionth COVID-19 vaccine, ahead of President Biden’s original target of 100 million doses by his 100th day in office, April 30.
March 15 The S&P 500 and Dow Jones close at new record highs of 3,969 and 32,953, respectively.
March 15 Deb Haaland of New Mexico is confirmed as President Biden’s Secretary of the Interior, becoming the first Native American to serve as a presidential cabinet secretary.
March 16 U.S. retail sales in February were down 3.1 percent from January 2021 and up 9.5 percent from February 2020. Non-store retail sales were down 5.4 percent from January 2021 and up 25.9 percent from February 2020.
March 17 The Federal Reserve’s Open Market Committee leaves the federal funds rate unchanged at 0 to 0.25 percent.
March 17 The S&P 500 closes at a new record high of 3,974 points. The Dow Jones closes above 33,000 for the first time ever, ending the day at 33,015.
March 17 The IRS extends tax filing deadline for individuals for the 2020 tax year from April 15, 2021 to May 17, 2021 due to the pandemic.
March 18 California statewide median home price declined slightly for the second consecutive month to $699,000 in February, down 0.1 percent from January 2021, and up 20.6 percent from February 2020.
March 18 Governor Gavin Newsom and State Superintendent of Public Instruction Tony Thurmond announce a partnership between the California COVID-19 Testing Task Force and the California Department of Education to deploy up to 3 million free rapid COVID-19 antigen tests to support the safe return to in-person learning for staff and students in high-needs schools.
March 18 Katherine Tai is sworn in as U.S. Trade Representative, the first Asian American and first woman of color to hold the position.
March 19 CDC releases new guidelines cutting in half the distance students should remain from one another in classrooms, recommending that, with universal masking, students should maintain a distance of at least 3 feet.
March 19 Governor Gavin Newsom signs into law legislation (SB 95) creating a uniform, statewide policy to ensure employees have access to COVID-19 supplemental paid sick leave through September 30, 2021.
March 23 California permitted 116,000 housing units (seasonally-adjusted annualized rate) in February 2021, down 14.9 percent from 136,000 in January 2021 and 10.7 percent above the 2020 average of 105,000 units.
March 24 Personal income in California grew by 5.2 percent on a year-over-year basis in the fourth quarter of 2020, bringing 2020 personal income growth to 6.9 percent, driven by unprecedented increases in transfer payments.
March 25 U.S. real GDP grew by 4.3 percent (seasonally adjusted annualized rate) in the fourth quarter of 2020 per Bureau of Economic Analysis’s third and final estimate, an upward revision from the second estimate of 4.1 percent.
March 25 Governor Gavin Newsom announces starting April 1, all Californians aged 50 years and older will be able to make an appointment to be vaccinated, and individuals 16 years and older will be eligible to make an appointment starting on April 15.
March 26 California’s official unemployment rate fell 0.5 percentage point to 8.5 percent in February 2021. California added 141,000 nonfarm jobs in February after losing a combined 155,000 jobs in December and January. As of February 2021, California has recovered 38.8 percent of the 2.7 million jobs lost in March and April 2020.
March 26 The S&P 500 and Dow Jones close at new record highs of 3,975 and 33,073, respectively.
March 30 Governor Gavin Newsom uses Emergency Fund authorization to approve $80.7 million for 1,399 additional firefighters with the California Department of Forestry and Fire Protection (CAL FIRE) to bolster fuels management and wildfire response efforts ahead of peak fire season.
March 31 Pfizer-BioNTech announces its COVID-19 vaccine is extremely effective in adolescents, with no symptomatic infections among vaccinated children ages 12 years to 15 years in its ongoing clinical trial.
March 31 President Biden introduces his blueprint for a $2 trillion infrastructure proposal, the American Jobs Plan, which includes updating physical infrastructure, investing in manufacturing, addressing climate change and affordable housing, expanding broadband access, improving water infrastructure, and modernizing public schools.
March 31 The S&P 500 closes the month at 3,973, up 4.2 percent from February month end and up 53.7 percent from March 2020 month end. The Dow Jones closes at 32,982, up 6.6 percent. The Nasdaq closes at 13,247, up 0.4 percent.
March 31 To date, 164.9 million COVID-19 vaccine doses have been administered in the U.S. with a 2.8 million rolling daily average, up from a daily average of 1.8 million on March 1 with about 18.3 percent of the population fully vaccinated and 31.9 percent having received at least one dose. To date, California has administered 19.6 million COVID-19 vaccines, with about 18.1 percent of the California population fully vaccinated and 32.3 percent having received at least one dose.
March 31 As of the end of March, California has recorded 3.6 million cases of COVID-19 or 11.8 percent of U.S. cases which total 30.4 million. California deaths from COVID-19 total 60,500, 10.9 percent of U.S. deaths which total 555,700.
March 31 For the month of March, the United States Drought Monitor has reported that about 60 percent of California fell under severe drought conditions, up from around 1 percent in March 2020.
April 1 Californians age 50 and over are eligible to receive the COVID-19 vaccine.
April 1 California has administered more than 20 million vaccine doses to date, this is close to 12 percent of the nearly 170 million administered in the nation.
April 1 About one-third (32.7 percent) of the U.S. population has received at least one dose of a COVID-19 vaccine, according to the Centers for Disease Control and Prevention (CDC).
April 1 The S&P 500 closes above 4,000 points for the first time in history at a new record high of 4,020 points.
April 1 The U.S. surpasses 4 million COVID-19 vaccine doses administered in single a day, according to the CDC, a new record.
April 2 California will allow indoor gatherings and events starting on April 15 as COVID-19 cases continue to fall and vaccination rates rise.
April 2 The CDC updates travel guidance to allow fully vaccinated people to travel within the U.S. without testing for COVID-19 or self-quarantining as long as COVID-19 precautions are taken, including mask wearing.
April 2 The official U.S. unemployment rate fell slightly to 6.0 percent in March 2021 and nonfarm payroll employment rose by almost a million jobs. Over a year into the COVID-19 Recession, there were 4 million more unemployed persons than in February 2020 and nearly 4 million fewer persons in the labor force. Through March 2021, the U.S. has recovered over 60 percent of the 22.4 million jobs lost at the height of the pandemic in March and April 2020.
April 2 The California Department of Water Resources reports that California is experiencing its third driest year on record as the state has only received around 50 percent of its average precipitation during the 2021 water year (October 2020 to September 2021).
April 3 Researchers at Stanford University confirm the first U.S. case of an Indian variant of the COVID-19 virus, first detected globally in March, in Northern California.
April 5 The S&P 500 and Dow Jones close at new record highs of 4,078 and 33,527, respectively.
April 5 California’s COVID-19 seven-day positivity rate ranks lowest in the nation at 1.7 percent, compared to 4.7 percent for the nation, according to the U.S. Department of Health and Human Services.
April 6 President Biden announces the deadline for all U.S. adults to become eligible for the COVID-19 vaccine has been moved up to April 19, 2021 from a previous plan of May 1, 2021.
April 6 Governor Gavin Newsom announces California will fully reopen on June 15 contingent upon a sufficient vaccine supply for Californians 16 years and older who wish to be inoculated and low hospitalization rates.
April 7 The S&P 500 closes at a new record high of 4,080.
April 7 California exports of goods rose by 9.3 percent year-over-year in March to $14.8 billion following a year-over-year decrease of 7.9 percent in February 2021. Imports of goods through California ports rose by $9.4 billion or 32.5 percent year-over-year in March to $38 billion—rising for a ninth consecutive month (averaging an 11.0 percent increase from July 2020 to March 2021).
April 8 The S&P 500 closes at a new record high of 4,097.
April 9 The S&P 500 and Dow Jones close at new record highs of 4,129 and 33,800, respectively.
April 11 The city of Los Angeles opens vaccinations to those 16 years and older ahead of California’s planned eligibility expansion on April 15.
April 12 More than 200 million doses of COVID-19 vaccine administered in the U.S., including 24 million (or 12 percent) administered doses in California.
April 12 According to the CDC, 11 U.S. states have already vaccinated 50 percent of adults with at least one dose of the COVID-19 vaccine. To date, nearly 40 percent of Californians adults have received at least one dose.
April 13 The S&P 500 closes at a new record high of 4,142.
April 13 U.S. headline inflation accelerated for the fourth consecutive month in March, jumping 2.6 percent on a year-over-year basis following 1.7 percent in February, and the highest pace since August 2018. Headline inflation accelerated in Los Angeles (2.2 percent in March, following 1.0 percent in February), San Diego (4.1 percent in March, following 1.7 percent in January), and Riverside (3.6 percent in March, following 2.2 percent in January).
April 13 The CDC and the U.S. Food and Drug Administration (FDA) recommend that the U.S. pause the use of Johnson & Johnson’s COVID-19 vaccine following reports of several cases of a “rare and severe” type of blood clot.
April 15 The S&P 500 and Dow Jones close at a new record high of 4,170 and 34,036, respectively.
April 15 More than a quarter (25.7 percent) of adults in the U.S. are fully vaccinated, according to the CDC.
April 15 Californians 16 years and older are now eligible to receive the COVID-19 vaccine.
April 15 The CDC reports that some breakthrough infections are expected of the fully vaccinated as no COVID-19 vaccine has proved to be 100 percent effective at preventing illness, but are effective and a critical tool in bringing the pandemic under control.
April 15 U.S. retail sales in March were up 27.3 percent from February 2021 and up 30.4 percent from March 2020. Non-store retail sales were up 18.8 percent from February 2021 and up 30.7 percent from March 2020.
April 15 California median home price reached an all-time high of $758,990 in March shattering the previous record high of $717,930 set in December 2020, this is 23.9 percent above year-ago prices, the largest year-over-year gain since October 2013 and the eighth straight month that the California’s median home price registered a double-digit year-over-year gain.
April 16 The S&P 500 and Dow Jones close at new record highs of 4,185 and 34,201, respectively.
April 16 California’s unemployment rate fell by 0.2 percentage point to 8.3 percent in March 2021, 2.3 percentage points higher than the U.S. unemployment rate of 6.0 percent and 4.0 percentage higher than the pre-pandemic rate of 4.3 percent in February 2020. California added 119,600 total nonfarm jobs in March 2021, following a gain of over156,000 jobs (revised) in February 2021.
April 16 Governor Newsom signs Senate Bill 93, supporting workers displaced by the COVID-19 pandemic, requiring hospitality and business services industries to offer new positions to qualified former employees laid off due to COVID-19 through 2024.
April 18 Half of all U.S. adults have had at least one dose of a COVID-19 vaccine shot, according to the CDC
April 19 The U.S. State Department will increase “Do Not Travel” advisories for about 80 percent of countries worldwide, citing ongoing risks during the COVID-19 Pandemic.
April 19 All Americans 16 years and older become eligible for COVID-19 vaccines.
April 20 Derek Chauvin, former Minneapolis police officer, is convicted on charges of second-degree unintentional murder, third-degree murder, and second-degree manslaughter for the death of George Floyd in May 2020.
April 21 Governor Newsom proclaims a regional drought emergency for the Russian River watershed in Sonoma and Mendocino counties, where reservoirs are at record lows following two critically dry years and accelerated action may be needed to protect public health, safety and the environment.
April 23 California permitted 136,000 housing units (seasonally-adjusted annualized rate) in March 2021, up 16.9 percent from 116,000 in February 2021 and 29.4 percent above the 2020 average of 105,000 units. Single-family units increased to 79,000 (up 5.2 percent from February and up 55.2 percent from March 2020). The large year-over-year gains are driven in part by large decreases in March 2020.
April 23 Governor Gavin Newsom swears in Assembly member Rob Bonta as California’s 34th Attorney General, the first Filipino American to serve in the role.
April 23 The FDA ends its recommended pause on the Johnson & Johnson COVID-19 vaccine and will add a warning to its label to note the potential risk of rare blood clots.
April 24 The Western States Scientific Safety Review Workgroup completes its review of the federal process and concludes that the use of the Johnson & Johnson COVID-19 vaccine should resume in the western states, providing its confirmation to the Governors of California, Nevada, Oregon and Washington.
April 26 California will lose a congressional seat based on new 2020 Census data, stating slower population growth of 6.1 percent for the state from 37.3 million to 39.5 million residents, between 2010 and 2020, the national population increased by 7.4 percent to 331.4 million, the second smallest increase in the 24 decades of the census.
April 26 The recall election effort against Governor Gavin Newsom is confirmed to have reached nearly 1.5 million verified signatures—enough to force a special election.
April 26 The S&P 500 and Nasdaq close at new record highs of 4,188 and 14,139, respectively.
April 27 The deadline for Americans to acquire a REAL ID is pushed back from October 1, 2021 to March 3, 2023 due to the COVID-19 Pandemic.
April 27 The CDC announces that fully vaccinated people can unmask outdoors if they are walking, running, hiking, or biking alone or with members of their household and while dining at an outdoor restaurant with persons from multiple households.
April 28 The Federal Reserve’s Open Market Committee (FOMC) leaves the federal funds rate unchanged at 0 to 0.25 percent and continues to monitor the economic outlook and remains committed to using its full range of tools.
April 29 According to BEA’s initial estimate, U.S. real GDP grew by 6.4 percent (seasonally adjusted annualized rate) in the first quarter of 2021, following a growth of 4.3 percent in the fourth quarter of 2020 and an annual decline of 3.5 percent in 2020, placing 2021 first quarter U.S. real GDP at levels just above the second quarter of 2019, but still 0.9 percent below fourth quarter 2019 pre-pandemic level.
April 29 The S&P 500 closes at a new record high of 4,211.
April 29 Governor Gavin Newsom signs Assembly Bill 80 (AB 80) that will give California small businesses hardest impacted by the COVID-19 pandemic a $6.2 billion tax cut over the next six years.
April 30 The Transportation Security Administration (TSA) extends the transportation mask mandate, requiring masks on all travelers in airports, airplanes, terminals, trains, buses and boats until September 13, previously set to expire May 11.
April 30 The S&P 500 closes the month at 4,181, up 5.2 percent from March month end. The Dow Jones closes at 33,875, up 2.7 percent. The Nasdaq closes at 13,962, up 5.4 percent.
April 30 To date, nearly 250 million COVID-19 vaccine doses have been administered in the U.S., with about 32.2 percent of the population fully vaccinated and 44.8 percent having received at least one dose. To date, California has administered 30.8 million COVID-19 vaccines, with about 32.5 percent of the California population fully vaccinated and 47.7 percent having received at least one dose.
April 30 For the month of April, the U.S. Drought Monitor reports that about 88 percent of California fell under severe drought conditions, up from around 20 percent in April 2020 and up 24 percent from March 2021.
April 30 To date, over 7,752 acres have burned in California in 2021 from 2,597 fire incidents causing no fatalities and no damaged or destroyed structures.
April 30 To date, California has recorded over 3.6 million cases of COVID-19 or 10.9 percent of U.S. cases which total 32.2 million with a seven-day average just above 22,000 for the U.S. and just below 2,000 for California. California deaths from COVID-19 total more than 61,000, 10.3 percent of U.S. deaths which total 590,000.
May 3 California adopts the Centers for Disease Control and Prevention (CDC) recommendations relaxing the requirement for fully vaccinated people to wear a mask outdoors unless attending crowded gatherings.
May 4 California exports of goods rose by 9.3 percent year-over-year in March to $14.8 billion following a year-over-year decrease of 7.9 percent in February 2021. Imports of goods through California ports rose by $9.4 billion or 32.5 percent year-over-year in March to $38 billion—rising for a ninth consecutive month.
May 4 California’s seven-day average deaths from COVID-19 falls to 19 per day, the first time the average has been below 20 deaths per day since March 2020.
May 5 U.S. birth and fertility rates dropped by 4 percent in 2020 to the lowest level since 1979, according to the CDC National Vital Statistics System.
May 5 Facebook upholds its ban on former President Donald Trump for 6 months.
May 5 Los Angeles and San Francisco counties move into the yellow tier of COVID-19 restrictions, allowing bars to recommence indoor service at a reduced capacity.
May 7 The S&P 500 closes at a new record high of 4,232 points.
May 7 The official U.S. unemployment rate remained unchanged at 6.1 percent in April, and the number of unemployed persons also remained unchanged at by 9.8 million. Total nonfarm payroll jobs rose by 226,000, following increases of 770,000 in March and 536,000 in February.
May 10 FDA authorizes Pfizer-BioNTech’s COVID-19 vaccine for emergency use in adolescents aged 12-15.
May 12 U.S. headline inflation jumped 4.2 percent on a year-over-year basis in April 2021, the fastest pace since September 2008. Headline inflation also accelerated in Los Angeles (3.6 percent in April, following 2.2 percent in March) and San Francisco (3.8 percent in April, following 1.6 percent in February).
May 13 The CDC updates its guidance for people fully vaccinated against COVID-19, advising that fully vaccinated individuals can resume normal activities without wearing a mask or social distancing, including indoors. Vaccinated individuals are no longer advised to get tests for COVID-19 while travelling within the United States or if they have been around someone who has COVID-19.
May 14 Governor Newsom announces $100 billion California Comeback Plan, including stimulus checks for nearly two-thirds of Californians, small business relief and renter assistance programs.
May 14 U.S. retail sales were unchanged month-over-month in April 2021 on a seasonally adjusted basis after rising by 10.7 percent in March. Retail sales in April 2021 were 51.2 percent higher than April 2020. Non-store retail sales in April 2021 were down 0.6 percent from March 2021, but up 15.2 percent from April 2020.
May 15 California median home price exceeded $800,000 for the first time in April 2021, increasing for the second consecutive month to a new record high of $814,000, up 7.2 percent from $759,000 in March 2021, and up 34.2 percent from $606,000 in April 2020.
May 21 California’s unemployment rate remained unchanged at 8.3 percent in April 2021, 2.2 percentage points higher than the U.S. unemployment rate of 6.1 percent and 4.0 percentage points higher than California’s pre-pandemic rate of 4.3 percent in February 2020.
May 23 The seven-day average number of COVID-19 cases in California falls below 1,000 new cases a day for the first time since March 30, 2020.
May 25 California permitted 128,000 housing units (seasonally-adjusted annualized rate) in April 2021, down 5.8 percent from 136,000 in March 2021, and up 76.5 percent from the COVID-19 Recession low of 72,000 units in April 2020.
May 26 A mass shooting at Santa Clara Valley Transportation Authority rail yard in San Jose kills 10 people, becoming the deadliest mass shooting in the history of the San Francisco Bay Area.
May 27 U.S. real GDP grew by 6.4 percent (seasonally adjusted annualized rate) in the first quarter of 2021 per BEA’s second estimate, unrevised from the preliminary estimate released in April.
May 27 Governor Newsom announces the “Vax for the Win” program that will give away $116.5 million in incentive prizes to encourage Californians to get vaccinated. This includes $1.5 million and $50,000 prizes to vaccinated Californians and $50 gift cards when people get their final vaccine dose.
May 31 Year to date, 16,800 acres have burned from 2,878 fire incidents across the state. No damage to structures or fatalities have so far been recorded.
May 31 The U.S. Drought Monitor reports that 94.6 percent of California fell under severe drought, up from 20.8 percent in May 2020. A hundred percent of the state is under at least abnormally dry conditions, compared to 58.2 percent in May 2020.
May 31 To date, 301.3 million COVID-19 vaccine doses have been administered in the U.S., with about 41.7 percent of the population fully vaccinated and 51.3 percent having received at least one dose. To date, California has administered 38.0 million COVID-19 vaccines, with around 39.9 percent of the population fully vaccinated and 51.5 percent having received at least one dose.
May 31 To date, California has recorded 3.7 million COVID-19 cases, or 11.1 percent of the nation’s 33.1 million cases. California has recorded 62,000 deaths from COVID-19, or 10.4 percent of the nation’s 593,000 deaths.
May 31 The S&P 500 closes the month at 4,204, up 0.5 percent from the April close. The Dow Jones closes at 34,529, up 1.9 percent. The Nasdaq closes at 13,748, down 1.5 percent.
June 4 The official U.S. unemployment rate fell 0.3 percentage point to 5.8 percent in May 2021. Total U.S. nonfarm jobs rose by 559,000 in May, with the leisure and hospitality sector accounting for over half of the jobs added. As of May 2021, the U.S. has recovered 65.9 percent of the 22.4 million jobs lost in March and April 2020.
June 7 The Food and Drug Administration (FDA) approves Aduhelm, the first new medication to treat Alzheimer’s disease approved in almost 20 years.
June 8 West Texas Intermediate crude oil spot price closes over $70 per barrel for the first time since October 16, 2018.
June 8 California exports of goods rose by a record-high 46.4 percent year-over-year to $15.2 billion in April 2021 after falling by 26.5 percent year-over-year to $10.4 billion in April 2020. California imports of goods rose by a record-high 41.2 percent year-over-year to $37.6 billion in April 2021, after a decline of 18.2 percent year-over-year in April 2020.
June 8 El Salvador approves Bitcoin as legal tender, becoming the first sovereign nation in the world to formally adopt a cryptocurrency.
June 10 President Joe Biden and British Prime Minister Boris Johnson sign a new Atlantic Charter, a modernized version of the original eighty-year-old Atlantic Charter.
June10 U.S. headline inflation rose by 5.0 percent on a year-over-year basis in May 2021, its fastest pace since August 2008, compared to 0.1 percent in May 2020. Headline inflation in the Los Angeles metro area rose by 3.9 percent in May 2021, compared to 0.9 percent in May 2020.
June 10 The number of daily COVID-19 deaths in India spikes to 7,400, over 60 percent higher than the previous peak of 5,600 daily deaths reported on May 18, 2021, and with 92,300 daily cases. In comparison, the U.S. reports 433 daily deaths and14,500 daily cases from COVID-19.
June 10 The University of California office of the President announces plans to require all university faculty, staff, and students to be fully vaccinated beginning in the Fall 2021.
June 15 California removes emergency rules on social distancing, indoor capacity in establishments, and mask mandates. The COVID-19 state of emergency remains in effect.
June 15 U.S. retail sales decreased 1.4 percent month-over-month in May 2021 on a seasonally adjusted annualized rate (SAAR) after rising by 0.9 percent in April 2021. Retails sales in May 2021 were 28 percent higher than in May 2020. Non-store retail sales in May 2021 were down 1.2 percent from April 2021 and up 7.9 percent from May 2020.
June 16 California permitted 113,000 housing units (seasonally-adjusted annualized rate or SAAR) in May 2021, down 11.5 percent from 128,000 units in April 2021, and up 47.2 percent from 77,000 units in May 2020. This included 68,000 single-family units (down 10.6 percent from April 2021 and up 75.0 percent from May 2020) and 46,000 multi-family units (down 12.7 percent from April and up 19.1 percent from May 2020).
June 16 The U.S. surpasses 600,000 total COVID-19 deaths, including 63,000 deaths in California.
June 17 President Joe Biden signs a bill establishing Juneteenth National Independence Day, commemorating the end of slavery in the United States. This is the 12th federal holiday and the first holiday created since Martin Luther King Jr. Day was signed into law by Former President Reagan in 1983.
June 17 The Supreme Court of the United States dismisses a challenge to the Affordable Care Act, leaving the national health care law intact.
June 18 California’s unemployment rate fell by 0.1 percentage point to 7.9 percent in May 2021, 2.1 percentage points higher than the U.S. unemployment rate of 5.8 percent and 3.6 percentage points higher than the state’s pre-pandemic rate of 4.3 percent in February 2020. California added 104,500 total nonfarm jobs in May 2021, the fourth consecutive job gain of over 100,000 jobs, and nearly one-fifth of the nation’s gain of 559,000 jobs.
June 18 California median home price for existing single-family homes reached a new all-time high of $818,260 in May 2021, setting a new record for the third consecutive month. This was 39.1 percent above year-ago prices, a record year-over-year gain, and the tenth straight month that California’s median home price registered a double-digit year-over-year gain.
June 22 Microsoft becomes the second publicly traded American company to reach a market value exceeding $2 trillion. Apple was the first American company to reach $2 trillion in August 2020.
June 22 Personal income in California increased by 42.8 percent on a seasonally adjusted annual basis in the first quarter of 2021, following a decrease of 0.1 percent in the fourth quarter of 2020. This was the largest quarterly increase in California personal income in recorded history. U.S. personal income increased by a record 59.7 percent (SAAR) in the first quarter of 2021, following a decrease of 3.9 percent in the fourth quarter of 2020.
June 24 The Centers for Disease Control and Prevention (CDC) extends the national moratorium on evictions and foreclosures through July 31. The moratorium was previously set to expire on June 30.
June 25 U.S. real GDP grew by 6.4 percent in the first quarter of 2021 on a seasonally adjusted annualized basis according to the Bureau of Economic Analysis (BEA)’s third and final estimate, unchanged from the second estimate and following a growth of 4.3 percent in the fourth quarter of 2020.
June 28 Governor Gavin Newsom signs AB 832, extending the state’s eviction moratorium through September 30. The state moratorium was previously set to expire on June 30. The bill also expands the state’s rental assistance program to cover 100 percent of past-due and prospective rent payments for qualifying renters (an increase from 80 percent).
June 28 California Attorney General Rob Bonta announces the addition of Florida, Arkansas, Montana, North Dakota, and West Virginia to the official travel ban list created under AB 1887 (2016). The state law prohibits taxpayer-funded travel to U.S. states that have enacted laws fostering discrimination against the LGBTQ community. Seventeen states are now on the official list.
June 29 San Jose becomes the first city in the nation to require gun owners to have liability insurance coverage and to pay an annual fee to compensate taxpayers for the public cost of responding to gun-related incidents.
June 30 To date, California has recorded over 3.7 million cases of COVID-19 or 11 percent of U.S. cases which total 33.7 million. The seven-day average for daily cases is just above 13,000 for the U.S. and just below 1,500 for California, or about 12 percent of U.S. cases. California deaths from COVID-19 total more than 63,000 to date, or about 10.5 percent of U.S. deaths which total more than 603,000.
June 30 To date, California has administered nearly 42 million COVID-19 vaccines, with 50.7 percent of the population fully vaccinated and 58.6 percent having received at least one dose. In comparison, more than 331 million COVID-19 vaccine doses have been administered in the U.S., with about 47.5 percent of the population fully vaccinated and 54.9 percent having received at least one dose.
June 30 The S&P 500 closes the month of June at 4,298, the eighth record high of the month and up 2.2 percent from May’s close. The Dow Jones closes at 34,503, down 0.1 percent from the May close and the NASDAQ closes 5.5 percent higher than the May close at 14,504.
June 30 To date, an estimated 31,869 acres have burned in California in 2021 from 4,152 fire incidents. Twenty-four structures have been damaged or destroyed and there has been no fatalities.
June 30 U.S. Drought Monitor reports that 94.7 percent of California is in severe drought, up from 94.6 percent at the end of May. In comparison, only 20.8 percent of the state was in severe drought at the end of June 2020. A hundred percent of the state is under at least abnormally dry conditions, compared to 58.2 percent in June 2020.
July 1 The hourly minimum wage increases in the following California cities and county:

  • Berkeley, from $16.07 to $16.32
  • Emeryville, from $16.84 to $17.13
  • Fremont, from $15.00 to $15.25
  • Los Angeles, from $14.25 to $15.00
  • Los Angeles County, from $14.25 to $15.00
  • Malibu, from $14.25 to $15.00
  • Milpitas, from $15.40 to $15.65
  • Pasadena, from $14.25 to $15.00
  • San Francisco, from $16.07 to $16.32
  • San Leandro, from $14.00 to $15.00
  • Santa Monica, from $14.25 to $15.00
July 1 The QR code European Union pass which certifies a person’s COVID-19 fully vaccinated status or recent negative COVID-19 test comes into force in the European Union (EU), allowing travel across 33 European countries.
July 1 Olympics officials announce that a limited number of domestic spectators will be permitted to attend the 2021 Tokyo Olympic events, however foreign spectators are banned.
July 2 California exports of goods rose 42.2 percent year-over-year to $15 billion in May 2021. California imports of goods rose 43.3 percent year-over-year to $39 billion in May 2021, the eleventh consecutive month of year-over-year increase.
July 2 The official U.S. unemployment rate rose 0.1 percentage point to 5.9 percent in June 2021. The U.S. added 850,000 total nonfarm jobs in June 2021, the largest gain since August 2020 when 1.6 million jobs were added. Nearly 70 percent of the 22.4 million total jobs lost in March and April of 2020 have been recovered.
July 4 To date, 67 percent of the U.S. adult population have received at least one dose of a COVID-19 vaccine. This falls short of President Joe Biden’s July 4 vaccination goal of administering at least one dose of a COVID-19 vaccine to 70 percent of the U.S. adult population.
July 7 Haitian President Jovenel Moïse is assassinated.
July 7 Nine California State Capitol workers tested positive for COVID-19 in early July, including four who are fully vaccinated, triggering a return of the mask mandate for lawmakers and staff.
July 7 According to estimates from the Center for Disease Control and Prevention (CDC), the COVID-19 Delta variant is the dominant virus strain in the United States, accounting for over 50 percent of new cases.
July 8 Olympic officials update and announce that even domestic spectators will be allowed at the Tokyo Olympic events, after a new COVID-19 state of emergency was declared.
July 8 Bank of America announces its desire to break contract with the California Employment Development Department, stating it lost upward of $31 billion dollars on the contract last year as it scrambled to respond to California’s rampant unemployment insurance fraud.
July 8 Siemens Mobility, a Sacramento-based company, signs a $3.4 billion contract with Amtrak beginning in 2024 that will provide Amtrak with at least 73 new hybrid battery trains.
July 9 President Joe Biden signs the “Promoting Competition in the American Economy” executive order, which includes 72 initiatives by more than a dozen federal agencies, to address competition issues, to combat excessive concentration of industry and abuses of market power, and to address challenges posed by new industries and technologies.
July 9 The Food and Drug Administration (FDA) recommends the Alzheimer’s drug, Aduhelm, be given only to those with mild symptoms, after facing criticism for approving the drug for all Alzheimer’s patients.
July 10 Just over 3.6 million babies were born in the U.S. in 2020, down 4 percent from 2019. Birth rates declined across all races and age. While the COVID-19 Pandemic likely played a role, the decline was not anomalous and follows a steady decline in birth rates since 2007.
July 12 Governor Gavin Newsom signs SB 129, legislation that reflects the majority of the 2021-22 state budget agreement, which includes the biggest economic recovery package in California’s history—a $100 billion California Comeback Plan.
July 13 U.S. headline inflation accelerated from 5.0 percent in May to 5.4 percent on a year-over-year basis in June 2021, the fastest pace since August 2008. Headline inflation accelerated from 3.9 percent in May to 4.0 percent in Los Angeles but slowed to 3.2 percent in San Francisco following 3.8 percent in April.
July 13 The FDA adds a rare neurological syndrome warning to the Johnson & Johnson COVID-19 vaccine.
July 14 China announces latest climate goals with peak emissions expected by 2030 and then net-zero by 2060, while the European Union announces the “Fit for 55” plan which aims to cut carbon emissions by 55 percent by 2030.
July 16 California median price for existing single-family homes reached a new all-time high of $819,630 in June 2021, up 0.2 percent from the previous record set in May, and setting a new record for the fourth consecutive month.
July 16 California unemployment rate remained unchanged at May 2021’s revised rate of 7.7 percent in June 2021, 3.4 percentage points higher than the state’s pre-pandemic rate of 4.3 percent in February 2020. California added 73,500 total nonfarm jobs in June 2021, bringing the total of jobs recovered to about 54.2 percent (1.4 million jobs) of the 2.7 million nonfarm jobs lost in March and April 2020.
July 16 U.S. retail sales increased 0.6 percent month-over-month in June 2021 on a seasonally adjusted annualized rate (SAAR) after falling by 1.7 percent (revised) in May 2021. Retail sales in June 2021 were 18.0 percent higher than in June 2020. Non-store retail sales in June 2021 were up 0.2 percent from May 2021 and up 12.1 percent from June 2020.
July 16 A federal judge in Texas rules the Deferred Action for Childhood Arrivals (DACA)—a program that has shielded hundreds of thousands of undocumented young adults from deportation—unlawful. More than 825,000 recipients have benefited from DACA protections since the program began in 2012.
July 16 Governor Gavin Newsom issues an emergency proclamation for Siskiyou County due to the Lava Fire and for Lassen and Plumas counties due to the Beckwourth Complex Fire.
July 19 The National Bureau of Economic Research (NBER) announces the COVID-19 Recession ended in April 2020, just two months after its official start, and making it the shortest recorded recession in history, since 1858.
July 20 University of California admits the largest and most diverse cohort of California freshmen students ever for Fall 2021. Among California applicants, which make up about two-thirds of all admitted freshmen, the largest group admitted were Latinos (37 percent), followed by Asian Americans (34 percent), Whites (20 percent) and Blacks (5 percent).
July 21 According to California Secretary of State Shirley Weber, 46 candidates have met the qualifications to run in the California gubernatorial recall election, just over a third of the 135 candidates on the ballot for the state’s 2003 recall election.
July 21 Pacific Gas & Electric (PG&E), California’s largest electricity provider, announces plans to place 10,000 miles of its power lines underground to prevent future wildfires. The project involves about 10 percent of the lines currently above ground and may cost tens of billions of dollars.
July 21 Governor Gavin Newsom proclaims a state of emergency for Plumas County due to the Dixie Fire and Fly Fire, for Butte and Lassen counties due to the Dixie Fire, and for Alpine County due to the Tamarack Fire.
July 22 Israel, the first country to adopt a form of COVID-19 vaccine passport “Green Pass” in February 2021, reinstated the requirement for the Green Pass for events of more than 100 persons, due to surges in COVID-19 cases.
July 23 The Dixie fire, swelling to 142,940 acres, becomes the largest wildfire of 2021.
July 25 There were more deaths than births in 2020 in half of all U.S. states, up from only five states in 2019. Early estimates show the total U.S. population grew 0.4 percent for the year ended July 1, 2020, the lowest rate recorded and is expected to remain near flat in 2021.
July 26 California permitted 114,000 housing units in June 2021 up 8.9 percent from May 2021, made up of 61,000 single-family units and 53,000 multi-family units. Single-family units were down 10.3 percent over the previous month, but up 8.9 percent year-over-year while multi-family units were up 15.2 percent over the previous month and up 51.4 percent year-over-year.
July 26 France’s parliament approves a law requiring special COVID-19 vaccination passes for all restaurants and domestic travel and mandates vaccinations for all health workers. The law requires all workers in the health care sector to start getting vaccinated by September 15, or risk suspension.
July 26 California becomes the first state, New York the first city, and the Department of Veterans Affairs the first federal agency to implement standards to require all government workers and California health care workers and high-risk congregate settings to either show proof of full vaccination or be tested at least once per week.
July 26 Tesla sets a company record-high quarterly profit of $1.1 billion.
July 27 The CDC recommends that fully vaccinated people begin wearing masks indoors again in places with high COVID-19 transmission rates as well as children as they return to school.
July 27 Governor Gavin Newsom signs AB 133, making California the first state in the nation to expand full-scope Medi-Cal eligibility to low-income adults 50 years of age or older, regardless of immigration status – a major milestone in the state’s progress toward universal health coverage.
July 27 The U.S. Drought Monitor reports that 95.1 percent of Californa fell under severe drought in July 2021, up from 94.7 percent in June 2021 and up from 21.5 in July 2020. One hundred percent of the state is under at least abnormally dry conditions in June 2021, compared to 59.6 percent in July 2020.
July 28 The Federal Reserve left interest rates unchanged at the current range of 0 percent to 0.25 percent in its Federal Open Market Committee (FOMC) meeting and it announced that it would not yet begin to taper its asset purchase program.
July 29 U.S. real GDP grew at a SAAR of 6.5 percent in the second quarter of 2021, following 6.3 percent (revised) in the first quarter, and surpassing its fourth quarter of 2019 pre-pandemic peak by 0.8 percent.
July 29 President Joe Biden announces that all federal employees must attest to being vaccinated against COVID-19 or face strict protocols including regular testing, masking, limits on official travel and other mitigation measures. Contractors working for the federal government will also be subject to the new rules.
July 30 The S&P 500 closes the month at 4,395, up 2.3 percent from the June close, setting seven new record highs over the month of July. The Dow Jones, closes at 34,935 up 1.3 percent, setting five new record highs in July. The Nasdaq closes at 14,673, up 1.2 percent, setting seven records in July.
July 31 To date, 484, 519 acres have burned from 5,671 fire incidents across the state, causing destruction or damage to 323 structures and no fatalities.
July 31 To date, close to 348 million COVID-19 vaccine doses have been administered in the U.S., with about 49.7 percent of the population fully vaccinated and 57.8 percent having received at last one dose. To date, California has administered 44.1 million COVID-19 vaccines, with around 53.5 percent of the population fully vaccinated and 61.5 percent having received at least one dose.
July 31 To date, California has recorded close to 3.9 million COVID-19 cases, or 11.1 percent of the nation’s 35 million cases. California has recorded over 64,000 deaths from COVID-19, or 10.5 percent of the nation’s more than 611,000 deaths. The seven-day average of cases for California at the end of July was over 8,700 cases and over 79,700 cases for the nation. This is up from a seven-day average of over 1,500 and 13,400 in California and the U.S., respectively at the end of June 2021.
August 2 The U.S. reaches a milestone of 70 percent of adults (18 years and older) receiving at least one COVID-19 vaccine dose, almost a month after its original July 4th goal.
August 3 CDC issues a new order temporarily halting evictions through October 3, in counties with heightened levels of COVID-19 community transmission in order to respond to recent unexpected developments in the trajectory of the COVID-19 Pandemic, including the rise of the Delta variant.
August 5 Governor Gavin Newsom proclaims a state of emergency for Siskiyou County due to the Antelope Fire and for Nevada and Placer counties due to the River Fire.
August 5 The state’s second largest reservoir, the Hyatt Powerplant at Lake Oroville, goes offline for the first time in history due to low water levels.
August 5 California exports of goods rose by 27.8 percent year-over-year to $15 billion in June 2021 after falling by 16.5 percent year-over-year to $11.7 billion in June 2020. California imports of goods rose by 23.4 percent year-over-year to $39.9 billion in June 2021, after a decline of 8.4 percent year-over-year in June 2020.
August 5 President Joe Biden signs an executive order that sets a target to require half of all new vehicles sold in the U.S. to be electric by 2030.
August 6 The official U.S. unemployment rate fell 0.5 percentage point to 5.4 percent in July 2021 and the U.S. added 943,000 total nonfarm jobs. Nearly three-quarters (74.5 percent) of the 22.4 million jobs lost in March and April 2020 have been recovered as of July 2021.
August 6 President Joe Biden extends the pause on federal student loan payments until the end of January 2022, previously set to expire at the end of September 2021.
August 8 The Federal-State Extended Duration (FED-ED) extension of unemployment insurance during times of high unemployment triggers off, as California’s unemployment rate fell to 7.6 percent in July, no longer meeting the federal threshold of unemployment rate higher than 8 percent to offer the additional seven weeks of benefits and will now only provide 13 weeks of benefits instead of 20.
August 9 The Intergovernmental Panel on Climate Change finds that the global temperature is likely to rise around 1.5 degrees Celsius (34.7 degrees Fahrenheit) within the next two decades.
August 10 The Dixie Fire becomes California’s second largest wildfire in state history with nearly 500,000 acres burnt, ranking as the fifteenth most destructive fire in state history, destroying more than a thousand structures.
August 10 Governor Gavin Newsom proclaims a state of emergency in Trinity County due to the McFarland and Monument fires, in Tehama County due to the McFarland and Dixie fires, and in Shasta County due to the McFarland fire.
August 10 The U.S. Senate passes a $1 trillion bipartisan infrastructure bill to rebuild the nation’s roads and bridges and to fund new climate resilience and broadband initiatives.
August 11 U.S. headline inflation rose 5.4 percent on a year-over-year basis in July 2021, unchanged from the June 2021 rate, still the fastest pace since August 2008. Headline inflation decelerated in Los Angeles (3.9 percent year-over-year in July following 4 percent in June), but accelerated in Riverside (6.5 percent following 5.9 percent in May) and San Diego (6.0 percent following 5.3 percent in May).
August 11 Governor Gavin Newsom announces a first-in-the nation requirement for K-12 school teachers and staff to be vaccinated against COVID-19 or to submit to weekly COVID-19 testing, effective October 15, 2021.
August 12 San Francisco is the first major city in California to announce requirements for proof of vaccination against COVID-19 for a variety of indoor activities, effective August 20, 2021.
August 13 According to the National Oceanic and Atmospheric Administration (NOAA), July 2021 was the world’s hottest recorded month in history, since records began 142 years ago, with a combined land and ocean-surface temperature 1.67 degrees Fahrenheit above the 20th century average of 60.4 degrees Fahrenheit. It was 0.02 of a degree Fahrenheit higher than the previous record set in July 2016, which was tied in July of 2019 and 2020.
August 16 The California Assembly requires all assembly members and staff to be vaccinated against COVID-19, with at least their first dose by September 1, 2021 or face possible termination.
August 17 Governor Gavin Newsom proclaims a state of emergency for El Dorado County due to the Caldor Fire.
August 17 California median home sales price for single-family homes decreased 1 percent from June to $811,170 in July, the first month-over-month decrease since February 2021 but still 21.7 percent higher than July 2020’s median home price.
August 17 The Transportation Security Administration (TSA) extends the federal mask requirement set to expire September 14 for travelers on public transportation such as commercial flights, buses, and trains through January 18, 2022.
August 17 U.S. retail sales decreased 1.1 percent month-over-month in July 2021, after increasing by 0.7 percent (revised) in June 2021. Retail sales in July 2021 were 15.8 percent higher than in July 2020. Non-store retail sales in July 2021 were down 3.1 percent from June 2021 and up 5.9 percent from July 2020.
August 18 The Los Angeles City Council passes a COVID-19 vaccine mandate that does not include an option for regular testing on nearly 60,000 city workers, including police officers and firefighters.
August 18 The U.S. Environmental Protection Agency (EPA) bans the use of the pesticide chlorpyrifos on all food to better protect human health, particularly that of children and farmworkers.
August 18 The California Department of Public Health (CDPH) announces a first-in-the nation requirement for proof of vaccination or a negative COVID-19 test within 72 hours prior to the start of an indoor event for all indoor gatherings with 1,000 or more participants or spectators in attendance.
August 18 Federal government health officials and the Center for Disease Control and Prevention (CDC) announce a plan to begin offering booster shots beginning the week of September 20, subject to Food and Drug Administration (FDA) evaluation, to all Americans, 8 months after an individual’s second COVID-19 vaccine dose.
August 20 California’s unemployment rate remained unchanged at June’s revised rate of 7.6 percent in July 2021, or 3.3 percentage points higher than its February 2020 rate of 4.3 percent. California added 114,400 nonfarm jobs in July, recovering 58.3 percent of the 2.7 million jobs lost in March and April 2020.
August 20 The Department of Homeland Security announces an extension to its land and ferry border restrictions with Canada and Mexico through at least September 21, in order to minimize the spread of COVID-19, including the Delta variant. The latest extension comes after Canada said in July that it would start allowing in fully vaccinated U.S. visitors starting August 9 for non-essential travel.
August 20 California Alameda County Superior Court Judge Frank Roesch rules Proposition 22, a ballot measure defining Uber and Lyft drivers as independent contractors, as “unenforceable”, arguing several sections of the measure are unconstitutional under California state law.
August 23 The FDA gives full approval for the first COVID-19 vaccine for individuals 16 years of age and older, known as the Pfizer-BioNTech COVID-19 Vaccine and will now be marketed as Comirnaty.
August 24 California permitted 120,400 housing units (seasonally-adjusted annualized rate) in July 2021, 3.5 percent higher than the 116,300 units permitted in June 2021. Year-to-date, California has permitted nearly 121,400 units on average in 2021. Permits continued to be driven by single-family units, which totaled 65,800 in July, while multi-family totaled 54,600 units.
August 24 California secures Presidential major disaster declaration to support wildfire response and recovery efforts in the impacted communities in Lassen, Nevada, Placer, and Plumas counties.
August 25 Moderna completes its submission to the FDA for full approval of its COVID-19 vaccine for over 18 populations, while Pfizer and BioNTech announce they have begun submitting data for full FDA approval of a third dose of their vaccine.
August 25 California secures a Fire Management Assistance Grant (FMAG) from the Federal Emergency Management Agency (FEMA) to help ensure the availability of vital resources to suppress the French Fire in Kern County.
August 26 South Korea becomes the first developed economy in Asia to raise interest rates since the beginning of the pandemic.
August 26 U.S. real GDP growth in the second quarter of 2021 was revised up slightly to 6.6 percent (SAAR) in BEA’s second estimate, up from 6.5 percent in the first advance estimate. This followed real GDP growth of 6.3 percent (SAAR) in the first quarter of 2021 and an annual decline of 2.3 percent in 2020.
August 26 More than 100,000 people in the U.S. were in the hospital with COVID-19 on August 25, according to the Department of Health and Human Services, the highest number of COVID-19 patients in the hospital on any given day since January, before the vaccine was widely available.
August 26 A terrorist attack in Kabul, Afghanistan, kills 13 U.S. service members and at least 60 Afghan citizens.
August 27 The Supreme Court rejects the Biden administration’s latest moratorium on evictions, imposed on August 3, citing the CDC had exceeded its authority. California’s eviction moratorium remains in place through the end of September 2021.
August 27 Qualifying Californians begin receiving the second round of Golden State Stimulus payments.
August 30 Governor Gavin Newsom proclaims a state of emergency for Alpine, Amador, and Placer counties due to Caldor Fire.
August 30 As Caldor Fire raced toward the large freshwater lake of Lake Tahoe, which straddles California and Nevada, an evacuation order was issued in Douglas County, including the tourist resort city of South Lake Tahoe.
August 31 Governor Gavin Newsom signs SB26, which accelerates the implementation of the California’s Fair Pay to Play Act to take effect on September 1, 2021, ahead of the original January 2023 implementation date. SB 26 also expands the Fair Pay to Play Act to California Community Colleges.
August 31 The S&P 500 closes up for a seventh straight month, its longest monthly gain streak in four years. The S&P 500 closes at 4,523, up 2.9 percent from July 2021, with thirteen record-highs. The Dow Jones closes at 35,361, up 1.2 percent from July 2021, with six record-highs. The Nasdaq closes at 15,259, up 4 percent from July 2021, with six record-highs.
August 31 To date, 1,830,307 acres have burned in California in 2021 from 6,959 fire incidents, resulting in 2,826 structures damaged or destroyed. There have been zero confirmed fatalities.
August 31 The U.S. Drought Monitor reports that 95.56 percent of California is in severe drought at the end of August 2021, slightly up from 95.09 percent at end of July 2021, with a hundred percent of the state under at least abnormally dry conditions. In contrast, only 79.45 percent of the state was in severe drought and 31.88 percent was under at least abnormally dry conditions in August 2020.
August 31 To date, California has recorded close to 4.3 million COVID-19 cases, or 10.9 percent of the nation’s 39 million cases. California has recorded over 66,000 deaths from COVID-19, or 10.3 percent of the nation’s more than 647,000 deaths. The seven-day average of cases at the end of August was nearly11,000 cases for California and over 161,000 cases for the nation. This is up from a seven-day average of over 8,700 and 79,700 in California and the nation, respectively, at the end of July 2021.
August 31 To date, more than 374 million COVID-19 vaccine doses have been administered in the U.S., with about 52.6 percent of the population fully vaccinated and 62.1 percent having received at last one dose. To date, California has administered 46.5 million COVID-19 vaccines, with around 56.4 percent of the population fully vaccinated and 63.5 percent having received at least one dose.
September 1 The Los Angeles Community College District Board of Trustees votes to mandate vaccinations for all staff members, including those working remotely, and students attending in-person classes or using campus facilities at the district’s nine colleges.
September 2 California exports of goods rose by 11 percent year-over-year to $14.9 billion in July 2021 after falling by 0.6 percent year-over-year to $13.4 billion in July 2020. California imports of goods rose by 9.9 percent year-over-year to $40.1 billion in July 2021, the thirteenth consecutive month of year-over-year increase.
September 2 Berkeley becomes the second California city to require proof of vaccination for certain indoor activities, namely dining inside a restaurant or bar.
September 3 The official U.S. unemployment rate fell 0.2 percentage point to 5.2 percent in August 2021. Total U.S. nonfarm jobs rose by 235,000 in August, following an increase of 1.1 million (revised up) in July 2021. The U.S. has recovered 76.2 percent of the 22.4 million jobs lost in March and April 2020.
September 4 The extended federal unemployment benefit programs created under the CARES Act: Pandemic Unemployment Assistance (PUA), Pandemic Emergency Unemployment Compensation (PEUC), Pandemic Additional Compensation (PAC) and Mixed Earner Unemployment Compensation (MEUC) expire.
September 4 The U.S. surpasses 40 million COVID-19 cumulative cases, 11.3 percent of which are in California.
September 5 Cal Fire’s Amador-El Dorado Unit announces that evacuation orders placed August 30, 2021, for the South Lake Tahoe city limits as well as areas east of Highway 89 and north of the city up to Emerald Bay, due to the Caldor Fire, would be reduced to warnings as off 3 PM.
September 6 Sweden removes the U.S. from its list of “safe countries,” no longer permitting permanent residents of the U.S. to enter Sweden for non-urgent reasons, regardless of vaccination status.
September 7 El Salvador becomes the first country to adopt Bitcoin as national currency alongside the U.S. dollar.
September 7 As students return to classrooms, nearly 252,000 children in the U.S. have tested positive for COVID-19 in the last week alone, marking the largest increase of pediatric cases in a week since the pandemic began.
September 9 U.S. initial unemployment insurance claims dropped to 310,000 in the week ending September 4, the lowest since March 14, 2020.
September 9 President Joe Biden announces a new vaccine mandate on federal workers, large employers, and health care, impacting as many as 100 million Americans, or about two–thirds of the workforce.
September 9 The Board of the Los Angeles Unified School District, the country’s second-largest district, votes unanimously to require students 12 years and up to receive the COVID–19 vaccine by January 2022 in order to continue attending class in person.
September 9 Amazon offers to pay college tuition for more than 750,000 of its U.S. employees.
September 14 U.S. headline inflation decelerated slightly from 5.4 percent on a year-over-year basis in June and July to 5.3 percent in August. Headline inflation accelerated from 3.9 percent in July to 4 percent in August in Los Angeles whereas San Francisco inflation was 3.7 percent in August, following 3.2 percent in June.
September 14 Riverside County Sheriff Chad Bianco announces he will not require Sheriff’s Department employees or job applicants to be vaccinated against COVID-19 despite a state public health order mandating vaccinations or regular COVID-19 testing for those working in jails.
September 15 Governor Gavin Newsom wins the recall election with more than 60 percent support, with most of the vote counted.
September 16 U.S. retail sales increased 0.7 percent month-over-month in August 2021 on a seasonally adjusted annualized rate (SAAR) after falling by 1.8 percent (revised) in July 2021. Retail sales in August 2021 were 15.1 percent higher than in August 2020. Non-store retail sales in August 2021 were up 5.3 percent from July 2021 and up 7.5 percent from August 2020.
September 16 Median sales price of existing homes reached a new record-high of $827,940 in August 2021, up 2.1 percent from the July 2021 price of $811,170 and up 17.1 percent from $706,900 in August 2020.
September 16 Governor Gavin Newsom signs into law SB9, opening the door for the development of up to four residential units on single-family lots across California.
September 16 COVID-19 is officially the most deadly outbreak in recent American history with over 676,000 deaths, surpassing the estimated 650,000 U.S. fatalities from the 1918 influenza pandemic.
September 17 California’s unemployment rate fell by 0.1 percentage point to 7.5 percent in August 2021. California added 104,300 total nonfarm jobs in August, accounting for over two-fifths of the nation’s gain of 235,000 nonfarm jobs, more than double California’s historic nonfarm employment share of around 12 percent.
September 20 Pfizer Inc. and partner BioNTech announce that a smaller dose of their COVID-19 vaccine is safe and generates a “robust” immune response in kids between the ages of 5 and 11, based on their clinical trial.
September 20 President Joe Biden eases a series of COVID-19 related travel bans imposed by the previous administration and instead require all foreign nationals flying into the U.S. to show proof of vaccination.
September 22 San Francisco International Airport (SFO) becomes the first major U.S. airport to mandate COVID-19 vaccinations for all workers. Under the new mandate, SFO tenants and contractors must ensure that all of their on-site employees have received the vaccine. In August 2020, SFO also became the first U.S. airport to offer on-site rapid testing for the virus, and now administers tests to an average of 500 travelers a day.
September 22 The Food and Drug Administration (FDA) authorized Pfizer and BioNTech’s COVID-19 booster shots for people 65 years and older as well as vulnerable Americans who are18 years and older six months after they complete their first two doses.
September 22 At the conclusion of their two-day policy meeting, the Federal Open Market Committee (FOMC) announces that it kept the target range for interest rates between 0 percent and 0.25 percent while indicating an expected tapering later this year. The FOMC also signaled that the next rate increase will likely be in early 2023, compared to an anticipated increase later than 2023 signaled at their March 2021 meeting.
September 22 The Fawn Fire ignites five miles northeast of Shasta Lake, threatening more than 9,000 structures in Shasta County.
September 23 Personal income in California increased by 4.2 percent (SAAR) in the second quarter of 2021, following a decrease of 16 percent in the first quarter of 2021. U.S. personal income grew 1.1 percent (SAAR) in the second quarter of 2021, following growth of 16.1 percent in the first quarter of 2021. Revised annual data brought 2020 personal income growth up from 6.3 percent to 6.5 percent for the U.S. and up from 6.9 percent to 8.6 percent for California.
September 23 Governor Gavin Newsom signs AB 710 about two weeks after it was approved by state lawmakers, requiring warehouse companies to disclose any quotas or workplace-productivity measures it applies to workers in the state.
September 24 California residential housing units authorized by building permits totaled 123,000 on a seasonally adjusted annualized rate (SAAR) in August, up 2.5 percent from July. In August, single-family units were down 1.5 percent from July to 65,000 units, and multifamily units were up 3.6 percent from July to 57,000 units. California’s residential building valuation in August was $27.2 billion, down 6.7 percent from July.
September 24 California initial unemployment insurance claims rose to their highest level in five months to 75,800 in the week ended September 18.
September 24 Governor Gavin Newsom signs into law AB 170, a more than $15 billion package of legislation aimed at combating the impacts of climate crisis, including wildfires, in California.
September 27 U.S. District Federal Judge Jon S. Tigar in Oakland orders the state to come up with a plan in the next two weeks for mandatory COVID-19 vaccinations for prison guards, as well as inmates who work outside the prisons.
September 27 Governor Gavin Newsom signs into law AB 73, Farm Worker Wildfire Smoke Protections Act, which would designate agricultural workers as “essential workers” and allow them access to the California Department of Public Health’s (CDPH) stock of personal protective equipment, including masks.
September 27 President Joe Biden receives a COVID-19 booster shot, in accordance with the latest guidance from the Centers for Disease Control and Prevention (CDC), qualifying at 78 years old.
September 27 Governor Gavin Newsom signs into law AB37, which requires elections officials to mail every active registered voter in California a ballot for all future elections, making permanent a pandemic-era safety measure.
September 28 The Conference Board U.S. consumer confidence index falls to 109.3 in September 2021, a seven-month low, due to rising COVID-19 cases and heightened concerns about the economy’s near-term prospects. This is down 5.9 points from 115.2 in August and 19.6 points the June 2021 index of 128.9.
September 30 California real GDP grew by 8.1 percent in the second quarter of 2021 (SAAR), following growth of 11.7 percent (revised up from 6.3 percent) in the first quarter of 2021. U.S. real GDP growth for the second quarter of 2021 was revised up 0.1 percentage point to 6.7 percent (SAAR) according to the Bureau of Economic Analysis (BEA)’s third and final estimate, following a growth of 6.3 percent in the first quarter of 2021.
September 30 After seven consecutive months of gains, the S&P 500 closes the month of September at 4,307 points, down 4.8 percent from its August close. The Dow Jones closes at 33,844 or 4.3 percent below its August close, while the Nasdaq closes at 14,449, 5.3 percent below its August close.
September 30 To date, U.S. Drought Monitor reports that 93.93 percent of California is in severe drought, slightly down from 95.56 percent at end of August 2021, with a hundred percent of the state under at least abnormally dry condition. In contrast, only 35.62 percent of the state was in severe drought and 84.65 percent was under at least abnormally dry condition in September 2020.
September 30 To date, over 398 million COVID-19 vaccine doses have been administered in the U.S., with about 55.8 percent of the population fully vaccinated and64.7 percent having received at last one dose. To date, California has administered over 49 million COVID-19 vaccines. About 59.6 percent of Californians have been fully vaccinated and 65.8 percent received at least one dose.
September 30 To date, California has recorded over 4.5 million COVID-19 cases, or 10.4 percent of the nation’s 43.4 million cases. California has recorded over 70,000 deaths from COVID-19, or 10 percent of the nation’s more than 702,000 deaths. The seven-day moving average cases for California at the end of September was just over 5,700 cases and over 109,000 cases for the nation, while the seven-day moving average COVID-19 deaths is 98 for California and 1,768 for the nation.
October 1 California real GDP grew by 8.1 percent in the second quarter of 2021 (seasonally adjusted annualized rate or SAAR), following growth of 11.7 percent (revised up from 6.3 percent) in the first quarter of 2021.
October 1 California becomes the first state in the nation to announce that the COVID-19 vaccine will be added to the list of required school vaccinations, to be required for in-person learning starting the term following FDA full approval of the vaccine for their grade span (7-12 and K-6).
October 4 Governor Gavin Newsom proclaims a state of emergency in Orange County to support the emergency response to the oil spill off the coast of Huntington Beach that originated in federal waters around October 2, the region’s largest oil spill in three decades.
October 5 California exports of goods rose by 13.8 percent year-over-year to $14.9 billion in August 2021 after falling by 12.4 percent year-over-year to $13.1 billion in August 2020. California imports of goods rose by 12.5 percent year-over-year to $41 billion in August 2021, the fourteenth consecutive month of year-over-year increase.
October 5 Governor Gavin Newsom signs legislation to strengthen the state unemployment insurance delivery system, enabling the Employment Development Department (EDD) to bolster fraud prevention and further protect claimants from identity theft.
October 6 Governor Gavin Newsom signs college affordability and accessibility legislation, with AB 928 and AB 111 making it easier for student to transfer to four year universities, and AB 1377 and SB 330 to improve housing affordability for students.
October 7 Tesla announces plans to move headquarters from Palo Alto, California to Texas. (Official December 1, 2021 with a U.S. Securities Exchange Commission filing with the Texas address).
October 8 The official U.S. unemployment rate fell 0.4 percentage point to 4.8 percent in September 2021. The U.S. added 194,000 total nonfarm jobs in September 2021 following a gain of 366,000 (revised) in August 2021. As of September 2021, the U.S. has recovered 77.8 percent of the 22.4 million jobs lost in March and April 2020.
October 8 Governor Gavin Newsom signs a suite of bills to increase K-12 student supports, expand broadband access to help bridge the digital divide, and expand educational opportunities for students to help build academic achievement and attainment, as part of the historic $123.9 billion K-12 package in the 2021-22 enacted budget.
October 13 President Joe Biden announces that an agreement has been reached with the nation’s two main ports, Los Angeles and Long Beach, to operate 24 hours 7 days a week to alleviate bottlenecks in maritime transport.
October 14 U.S. headline inflation accelerated slightly to 5.4 percent on a year-over-year basis in September 2021 from 5.3 percent in August. Los Angeles headline inflation increased to 4.6 percent in September 2021, following 4 percent in August.
October 14 President Joe Biden signs bill granting a short-term extension of the debt ceiling, raising the debt limit by $480 billion to cover debt financing needs through early December.
October 15 U.S. retail sales in September 2021 were up 0.7 percent from August 2021 and up 13.9 percent from September 2020. Non-store retail sales were up 0.6 percent from August 2021 and up 10.5 percent from a year ago.
October 15 The Biden administration announces plans to lift travel restrictions, first imposed in March 2020, for international travelers to the U.S. on November 8, 2021. The new policy will affect both air and land-border travelers, who will need to be fully vaccinated and show proof of a recent negative COVID test.
October 18 For the sixth month in a row, California statewide median price of existing single-family homes remained above $800,000 despite a decline from $827,940 in August to $808,890 in September 2021. The median price was down 2.3 percent from August 2021 but up 13.5 percent from September 2020.
October 18 California records driest water year (October 1, 2020 through September 30, 2021) since 1924, according to precipitation data from the Western Regional Climate Center. The California Department of Water Resources (DWR) reports the 2021 water year as the second driest on record based on low levels of both precipitation and water runoff.
October 19 Governor Gavin Newsom issues proclamation extending the drought emergency statewide and authorizes State Water Board to ban wasteful water uses.
October 19 California becomes the only state to reach the lower “moderate” level of COVID-19 community transmission based on data from the Centers for Disease Control and Prevention (CDC), one level above the lowest risk level.
October 20 The Food and Drug Administration (FDA) grants emergency use authorization for Moderna’s COVID-19 booster shots for people 65 years and older and vulnerable Americans 18 years and older, six months after they complete their first two doses. Johnson & Johnson receives approval for individuals 18 years and older at least two months after completion of the single-dose regimen. Every COVID-19 vaccine authorized in the U.S. now has a booster with FDA, allowing for a mix-and-match between vaccines and boosters.
October 20 Governor Gavin Newsom signs Executive Order to help tackle supply chain issues, directing state agencies to identify additional ways to alleviate congestion at California ports and to continue coordinating with the Biden-Harris Administration Supply Chain Disruptions Task Force to address state, national, and global supply chain challenges.
October 22 California’s unemployment rate remained unchanged at 7.5 percent in September 2021, 2.7 percentage points higher than the U.S. unemployment rate of 4.8 percent and 3.2 percentage points higher than the pre-pandemic rate of 4.3 percent in February 2020. California added 47,400 total nonfarm jobs in September 2021, accounting for nearly a quarter of the nation’s gain of 194,000 jobs.
October 22 Governor Gavin Newsom proclaims a state of emergency to support counties recovering from several wildfires, including the counties of Siskiyou and Trinity due to the River Complex Fire; Kern County due to the French Fire; Tuolumne County due to the Washington Fire; Mendocino County due to the Hopkins Fire; and Tulare County due to the Windy Fire and KNP Complex Fire.
October 25 Tesla Inc. joins a select group of publicly traded companies to reach a market value exceeding $1 trillion after its stock price more than doubled in the past year.
October 26 California permitted over 111,500 housing units (SAAR) in September 2021, down 9 percent form 122,600 units in August 2021, and down 6.9 percent from 119,800 units permitted in September 2020. This included 62,300 single-family units (down 4.3 percent from August 2021 and down 18.5 percent from September 2020) and 49,200 multi-family units (down 14.4 percent from August 2021 and up 13.5 percent from September 2020).
October 27 U.S. Small Business Administration (SBA) approves federal disaster assistance to support the business community impacted by the October 2 oil spill off the coast of Huntington Beach.
October 28 According to BEA’s initial estimate, U.S. real GDP growth slowed to 2 percent seasonally adjusted annual rate (SAAR) in the third quarter of 2021, the slowest growth since the second quarter of 2020, when GDP contracted by 31.2 percent.
October 28 Governor Gavin Newson and the U.S. Department of Transportation (U.S.DOT) announce a strategic partnership to help facilitate innovative projects and financing opportunities for multi-billion supply chain infrastructure improvements in California.
October 29 The Food and Drug Administration (FDA) authorizes Pfizer-BioNTech’s COVID-19 vaccine for emergency use in children aged 5 to 11.
October 29 The S&P 500 closes the month at 4,605, up 6.9 percent from the September close, setting five new record-highs over the month of October. The Dow Jones closes at 35,820 up 5.8 percent, setting four new record-highs. The Nasdaq closes at 15,498, up 7.3 percent, setting two record-highs.
October 31 To date, 2,495,889 acres have burned in California in 2021 from 8,239 fire incidents, 3,629 structures have been damaged or destroyed and there were 3 confirmed fatalities.
October 31 The U.S. Drought Monitor reports that 93.8 percent of California is in severe drought, slightly down from 93.9 percent at the end of September 2021, with a hundred percent of the state under at least abnormally dry conditions. In contrast, only 35.6 percent of the state was in severe drought and 84.6 percent was under at least abnormally dry conditions in October 2020.
October 31 To date, close to 426 million COVID-19 vaccine doses have been administered in the U.S., with 57.6 percent of the population fully vaccinated, 66.9 percent having received at last one dose. To date, California has administered over 52.5 million COVID-19 vaccines, around 67.5 percent of Californians having received at least one dose and 61.4 percent fully vaccinated.
October 31 To date, California has recorded close to 4.7 million COVID-19 cases, or 10.2 percent of the nation’s over 45.9 million cases. California has recorded over 72,500 deaths from COVID-19, or 9.7 percent of the nation’s more than 747,000 deaths. The seven-day moving average cases for California at the end of October was over 5,600 cases and over 71,300 cases for the nation, while the seven-day moving average for deaths is 57 for California and 1,189 for the nation at the end of October 2021.
November 1 According to Johns Hopkins University’s Coronavirus Resource Center’s estimate, the total number of COVID-19 cases in the United States surpassed 46 million, as the nationwide death toll reached 746,289.
November 2 The Centers for Disease Control and Prevention (CDC) endorses a recommendation for the use of Pfizer and BioNTech’s COVID-19 vaccine among children ages 5 to 11 years, clearing the way for vaccination of the younger age group in the United States.
November 3 The Federal Open Market Committee (FOMC) announces that it will start reducing its asset purchases by $15 billion in November and expect to start raising interest rates by late 2022 or early 2023.
November 4 California exports of goods rose by 9.1 percent year-over-year to $13.9 billion in September 2021 after falling by 76.2 percent year-over-year to $12.8 billion in September 2020. This was the seventh consecutive month of year-over-year increase. California imports of goods rose by 15.6 percent year-over-year to $42.5 billion in September 2021, the fifteenth consecutive month of year-over-year increase.
November 4 The Occupational Safety and Health Administration (OSHA) of the U.S. Labor Department sets a January 4, 2022 deadline for companies with at least 100 employees to have their employees vaccinated or get tested for COVID-19 at least once a week.
November 4 United Kingdom health regulators clear the COVID-19 drug developed by Merck Pharmaceutical and Ridgeback Bio therapeutics, becoming the first country to authorize the pill that can be taken at home.
November 5 The official U.S. unemployment rate fell 0.2 percentage point to 4.6 percent in October 2021. Total nonfarm jobs rose by 531,000 in October 2021 following a gain of 312,000 (revised) in September 2021. So far, the U.S. has recovered 79.5 percent of the 22 million jobs lost in March and April 2020.
November 8 The United States ends a pandemic travel ban for fully vaccinated travelers that was instituted in March 2020, more than a year and a half.
November 10 U.S. headline inflation rose 6.2 percent on a year-over-year basis in October, its fastest pace since 1990, up 0.8 percentage point from 5.4 percent in September and an acceleration from an average rate of 5.3 percent in the previous five months. Los Angeles headline inflation accelerated from 4.6 percent in September to 5.4 percent in October, its fastest pace since 2008 and San Francisco headline inflation accelerated slightly from 3.7 percent in August to 3.8 percent in October, its fastest pace since 2008.
November 11 California Department of Public Health (CDPH) announces that all fully vaccinated adults who are 18 and older are eligible for a COVID-19 booster shot in California, provided that at least six months have passed after their second dose of the two-shot Pfizer or Moderna vaccine or two months have passed since their Johnson & Johnson shot.
November 12 The federal appeals court in New Orleans, a three-judge panel of the U.S. Court of Appeals for the 5th Circuit, halts the vaccine or testing requirement for private businesses set earlier this month by the U.S. Labor Department’s OSHA.
November 12 According to the U.S. Bureau of Labor Statistics’ (BLS) Job Openings and Labor Turnover Survey (JOLTS), a record 4.4 million Americans (3 percent of the nation’s workforce) quit their jobs in September 2021, eclipsing the previous record of 4.3 million set in August and nearly doubling the pre-pandemic February 2020 level, where 2.3 percent of the workforce quit their jobs
November 15 According to the American Automobile Association, California gas prices recorded two consecutive days of all-time highs, as the average price of a regular gallon rose to $4.682 on November 15, 2021, which was six-tenths of a cent higher than what it was a day before, and broke the previous state record of $4.671 set in October 2012.
November 16 U.S. retail sales in October 2021 were up 1.7 percent from September 2021 and up 16.3 percent from October 2020. Non-store retail sales were up 4 percent from September 2021 and up 10.2 percent from a year ago.
November 16 After six months at over $800,000, California’s statewide median price of existing single-family homes fell to under $800,000 for the first time since March 2021, declining by about $10,000 to $798,440 in October 2021. While this was down 1.3 percent from September 2021, California’s median home sales price was 12.3 percent higher than in October 2020
November 19 California’s unemployment rate fell by 0.2 percentage point to 7.3 percent in October 2021. California added 96,800 (seasonally adjusted) total nonfarm jobs in October 2021, accounting for over 18 percent of the nation’s gain of 531,000 nonfarm jobs, more than California’s historic nonfarm employment share of around 12 percent.
November 19 Vice President Kamala Harris, the nation’s first female, first Black and first South Asian Vice President, becomes the first woman with presidential power when she temporarily stepped into the acting role (for one hour and 25 minutes) as president Joe Biden was under anesthesia for a routine colonoscopy, according to the White House.
November 19 The Centers for Disease Control and Prevention (CDC) director Rochelle Walensky endorsed COVID-19 boosters for all adults at least six months after their second shot of the Pfizer or Moderna vaccine.
November 23 One of the world’s largest computer chip makers, Samsung, announces a plan to build a $17 billion semiconductor factory in Taylor, Texas, after considering locations in Arizona and New York.
November 24 California permitted 128,000 housing units at a seasonally-adjusted annualized rate (SAAR) in October 2021, 14.9 percent higher than the 112,000 units permitted in September 2021 and 26.8 percent higher than the 101,000 units in October 2020
November 24 U.S. real GDP growth in the third quarter of 2021 was revised up 0.1 percentage point to 2.1 percent (SAAR) according to BEA’s second estimate.
November 26 President Joe Biden announces a presidential action to suspend and restrict entry into the United States from Botswana, Eswatini, Lesotho, Malawi, Mozambique, Namibia, South Africa, and Zimbabwe to limit spread of a COVID-19 variant, Omicron, following the World Health Organization’s (WHO) labeling of the variant as a concern.
November 30 The S&P 500 closes the month of November at 4,567, down 0.8 percent from the October close, but up 26.1 percent year-over-year from November 2020; and set seven new record highs over the month. The Dow Jones closes at 34,484, down 3.7 percent from October 202, but up 16.3 percent year-over-year from November 2020; and set five new record highs in the month. The NASDAQ closes at 15,538, up 0.3 percent from October 2021 and up 27.4 percent year-over-year from November 2020; and set eight record-highs in the month.
November 30 The U.S. Drought Monitor reports that 92.43 percent of California is in severe drought, slightly down from 93.81 percent at the end of October 2021, with a hundred percent of the state under at least abnormally dry conditions. In contrast, only 48.19 percent of the state was in severe drought and 96.50 percent was under at least abnormally dry conditions in November 2020.
November 30 To date, close to 473 million COVID-19 vaccine doses have been administered in the U.S., with 65.6 percent of the population fully vaccinated and 77.0 percent having received at last one dose. To date, California has administered close to 59 million COVID-19 vaccines, with around 69.6 percent of Californians having received at least one dose and 77.4 percent being fully vaccinated.
November 30 To date, California has recorded over 4.8 million COVID-19 cases, or 10.9 percent of the nation’s nearly 45 million cases. California has recorded over 75,000 deaths from COVID-19, or 10.6 percent of the nation’s more than 715,000 deaths. The seven-day moving average cases at the end of November was over 5,000 for California and over 76,000 for the nation, while the seven-day moving average deaths from COVID-19 is 61 for California and 763 for the nation at the end of November 2021.
December 1 The first case of COVID-19 attributed to the Omicron variant is detected in the United States.
December 3 The official U.S. unemployment rate fell 0.4 percentage point to 4.2 percent in November 2021. Total nonfarm jobs rose by 210,000 in November 2021 following a gain of 546,000 (revised) in October 2021. So far, the U.S. has recovered 82.5 percent of the 22 million jobs lost in March and April 2020.
December 7 California exports of goods rose for the eighth consecutive month, increasing 8.4 percent year-over-year to $15.9 billion in October 2021 after falling by 5.0 percent year-over-year to $14.6 billion in October 2020. California imports of goods rose by 7.0 percent year-over-year to $42.1 billion in October 2021, the sixteenth consecutive month of year-over-year increase.
December 7 U.S. labor productivity, a measure of output per hour worked in the nonfarm business sector, declined at a 5.2 percent seasonally adjusted annual rate (SAAR) from the second quarter of 2021 to the third. This was the largest decline in quarterly growth rate since the second quarter of 1960.
December 7 New York City mayor Bill De Blasio announces a ‘first in the nation’ vaccine mandate for private companies, impacting 184,000 businesses and expected to take effect on December 27, 2021.
December 9 Weekly jobless claims totaled 184,000 for the week ended December 4, the lowest level in more than 52 years, going back to September 6, 1969.
December 10 U.S. headline inflation rose by 6.8 percent on a year-over-year basis in November, its fastest pace since 1982, and an acceleration from 6.2 percent in October. Headline inflation in the Los Angeles, Riverside, and San Diego metropolitan areas accelerated to historic-high rates in November, at 6.0 percent, 7.9 percent, and 6.6 percent respectively. California headline inflation accelerated from 4.7 percent in August to 5.6 percent in October.
December 13 California Health and Human Services Agency announces a statewide mask mandate for indoor public places regardless of vaccination status that goes into effect December 15, 2021 and will remain in place until January 15, 2022.
December 14 The first COVID-19 vaccine was administered in the U.S. one year ago on December 14, 2020, and so far 62 million doses have been administered in California. This is12.4 percent of the nearly 500 million doses administered in the nation.
December 15 U.S. retail sales in November 2021 were up 0.3 percent from October 2021 and up 18.2 percent from November 2020. Non-store retail sales in November 2021 were unchanged from October 2021 but up 12.1 percent from a year ago.
December 16 The median sales price of existing single family homes was $782,480 in November 2021, down 2.0 percent from October’s price of $798,440 but up 11.9 percent from November 2020 price of $698,980. This was the third consecutive month-over-month decline in the median price of existing single family homes.
December 16 Governor Gavin Newsom signs an executive order that temporarily allows corporate shareholder meetings to be held virtually during emergencies. The order also authorizes an extension of the COVID-19 Emergency Temporary Standards (ETS) that instituted safety requirements to protect workers in the.
December 16 Production at U.S. factories increased to its highest level in nearly three years in November as output rose across the board. Following a 1.4 percent increase in October, the manufacturing output index climbed 0.7 percent in November to 100.6, the highest level since January 2019.
December 16 – U.S. housing starts increased to an eight-month high in November 2021, growing 11.8 percent to a seasonally adjusted annual rate of 1.679 million units, the highest level since March 2021.
December 17 California’s unemployment rate fell by 0.4 percentage point to 6.9 percent in November 2021. California added 45,700 total nonfarm jobs in November 2021, accounting for over one-fifth of the nation’s gain of 210,000 nonfarm jobs, well above California’s historic nonfarm employment share of around 12 percent.
December 17 Governor Gavin Newsom announces a public safety plan to prevent crime in California. This includes plans to bolster local law enforcement response (including $255 million in grants for local law enforcement over three years), $30 million in grants for local prosecutors over three years, and plan to create a statewide gun buyback programs.
December 17 California’s third quarter 2021 personal income was up by 3.4 percent from a year ago and up by 2.8 percent quarter-over-quarter (SAAR). By comparison, U.S. personal income was up 5.2 percent from a year ago and up 2.6 percent quarter-over-quarter (SAAR).
December 17 The Federal Open Market Committee (FOMC) announces plans to speed up the tapering of its asset-purchase program starting this month and kept the target range for the Federal Funds rate between 0 and 0.25 percent
December 17 Personal income in California increased by 3.4 percent (SAAR) in the third quarter of 2021, following an increase of 4.5 percent in the second quarter of 2021. U.S. personal income grew 5.2 percent (SAAR) in the third quarter of 2021, following growth of 1.6 percent in the second quarter of 2021.
December 20 According to the U.S. Center for Disease Control and Prevention (CDC), the Omicron variant became the dominant variant of the COVID-19 virus in the U.S., accounting for 73 percent of new infections for the week ended December 17, 2021.
December 20 Governor Gavin Newsom announces that California’s plan to provide $1 billion in mortgage relief grants to homeowners who have fallen behind on housing payments or reverse mortgage arrearages during the COVID-19 pandemic has been approved by the U.S. Department of the Treasury.
December 21 According to data from the U.S. Census Bureau, the U.S. population grew by only 0.1 percent in 2021, the slowest rate since the nation was founded in the 18th century.
December 22 U.S. real GDP growth decelerated from 6.7 percent (SAAR) in the second quarter to 2.3 percent (revised up from 2.1 percent) in the third quarter as growth slowed in 49 states, including 13 states whose real GDP fell. Delaware was the only state to experience accelerated growth in the third quarter of 2021.
December 22 President Joe Biden extends the pause on student loan payments by 90-days to May 1, 2022.
December 22 Washington, D.C. imposes a vaccine requirement for indoor activities that will also apply to all K-12 students, including those who attend charter, private and parochial schools, making it the first major city to impose a vaccine mandate on students.
December 22 Governor Gavin Newsom announces new booster requirements and testing measures to better protect all Californians as the Omicron variant becomes the dominant COVID-19 strain in the nation.
December 23 All evacuation advisories are lifted in the Twain Harte area of Tuolumne County, after cracks were found near a small dam.
December 23 The U.S. Food and Drug Administration (FDA) authorizes the antiviral pill, molnupiravir, to treat COVID-19 for adults with mild-to-moderate COVID-19 disease with positive results of direct SARS-CoV-2 viral testing, and who are at high risk for progression to severe COVID-19 (including hospitalization or death) and for whom alternative COVID-19 treatment options authorized by the FDA are not accessible or clinically appropriate.
December 23 California real GDP growth slowed to 2.9 percent in the third quarter of 2021 (SAAR), following 8.1 percent in the second quarter 2021. California real GDP recovered to pre-pandemic (fourth quarter of 2019) levels in the first quarter of 2021.
December 23 California permitted 118,000 housing units (SAAR) in November 2021, 8 percent below the 128,000 units permitted in October 2021 but 4.3 percent higher than the 113,000 units permitted in the same month of 2020.
December 27 California Department of Public Health (CDPH) announces that California health care workers are required to get a booster shot of the COVID-19 vaccine by February 1, 2022
December 30 U.S. weekly jobless claims declined to 198,000 for the week ending December 25, 2021; taking the four-week moving average for claims to 199,250, the lowest level since October 25, 1969.
December 31 The S&P 500 closed the month of December at 4,766, up 4.4 percent from the November close and 26.9 percent year-over-year from December 2020, and set four new record-highs over the month. The Dow Jones closed at 36,338, up 5.4 percent from November and 18.7 percent year-over-year from December 2020, and set one new record high in the month. The Nasdaq closed at 15645, up 0.7 percent from November and 21.4 percent year-over-year from December 2020, but did not record a new high.
December 31 For the year, the S&P 500 increased by 26.9 percent, following growth of 16.3 percent in 2020 and 28.9 percent in 2019. The S&P 500 has now enjoyed three consecutive years of double-digit growth, despite experiencing the deepest recession since the Great Depression from February 2020 to April 2020.
December 31 In 2021, 2,568,948 acres burned in California from 8,835 fire incidents, 629 structures were damaged or destroyed, and there were three confirmed fatalities
December 31 The U.S. Drought Monitor reports that 86.28 percent of California is in severe drought, down from 92.43 percent at the end of November 2021, with the entire state under at least abnormally dry conditions. In contrast, in December 2020 the whole state was also under at least abnormally dry conditions but only 74.34 percent of the state was in severe drought.
December 31 The U.S. has administered over 514 million COVID-19 vaccine doses in 2021, taking the total vaccine doses administered in the nation close to 520 million, with 62.9 percent of the population fully vaccinated and 73.5 percent having received at last one dose. California has administered over 64 million COVID-19 vaccine does in 2021 and close to 65 million to date, with 66.5 percent of Californians having received at least one dose and 74 percent fully vaccinated.
December 31 California has recorded over 3.1 million COVID-19 cases in 2021, bringing the cumulative case to over 5.6 million to date, which is 10.6 percent of the nation’s nearly 53 million cumulative cases to date. California has recorded about 44,000 deaths from COVID-19 in 2021 and 78,000 deaths to date, or 9.8 percent of the nation’s roughly 796,000 deaths to date. At the end of December, the seven-day moving averages were over 63,000 cases for the state and over 387,000 cases for the nation, and 69 deaths for California and over 1,000 for the nation.
2020
January-ongoing A coronavirus outbreak that originated in Wuhan, China has spread to several countries including the United States. On January 30, the World Health Organization declared the coronavirus outbreak a global public health emergency.
January 1 California statewide minimum wage increases from $12.00 to $13.00 per hour for employers with 26 or more employees. The hourly minimum wage increases in the following California cities:
Belmont, from $13.00 to $15.00
Cupertino, from $15.00 to $15.35
El Cerrito, from $15.00 to $15.37
Los Altos, from $15.00 to $15.40
Mountain View, from $15.65 to $16.05
Oakland, from $13.80 to $14.14
Palo Alto, from $15.00 to $15.40
Redwood, from $13.50 to $15.38
San Diego, from $12.00 to $13.00
San Jose, from $15.00 to $15.25
San Mateo, from $15.00 to $15.38
Santa Clara, from $15.00 to $15.40
Sunnyvale, from $15.65 to $16.05
January 1 California’s flexible-work legislation (AB 5), which was signed into law on September 18, 2019, takes effect on January 1, 2020.
January 1 New homes built in California beginning January 1, 2020 must be equipped with a solar power system.
January 1 The California Tenant Protection Act (AB 1482) capping rent increases statewide for qualifying units at either 5 percent plus the increase in the regional CPI, or 10 percent of the lowest rent charged at any time during the 12 months prior to the increase, whichever is less, goes into effect.
January 1 The California Consumer Privacy Act takes effect, giving internet users in California more control over their data.
January 2 A U.S. drone strike in Baghdad kills Qasem Soleimani, an Iranian major general. On January 3, the WTI crude oil price closed up 2.2 percent for the week at $63.05, the highest level since the September 2019 attack on Saudi’s oil facilities.
January 14 Headline consumer inflation in 2019 was 1.8 percent in the U.S. and 3.0 percent in California. Core consumer inflation, which excludes food and energy, was 2.2 percent in the U.S. and 3.0 percent in California in 2019.
January 15 President Trump and Chinese Vice Premier Liu He sign “Phase 1” of a new trade deal in which the U.S. will cut some of the tariffs imposed on Chinese goods in exchange for China’s pledge to purchase more American products. Both sides also agree to not impose new tariffs.
January 16 Alphabet Inc., Google’s parent company, hits $1 trillion market capitalization for first time, making it the fourth U.S. company to hit the milestone after Apple, Amazon, and Microsoft.
January 17 California statewide median home price in 2019 was $592,450, up 4.0 percent from $569,480 in 2018. The U.S. median home price in 2019 was $274,500, up 4.9 percent from $261,600 in 2018.
January 21 China’s economy grew by 6.1 percent in 2019, its slowest pace in 30 years.
January 22 California labor unions gained 99,000 members in 2019—the biggest gain in 7 years—after losing 146,000 members in the previous two years. In contrast, labor union membership total for the rest of the nation fell 269,000 in 2019 after gaining 335,000 in the previous two years.
January 27 The U.S. Supreme Court allows the U.S. Department of Homeland Security to begin enforcing the so-called public charge rule that would restrict immigrants who have received public benefits, such as Medicaid, food stamps, and housing vouchers for more than a total of twelve months within any 36-month period, from attaining lawful permanent resident status.
January 29 The Federal Reserve’s Open Market Committee leaves the federal funds rate steady in a target range of 1.5–1.75 percent.
January 29 President Trump signs into law the U.S.-Mexico-Canada Agreement, or USMCA, to replace NAFTA, following Congressional approval. Compared to NAFTA, the USMCA gives the U.S. more access to Canada’s dairy market, incentivizes more domestic production of cars and trucks, increases environmental and labor regulations, and introduces updated intellectual property protections.
January 30 Life expectancy in the United States rises from 78.6 years in 2017 to 78.7 years 2018, the first increase in four years. The number of deaths from drug overdoses fell by 4.1 percent in 2018, the first decline in decades.
January 31 The United Kingdom formally withdraws from the European Union (Brexit) after more than forty years of membership.
February 1 The World Health Organization says there are more than 10,000 confirmed coronavirus cases worldwide.
February 5 U.S. Senate acquits President Trump of two articles of impeachment—abuse of power and obstruction of Congress—as historic trial closes.
February 5 Exports of goods from the U.S. fell 1.2 percent from 2018 to 1.65 trillion in 2019 while exports of goods from California dropped 2.7 percent from 2018 to $173.3 billion in 2019. Imports of goods entering the U.S. fell 1.7 percent from 2018 to $2.50 trillion in 2019 while imports of goods entering through California ports declined by 7.5 percent from 2018 to $408.1 billion in 2019.
February 6 The World Health Organization says there are more than 25,000 confirmed coronavirus cases worldwide.
February 9 Coronavirus death toll of 908 people surpasses SARS (2003) death toll of 774 people.
February 11 The World Health Organization names the coronavirus COVID-19.
February 11 Air Italy declares bankruptcy.
February 11 Credit card debt in the U.S. hit a record high of $930 billion in the fourth quarter of 2019, surpassing the $870 billion peak just before the 2008 financial crisis.
February 14 California adopts first air pollution measures targeting local emissions in the Central Valley communities of South Central Fresno and Shafter.
February 15 The World Health Organization says there are more than 50,000 confirmed coronavirus cases worldwide.
February 18 Employees at Kickstarter vote to unionize, becoming the first major technology company to vote in favor of labor union representation.
February 19 The World Health Organization says there are more than 75,000 confirmed coronavirus cases worldwide.
February 21 California Governor Gavin Newsom announces the creation of his Council of Economic Advisors.
February 25 Mexico’s economy contracted by 0.1 percent in 2019 due to a 1.8-percent drop in industrial production and in spite of growth in the agricultural and services sectors of 1.9 percent and 0.4 percent, respectively.
February 25 U.S. consumer confidence improved slightly in February, following an increase in January, as measured by the Conference Board’s Consumer Confidence Index which came in at 130.7 for February, up from 130.4 in January.
February 25 Chinese officials issue an immediate and comprehensive ban on all wildlife trade and consumption in China.
February 25 – 26 Fire at the Marathon Petroleum refinery in Carson, California.
February 26 The CDC confirms that a California patient being treated for the coronavirus is the first U.S. case of unknown origin, a possible sign the coronavirus is spreading in a U.S. community.
February 27 The World Health Organization says there are more than 82,000 confirmed coronavirus cases worldwide.
February 27 Prime Minister Shinzo Abe announces that all elementary, middle, and high schools in Japan will remain closed in March over coronavirus concerns.
February 27 U.S. real GDP grew at an annual rate of 2.1 percent in the fourth quarter 2019, following growth of 2.1 percent in the third quarter, 2.0 percent in the second quarter and 3.1 percent in the first quarter of 2019.
February 28 The Dow Jones and S&P 500 fall for the seventh consecutive trading day driven by fears of global economic damage from the spreading coronavirus. Cumulative losses since February 19, 2020: the Dow Jones industrial average lost 3,939 points, or -13.4 percent, to close at 25,409; the S&P 500 lost 432 points, or -12.8 percent, to close at 2,954; and the Nasdaq lost 1,250 points, or -12.7 percent to close at 8,567.
February 29 Washington state health officials announce the first coronavirus death in the United States.
February 29 As of February 29, there are more than 85,000 coronavirus cases and more than 2,900 coronavirus deaths worldwide: China, 79,394 cases and 2,838 deaths; Countries outside of China, 6,009 cases and 86 deaths; United States, 22 cases and 1 death.
February 29 The United States signs a deal with the Taliban that is aimed at ending America’s longest war, fought in Afghanistan since 2001. The agreement lays out a timetable for the gradual withdrawal of U.S. troops from Afghanistan.
March 3 The Federal Reserve holds an unscheduled emergency meeting during which it cuts the federal funds rate target by half a percentage point to a range of 1 percent to 1.25 percent in response to the potential economic impact of the COVID-19 pandemic.
March 3 The yield on the 10-year Treasury note momentarily fell below 1 percent for the first time in history.
March 4 California state health officials announce its first COVID-19 death and 53 confirmed cases. California Governor Gavin Newsom declares a state of emergency to make additional resources available, formalize emergency actions already underway across multiple state agencies and departments, and help the state prepare for the potential broader spread of COVID-19.
March 5 Mortgage rates in the United States fall to a record low during the week ending March 5 with the 30-year fixed-rate mortgage at 3.29 percent and the 15-year fixed-rate mortgage at 2.79 percent.
March 6 President Trump signs $8.3 billion emergency COVID-19 spending package.
March 6 Oil futures drop by more than 7 percent as the OPEC and Russia fail to agree on oil production cuts and both Saudi Arabia and Russia announce increases in oil production.
March 6 Exports of goods from the U.S. fell 1.2 percent to $1.65 trillion while exports of goods through California ports dropped 2.7 percent to $173.3 billion in 2019. Imports of goods to the U.S. fell 1.7 percent to $2.5 trillion while imports of goods through California ports dropped 7.5 percent to $408.1 billion in 2019.
March 8 The WTI crude oil price drops 24.6 percent to $31.13 per barrel while Brent crude oil price falls 24.1 percent to $34.36 per barrel, both posting the largest one-day declines since 1991 and lowest levels since 2016.
March 9 The New York Stock Exchange temporarily halts trading the morning of March 9 after stock prices fell sharply, reacting to news that Saudi Arabia would remove oil production caps instituted under OPEC.
March 11 The World Health Organization declares COVID-19 a global pandemic.
March 11 The Dow Jones enters a bear market closing at 23,553 points, down 20.3 percent from its peak in February 12, 2020, ending an 11-year bull market run.
March 11 T-Mobile announces plan to provide free internet service for low-income customers and reduced-cost plans for five years under a settlement the company reached with California that ends a lawsuit the state filed to block the company’s merger with Sprint.
March 12 Both the S&P 500 and Nasdaq enter a bear market. The S&P 500 closes at 2,481 points, down 26.7 percent from its peak on February 19, 2020. The Nasdaq closes at 7,202 points, down 26.6 percent from its peak on February 19, 2020.
March 13 President Trump declares COVID-19 a national emergency.
March 13 The latest benchmark revision to the California labor market statistics shows sustained labor force growth in 2019 at 0.6 percent and a more moderate nonfarm job growth in 2019 of 1.5 percent, compared to the initial estimate of 1.7 percent.
March 15 During the second unscheduled emergency meeting within ten days, the Federal Reserve cuts the federal funds rate target by a full percentage point to a range of 0 percent to 0.25 percent, announces a $700 billion quantitative easing program, sets reserve requirements for thousands of banks to zero, and lowers other lending rates in response to the economic impact of the COVID-19 pandemic.
March 16 President Trump announces 15-day social distancing guidelines to slow the spread of COVID-19
March 16 California Governor Gavin Newsom issues an executive order that authorizes local governments to halt evictions for renters and homeowners, slows foreclosures, and protects against utility shutoffs for Californians affected by COVID-19.
March 16 Bay Area officials issue a stay-at-home order that requires residents of the counties of Alameda, Contra Costa, Marin, San Francisco, San Mateo, and Santa Clara to stay at home, except for essential work and needs, due to COVID-19, becoming the first region in the nation to do so.
March 17 The Federal Reserve reestablishes its Commercial Paper Funding Facility with up to $1 trillion for short-term corporate bonds.
March 17 California Governor Gavin Newsom signs emergency legislation providing up to $1.1 billion in funding to help California fight COVID-19.
March 19 To improve liquidity conditions and proper functioning of dollar markets globally during the COVID-19 pandemic, the U.S. Federal Reserve establishes temporary foreign exchange swap arrangements with the central banks of Australia, Brazil, South Korea, Mexico, Singapore, Sweden, Denmark, Norway, and New Zealand, in addition to its standing swap arrangements with the Bank of Canada, the Bank of England, the European Central Bank, the Bank of Japan, and the Swiss National Bank. To improve liquidity in the short-term funding markets, the Federal Reserve also establishes an additional lending facility for money market mutual funds.
March 19 California Governor Gavin Newsom issues a statewide stay-at-home order to protect the health and well-being of all Californians and to establish consistency across the state in order to slow the spread of COVID-19, the first state to issue a statewide directive. The order exempts activity needed to maintain continuity of operation of federal critical infrastructure sectors, critical government services, schools, childcare, and construction, including housing construction. The order also allows Californians to continue to visit gas stations, pharmacies, grocery stores, farmers markets, food banks, convenience stores, takeout and delivery restaurants, banks, and laundromats, and to seek health care or care for a relative or friend outside of their homes.
March 20 The Federal Reserve announces that it would expand its asset purchases to include municipal bonds.
March 22 California secures Presidential Major Disaster Declaration to bolster California’s COVID-19 emergency response efforts.
March 23 The New York Stock Exchange temporarily closes its trading floor and switches to all-electronic trading.
March 24 Personal income in California grew by 4.8 percent in 2019 following a 6.1-percent growth in 2018. The U.S. growth rate was 4.4 percent in 2019 following a 5.6-percent growth in 2018.
March 26 On this day, the United States surpasses China to lead the world with 65,273 COVID-19 cases and 938 deaths.
March 26 U.S. real GDP grew at an annual rate of 2.1 percent in the fourth quarter 2019, following a growth of 2.1 percent in the third quarter, 2.0 percent in the second quarter and 3.1 percent in the first quarter of 2019. U.S. real GDP growth for annual 2019 was 2.3 percent, following a growth of 2.9 percent in 2018.
March 27 President Trump signs the Coronavirus Aid, Relief, and Economic Security (CARES) act, a $2.2 trillion rescue package to provide economic assistance and emergency health care response for individuals, families, and businesses affected by the COVID-19 pandemic. The package also provides assistance for state and local governments. Key provisions include:

  • $300 billion in direct payments of $1,200 or less, per person, depending on income level. Families could also receive payments of $500 per child.
  • $260 billion to scale up the unemployment insurance program, expanding coverage to four months and raising the weekly benefit by $600. It would also cover nontraditional workers, including the self-employed, contract workers, and those working in the gig economy.
  • $500 billion in loans and other money for major industries, such as airlines.
  • $349 billion for the Paycheck Protection Program to help small businesses cover their payroll, utilities, rent, and mortgage interest payments with forgivable loans.
  • $100 billion to hospitals responding to COVID-19 to boost equipment and treatment.
March 28 Initial jobless claims in California peaked at 1,058,221 in the week ending March 28, the highest number of weekly initial claims on record for the state and comprising 17.6 percent of the U.S. initial jobless claims of 6,011,342.
March 31 The U.S. Environmental Protection Agency rolls back the nation’s fuel economy standards for model years 2021-2026 passenger cars and light trucks.
March 31 The Dow Jones closes at 21,917 points, down 13.7 percent from the prior month. The S&P 500 closes at 2,585 points, down 12.5 percent from the prior month. The Nasdaq closes at 7,700 points, down 10.1 percent from the prior month.
April 1 Sales tax increases citywide in 14 California cities and countywide in San Mateo county.
April 3 California issues 24 hydraulic fracturing permits authorizing the first new oil wells in the state since July 2019.
April 12 OPEC, Russia, and other major oil producing nations agree to reduce oil output by 9.7 million barrels a day in May and June, or about 10 percent of global supply. However, demand for oil is down about 35 percent since the start of the COVID-19 pandemic.
April 13 California, Oregon, and Washington form the Western States Pact for a shared vison for reopening their respective economies while containing COVID-19 in the future.
April 14 President Trump announces that the U.S. will suspend funding for the World Health Organization, pending a review of the organization’s actions in response to the coronavirus.
April 16 The Small Business Administration announces the $349 billion allocated for Paycheck Protection Program loans by the CARES act has been fully exhausted, suspending the program.
April 20 Crude oil prices drop into negative territory for the first time in history. The U.S. benchmark West Texas Intermediate (WTI) for May closes at a negative -$37.63 per barrel as rising stockpiles of oil threatened to overwhelm storage facilities.
April 24 COVID-19 deaths reach 50,000 in the United States, comprising more than one-fourth of the 190,000 COVID-19 deaths globally.
April 24 President Trump signs a $484 billion interim COVID-19 relief bill. Key provisions include:

  • $310 billion in additional funding for the Paycheck Protection Program, $60 billion of which is reserved for community banks and small lenders.
  • $75 billion for hospitals.
  • $25 billion to support COVID-19 testing efforts.
  • $60 billion for emergency disaster loans and grants.
April 29 U.S. real GDP fell -4.8 percent annualized in the first quarter of 2020 with sharp declines in personal consumption and business fixed investment of -7.6 percent and -8.6 percent, respectively, outweighing increases in residential investment and government spending by 21 percent and 0.7 percent, respectively. In 2019, U.S. real GDP rose 2.3 percent.
April 30 The Dow Jones closes at 24,346 points, up 11.1 percent from the prior month. The S&P 500 closes at 2,912 points, up 12.7 percent from the prior month. The Nasdaq closes at 8,890 points, up 15.4 percent from the prior month.
May 1 The U.S. Food and Drug Administration issues an emergency use authorization for the antiviral drug Remdesivir for the treatment of some COVID-19 cases. The drug is not a cure, but has been shown to speed up recovery from COVID-19.
May 1 According to California Department of Finance’s annual population and housing report, California added 87,494 residents in 2019 bringing the state’s estimated total population to 39,782,870 as of January 1, 2020, an increase of 0.2 percent from the previous year, continuing a historically slow growth trend since the Great Recession. California’s statewide housing growth, as measured by net unit growth in completed housing units for 2019, was up 0.7 percent from the previous year, adding 94,662 units to total 14,329,863 units as of January 1, 2020.
May 1 – 4 Modoc County became the first county in California to re-open followed by Sutter County and Yuba County, despite the statewide stay-at-home order due to the COVID-19 pandemic.
May 4 J. Crew becomes the first major retailer to file for Chapter 11 bankruptcy due to the COVID-19 pandemic.
May 6 California Governor Gavin Newsom announces Workers’ Compensation Benefits for workers who contract COVID-19 while working outside of their homes during the stay-at-home order.
May 6 California Governor Gavin Newsom issues an executive order waiving penalties on property taxes for residents and small businesses experiencing economic hardship due to COVID-19. The order also extends the deadline for filing property tax statements.
May 7 Neiman Marcus files for Chapter 11 bankruptcy.
May 8 U.S. nonfarm payroll employment fell by 20.5 million in April—the largest one-month decline in employment in recorded history. U.S. unemployment rate increased by 10.3 percentage points to 14.7 percent in April—the highest unemployment rate since the Great Depression and the largest one-month increase in recorded history.
May 8 California enters Stage 2 of its four-stage reopening process. Stage 2 allows lower risk workplaces to reopen, including some retail, manufacturing, and logistics businesses, with modifications.
May 12 U.S. headline inflation fell by -0.8 percent in April—the largest month-over–month drop since November 2008—after falling by -0.4 percent in March, while U.S. core inflation, which excludes food and energy, fell by -0.4 percent in April—the biggest month-over-month drop on record—after dipping by -0.1 percent in March, as demand for “nonessential” goods and services plummeted due to the COVID-19 stay-at-home orders.
May 12 California Governor Gavin Newsom announces that more than 1 million diagnostic tests for COVID-19 have been conducted statewide, or an average of more than 35,000 tests conducted daily.
May 12 Twitter says staff can continue working from home permanently.
May 15 COVID-19 deaths reach 300,000 worldwide.
May 15 J. C. Penney files for Chapter 11 bankruptcy.
May 18 California sales of existing, single-family detached homes dropped sharply in April from the previous month and year by -25.6 percent and -30.1 percent, respectively, to a seasonally adjusted annualized rate of 277,440 units—the first time home sales dropped below the 300,000 level since March 2008. The month-over-month drop was the largest since 1979 while the year-over-year decline was the largest since December 2007, as the COVID-19 pandemic prompted stay-at-home orders which kept both buyers and sellers on the sidelines. The median price of an existing, single-family detached home in California was $606,410 in April, down by -1.0 percent from the prior month, but up by 0.6 percent from the prior year. The year-over-year price gain was substantially smaller than the six-month average gain of 7.8 percent recorded between October 2019 and March 2020.
May 18 Tesla’s factory in Fremont, California, reopens after closing on March 23 due to COVID-19.
May 20 Officially all 50 states are at different stages of re-opening.
May 21 The U.S. WTI crude oil price settles at $33.92 per barrel, the highest since March 10 with both U.S. and OPEC oil production down.
May 21 Facebook says it would allow up to half of its employees to work from home permanently.
May 22 Hertz files for Chapter 11 bankruptcy.
May 22 California nonfarm payroll employment fell by 2.3 million in April—the largest one-month decline in employment in recorded history. California unemployment rate increased by 10 percentage points to 15.5 percent in April—the highest rate and the largest one-month increase in recorded history.
May 23 The TSA reports that the number of travelers that passed through screening at U.S. airports heading into Memorial Day weekend hit 318,449 on May 21 and 348,673 on May 22, compared to more than 2.6 million travelers on each of the same days a year ago. However, it was the first time since March 23 that the TSA screened more than 300,000 travelers. The lowest air travel day on record was on April 14 2020 when fewer than 88,000 travelers passed through screening, or just 4 percent of the 2019 level, due to the COVID-19 pandemic.
May 25 California allows 47 of its 58 counties to enter advanced Stage 2 reopening. This includes reopening, with modifications, dine-in restaurants, shopping malls, and office buildings.
May 25 George Floyd is killed by Minneapolis police officers, kicking off nationwide and worldwide protests against police brutality.
May 26 – ongoing Protests against police brutality are now occurring in all 50 U.S. states and in several countries.
May 27 COVID-19 deaths reach 100,000 in the United States, comprising nearly one-third of the 353,000 COVID-19 deaths globally.
May 28 U.S. real GDP fell by -5.0 percent annualized in the first quarter of 2020, down from the initial estimate of -4.8 percent, reflecting declines in personal consumption, business fixed investment, and exports of -6.8 percent, -2.4 percent, and -8.7percent, respectively, outweighing increases in residential fixed investment, federal government spending, and state and local government spending of 18.5 percent, 1.9 percent, and 0.2 percent, respectively. Imports, which are a subtraction in the calculation of GDP, decreased by -15.5 percent.
May 29 California Governor Gavin Newsom issues an executive order extending authorization for local governments to halt evictions for renters impacted by the COVID-19 pandemic, through July 28, 2020.
May 29 The Dow Jones closes at 25,383 points, up by 4.3 percent from the prior month. The S&P 500 closes at 3,044 points, up by 4.5 percent from the prior month. The Nasdaq closes at 9,490 points, up by 6.8 percent from the prior month.
June 1 California housing units authorized by building permits totaled 60,100 in April, down 52.2 percent from February, before the pandemic, and the lowest since September 2013. California’s nonresidential building valuation in April was $16.8 billion, down 36.6 percent from February. This was the lowest nonresidential valuation since June 2013.
June 5 The U.S. gained 2.5 million nonfarm jobs in May, after losing a record 20.7 million jobs in April. Nearly half of the jobs gained in May were in the leisure and hospitality sector, or a gain of 1.2 million jobs in May, following a record-loss of 7.5 million jobs in April. The U.S. unemployment rate dropped to 13.3 percent in May from 14.7 percent in April compared to the pre-recession low of 3.5 percent in February 2020.
June 6 OPEC agrees to extend oil production cuts through July 2020 as world demand for oil continues to fall due to the COVID-19 pandemic.
June 8 Recession in the U.S. began in February 2020, according to the National Bureau of Economic Research.
June 8 The Nasdaq closes at 9,925 points, up 1.1 percent from its peak on February 19, 2020, becoming the first of the three major stock market indexes to turn positive from its pre-recession peak.
June 10 Nasdaq closes above 10,000 for the first time in history at 10,020 points.
June 10 U.S. headline inflation decelerated to 0.1 percent in May (on a year-over-year basis)—the smallest increase since September 2015—following a 0.3 percent rise in April and much slower than the pre-recession pace of 2.3 percent in February. Headline inflation in the Los Angeles metro area accelerated from 0.7 percent in April to 0.9 percent in May, but remained substantially lower than the 3.4 percent increase in February.
June 12 According to the National Oceanic and Atmospheric Administration, May 2020 was the hottest month on record for the Northern Hemisphere. May 2020 tied with May 2016 as the world’s warmest May on record globally.
June 15 The U.S. Supreme Court rules businesses cannot fire anyone because of their LGBTQ status.
June 15 The U.S. Supreme Court lets stand California’s sanctuary law.
June 16 The United Kingdom approves the use of a low-dose steroid treatment Dexamethasone to treat COVID-19 patients. The treatment was shown to reduce mortality by about one third for patients on ventilators, and by about one fifth for patients requiring oxygen.
June 16 U.S. retail sales in May 2020 were up 17.1percent from April 2020, but down 1.1 percent from May 2019 and down 3.0 percent from the pre-recession level in February 2020. Non-store retail sales were up 7.2 percent from April 2020, up 28.4 percent from May 2019 and up 23.1 percent from February 2020.
June 16 The median sales price of an existing, single-family home in California was $588,070 in May, a decrease of 3.0 percent from April. On a year-over-year basis, the median sales price decreased by 3.7 percent in May, ending 98 consecutive months of year-over-year increases from March 2012 to April 2020. The number of existing, single-family homes sold statewide fell for a third consecutive month, down 13.9 percent from April to a seasonally adjusted annualized rate of 238,740 units in May, its lowest level since October 2007. Sales volume has declined significantly during the pandemic, as May sales volume is down 43.4 percent from the peak of 421,670 units in February, and down 41.4 percent from May 2019. The 30-year, fixed-mortgage rate averaged 3.23 percent in May, a record-low in the series dating back to January 1999.
June 18 The U.S. Supreme Court rules that the rescission of the Deferred Action for Childhood Arrivals (DACA) policy was “arbitrary and capricious” under the Administrative Procedure Act and reversed the order rescinding it.
June 18 California, Arizona, Florida, South Carolina, and Texas all report record spikes in COVID-19 cases as states continue to ramp up testing. California reports a single-day record of more than 4,000 new cases on June 18. This brings the total number of confirmed infections in the state to 161,099. At least 5,290 people in California have died due to COVID-19.
June 18 California Governor Gavin Newsom issues a mandate requiring residents to wear face coverings in common and public indoor spaces and outdoors when physical distancing is not possible.
June 18 California Governor Gavin Newsom signs law ordering mail-in ballots for the November 2020 election.
June 19 California added 141,600 nonfarm jobs in May, after losing a record 2.4 million jobs in April. The construction sector added 75,000 jobs, or 53 percent of the total nonfarm jobs added in May, while leisure and hospitality added 64,800 jobs, or 46 percent of the total. The California unemployment rate dipped to 16.3 percent in May from the record-high rate of 16.4 percent in April (revised up from 15.5 percent), compared to the pre-recession low rate of 3.9 percent in February 2020.
June 20 PG&E announces that the U.S. Bankruptcy Court for the Northern District of California has confirmed the company’s Chapter 11 Plan of Reorganization. This follows the California Public Utilities Commission’s approval of the Plan on May 28, 2020.
June 22 President Trump extends a freeze on green cards for new immigrants and signs an executive order to suspend new H-1B, L-1, J, and other temporary work visas for skilled workers, managers, au pairs, and other non-agricultural seasonal workers through the end of 2020.
June 23 Personal income in California increased by 2.3 percent on a seasonally adjusted annualized basis in the first quarter of 2020, a deceleration from the 7.4-percent increase in the fourth quarter of 2019. In comparison, U.S. personal income also increased by 2.3 percent in the first quarter, a deceleration from the 3.6-percent increase in the fourth quarter. Transfer receipts—which include unemployment insurance compensation, social security benefit payments, and welfare assistance—were the largest contributor to the first-quarter growth in California personal income, increasing 7.9 percent. California personal income in the first quarter of 2020 totaled $2.702 trillion (accounting for 14.3 percent of the U.S. total), up from $2.687 trillion in the fourth of quarter 2019, remaining the largest in the nation, followed by Texas and New York.
June 25 U.S. real GDP decreased by 5.0 percent annualized in the first quarter of 2020, unchanged from the second estimate, following 2.1 percent annualized growth in the fourth quarter of 2019.
June 25 California Governor Gavin Newsom issues a proclamation of a budget emergency to make additional resources available to fund the state’s ongoing emergency response to the COVID-19 pandemic, ensuring the availability of funding for personal protective equipment, medical equipment, and other expenditures as necessary to support a potential hospital surge and provide necessary services to vulnerable populations.
June 28 Worldwide COVID-19 cases surpass 10 million while the worldwide death total surpasses 500,000. The United States accounted for over 25 percent of both cases and deaths worldwide.
June 28 China imposes a strict lockdown on some 500,000 people near Beijing to contain a new COVID-19 outbreak.
June 28 Chesapeake Energy files for Chapter 11 bankruptcy.
June 29 The U.S. Department of Commerce places new restrictions on U.S. exports of defense equipment and certain high-technology products to Hong Kong in response to a new Chinese law aimed at tightening Beijing’s control over Hong Kong.
June 29 California Governor Gavin Newsom signs the 2020-21 state budget bill—a $202.1 billion spending plan that strengthens emergency response, protects public health and safety, and promotes economic recovery while closing a $54.3 billion budget shortfall caused by the COVID-19 recession.
June 30 The Dow Jones closes at 25,813 points, up by 1.7 percent from the prior month. The S&P 500 closes at 3,100 points, up by 1.8 percent from the prior month. The Nasdaq closes at 10,059 points, up by 6.0 percent from the prior month.
June 30 New York, New Jersey, and Connecticut imposes a 14-day quarantine on all travelers from California as the state’s COVID-19 cases rise.
June 30 California Governor Gavin Newsom issues an executive order extending authorization for local governments to halt evictions for renters impacted by the COVID-19 pandemic, through September 30, 2020.
July 1 The hourly minimum wage increases in the following California cities:

  • Alameda, from$13.50 to $15.00
  • Berkeley, from $15.59 to $16.07
  • Emeryville, from $16.30 to $16.84
  • Fremont, from $13.50 to $15.00
  • Los Angeles City, from $14.25 to $15.00
  • Los Angeles County, from $14.25 to $15.00
  • Malibu, from $14.25 to $15.00
  • Milpitas, from $15.00 to $15.40
  • Novato, from $13.00 to $15.00
  • Pasadena, from $14.25 to $15.00
  • San Francisco, from $15.59 to $16.07
  • San Leandro, from $14.00 to $15.00
  • Santa Monica, from $14.25 to $15.00
  • Santa Rosa, from $13.00 to $15.00
July 1 After reopening in late May, California Governor Gavin Newsom orders the closure of indoor operations at restaurants, bars, wineries, zoos, and museums in 19 of the state’s 58 counties citing a sharp spike in new COVID-19 cases.
July 1 California extends unemployment benefits by up to seven weeks, bringing the maximum duration to 59 weeks for those on regular state unemployment and 46 weeks for those receiving Pandemic Unemployment Assistance.
July 2 The U.S. gained 4.8 million nonfarm jobs in June continuing the rebound in May for a two-month total job gain of 7.5 million following a two-month total job loss of 22.2 million in March and April. Nearly half of the jobs gained in June were in the leisure and hospitality sector. The U.S. unemployment rate dropped to 11.1 percent in June from 13.3 percent in May.
July 2 California housing units authorized by building permits totaled 69,100 in May, up15.0 percent from April, but down 45.0 percent from February, before the pandemic. In May, single-family units were up 14.5 percent from April to 31,000 units, while multifamily permits increased by 15.4 percent to 38,000 units. California’s nonresidential building valuation in May was $14.6 billion, down 13.0 percent from April and down 44.8 percent from February.
July 6 The Keystone XL Oil Pipeline construction stays blocked in U.S. Supreme Court Order.
July 7 California’s real GDP fell at an annualized rate of 4.7 percent in the first quarter of 2020—the largest decline since the second quarter of 2009. In 2019, the state’s real GDP growth rate averaged 2.6 percent.
July 13 The U.S. Environmental Protection Agency (EPA) announces that it will keep in place the National Ambient Air Quality Standard for ozone set in 2015 citing a 4-percent drop in ozone pollution between 2017 and 2019. The EPA is required to re-evaluate smog standards every five years.
July 13 California Governor Gavin Newsom orders statewide closures of indoor operations at restaurants, bars, wineries, movie theaters, family entertainment centers, card rooms, zoos, and museums amid surging COVID-19 cases in the state.
July 13 California’s two largest school districts—the Los Angeles Unified School District and San Diego Unified School District—announce they will not open for in-person instruction when the academic year starts in August 2020, and that students will continue to learn remotely.
July 14 JP Morgan posted a record $33.8 billion in second-quarter revenue with its corporate and investment bank posting a record $5.5 billion profit for the second quarter of 2020.
July 14 U.S. headline inflation increased by 0.6 percent in June (on a year-over-year basis) following a 0.1 percent rise in May and much slower than the pre-recession pace of 2.3 percent in February. Headline inflation in the Los Angeles metro area accelerated from 0.9 percent in May to 1.4 percent in June, but remained lower than the 3.4 percent increase in February.
July 15 China’s real GDP grew by 3.2 percent in the second quarter of 2020, on a year-over-year basis, following a 6.8 percent-decline in the first quarter.
July 16 U.S. retail sales in June were up 6.4 percent from May and up 5.0 percent from June 2019. Non-store retail sales were down 2.4 percent from May but up 23.5 percent June 2019.
July 16 The median sales price of an existing, single-family home in California reached a new record high of $626,200 in June, an increase of 6.5 percent from May and 8.0 percent from February, before the pandemic. The previous record high was $617,400 reached in August 2019. The number of existing, single-family homes sold statewide in June increased at a record 42.4-percent from May to a seasonally adjusted annualized total of 339,900 housing units. However, this remains 19.4 percent below February’s level. The 30-year fixed-mortgage rate dropped to a new record-low average of 3.16 percent in June.
July 17 California added 558,200 nonfarm jobs in June continuing the rebound in May for a two-month total job gain of 692,400 following a two-month total job loss of 2.6 million in March and April. The leisure and hospitality sector added 292,500 jobs in June, accounting for 52 percent of the total nonfarm jobs added in June, while trade, transportation, and utilities added 97,600 jobs, or 17 percent of total, and educational and health services added 84,000, or 15 percent of total. The California unemployment rate dropped to 14.9 percent in June from the revised 16.4 percent in May.
July 20 European Union leaders reach a $2 trillion deal on a COVID-19 economic recovery plan.
July 21 California reports 12,807 new COVID-19 cases statewide in the past 24 hours—a record high—bringing California’s total COVID-19 cases to 413,576 or 20 percent of U.S. total.
July 23 The United States surpasses four million cases of COVID-19, accounting for over 25 percent of cases worldwide.
July 27 The price of gold hits a record high of $1,944 per ounce as global economic uncertainty grows due to a resurgence in COVID-19 cases. The previous record was set in 2011 when prices hit $1,921 per ounce.
July 28 – ongoing Hurricane Isaias strikes Puerto Rico, the Bahamas, and the East Coast of the United States.
July 29 The Federal Reserve’s Open Market Committee leaves the federal funds rate unchanged at 0 to 0.25 percent and extends emergency lending programs through December 2020 to support economic activity during the COVID-19pandemic.
July 30 U.S. real GDP fell by 32.9 percent (seasonally adjusted annualized rate) in the second quarter of 2020, following a contraction of 5.0 percent in the first quarter of 2020. The drop in the second quarter of 2020 was the largest quarter-over-quarter drop on record since WWII, more than three times the previous record drop of 10 percent in the first quarter of1958 and nearly four times the 8.4-percent drop in the fourth quarter of 2008 during the Great Recession.
July 31 Marathon Petroleum announces plans to permanently close its oil refinery in Martinez, California and Gallup, New Mexico. The Martinez refinery is the fourth-largest refinery in California.
July 31 The Dow Jones closes at 26,428 points, up by 2.4 percent from the prior month. The S&P 500 closes at 3,271 points, up by 5.5 percent from the prior month. The Nasdaq closes at 10,745 points, up by 6.8 percent from the prior month.
This state website below provides official counts of COVID-19 daily cases and deaths in California, key statewide and local actions taken, along with relevant information and services for individuals, families, and businesses. https://covid19.ca.gov/
August 4 UK-based airline Virgin Atlantic files for Chapter 15 bankruptcy.
August 5 California’s exports and imports of goods were down by 16.6 percent and 8.4 percent, respectively, from a year ago in June. In comparison, U.S. exports and imports of goods fell by 23.8 percent and 13.2 percent, respectively, from a year ago in June.
August 6 Facebook extends work-from-home option for all employees until July 2021, joining Google and Twitter.
August 6 President Trump signs a proclamation to re-impose 10 percent tariffs on aluminum imports from Canada that had been suspended more than a year earlier as part of the USMCA Free Trade Agreement.
August 7 Total U.S. nonfarm jobs increased by 1.8 million, or 1.3 percent, in July, U.S. jobs are still 13 million or 8.4 percent below the pre-pandemic February 2020 level. About a third of the jobs gained in July were in the leisure and hospitality sector. The U.S. official unemployment rate decreased from 11.1 percent in June to 10.2 percent in July.
August 7 California passes 10,000 COVID-19 deaths. California is the third state to pass a five-digit fatality count, after New Jersey, with nearly 16,000 and New York, with more than 32,000. U.S. COVID-19 deaths totaled 160,700, accounting for about 22 percent of the worldwide COVID-19 death total of 716,400.
August 9 Coronavirus cases in the United States officially surpassed 5 million, accounting for over 25 percent of cases worldwide.
August 12 The United Kingdom’s economy officially enters recession for the first time since 2009.
August 12 U.S. headline inflation in July increased to 1.0 percent (on a year-over-year basis) following 0.6 percent inflation in June and 0.1 percent inflation in May, and still well below February’s pre-pandemic inflation rate of 2.3 percent. Los Angeles headline inflation also increased in July on a year-over-year basis to 1.9 percent, following 1.4 percent inflation in June and 0.9 percent inflation in May, but is still below its February’s pre-pandemic inflation of 3.4 percent.
August 14 U.S. retail sales in July were up 0.8 percent from June and up 5.8 percent from July 2019. Non-store retail sales were up 0.7 percent from June but up 24.7 percent from July 2019.
August 14 Rolling blackouts hit the state’s electric grid for the first time since the 2001 energy crisis, due to excessive heat and supply disruptions and affecting between 50,000 and 75,000 customers statewide.
August 15 Unsettled weather across the state led to hundreds of lightning strikes that sparked several fires. Between August 15 and August 31, there were 14,000 lightning strikes, 900 new wildfires, 1.5 million acres burned, and 3,100 structures destroyed.
Mid-August Heat wave settles over the Western and Midwestern United States.
August 16 The temperature in Death Valley surpassed 130 degrees.
August 17 Japan suffers its biggest economic slump on record as its economy’s GDP fell 7.8 percent in the second quarter of 2020.
August 18 The S&P 500 closes at a new record high of 3,390 points, bringing an end to the shortest bear market in U.S. history. The previous record high was 3,386 points reached in February 19, 2020.
August 18 California Governor Newsom Declares Statewide Emergency Due to Fires, Extreme Weather Conditions
August 19 Apple becomes the first U.S. company to reach a market capitalization of $2 trillion, after being the first U.S. company to reach a $1-trillion market capitalization two years ago in August 2, 2018.
August 21 California added 140,400 nonfarm jobs in July, almost a quarter of the state’s record gain of 542,500 jobs in June, and just about 8.0 percent of the nation’s July gains. Despite this third consecutive monthly job gain, California has recovered only about 31.1 percent of the 2.6 million nonfarm jobs lost in March and April. Trade, transportation, and utilities added 40,900 jobs in July, or 29 percent of the total nonfarm jobs added in July, while government added 36,000, or 26 percent of total, and educational and health services added 29,700, or 21 percent of total. The California unemployment rate decreased from 14.9 percent in June to 13.3 percent in July.
August 21 The Federal Emergency Management Agency announces that California has been approved for the Lost Wages Grant that will provide an extra $300 weekly unemployment benefit (replacing the extra $600 weekly unemployment benefit that expired in late July) to Californians receiving at least $100 a week in unemployment benefits. The $300 a week supplement will be available for a minimum of three weeks, retroactive to August 1, 2020.
August 23 Today, the U.S. Food and Drug Administration issued an emergency use authorization for investigational convalescent plasma for the treatment of COVID-19 in hospitalized patients.
August 25 Fitch maintains California’s bond rating of AA.
August 26 Hurricane Laura makes landfall in Louisiana, as the most intense storm to hit the state since 1856. As of August 31, the storm caused damage to the local power grid and municipal water infrastructure, destroyed several communities, and contributed to an estimated 17 deaths.
August 27 U.S. real GDP decreased at an annual rate of 31.7 percent in the second quarter, revised up from the initial estimate of -32.9 percent as net exports were revised sharply higher.
August 27 The California Air Resources Board approves a new regulation designed to further reduce pollution from ocean-going vessels while docked at California’s ports.
August 27 The Federal Reserve announced it was changing its approach to its longer-run goals of maximum employment and stable prices. The change includes moving away from hardline targets of unemployment rates and changing the inflation rate target from an actualized 2 percent to an average of 2 percent.
August 31 The United States topped 6 million confirmed cases of COVID-19. The U.S. now accounts for about 24 percent of the 25 million confirmed cases worldwide.
August 31 The Dow Jones closes at 28,430 points, up 7.6 percent from the prior month. The S&P 500 closes at 3,500 points, up 7.0 percent from the prior month. The Nasdaq closes at 11,775 points, up 9.6 percent from the prior month.
August 31 California residential housing units authorized by building permits totaled 115,600 in July, up 54 percent from June. In July, single-family units were up 24.2 percent from June to 61,800 units, and multifamily units were up 114.1 percent from June to 53,800 units. California’s nonresidential building valuation in July was $27.8 billion, down 4.4 percent from June.
This state website below provides official counts of COVID-19 daily cases and deaths in California, key statewide and local actions taken, along with relevant information and services for individuals, families, and businesses. https://covid19.ca.gov/
September 2 The S&P 500 continues to climb and closes at a new record high at 3,581 points, 5.7 percent above the pre-recession peak of 3,386 points set on February 19, 2020.
September 3 California’s exports and imports of goods were down by 0.4 percent and up by 1.5 percent, respectively, from a year ago in July. In comparison, U.S. exports and imports of goods fell by 15.4 percent and 8.2 percent, respectively, from a year ago in July.
September 4 The U.S. official unemployment rate decreased to 8.4 percent in August from 10.2 percent in July. U.S. nonfarm jobs increased by 1.4 million in August after a 1.8-million-increase in July. The U.S. has added 10.8 million nonfarm jobs from May to August, or 48.5 percent of the 22.2 million jobs lost in March and April.
September 6 Los Angeles County records its highest temperature on record, reaching 121 degrees in Woodland Hills, beating its previous record of 119 degrees on July 22, 2006.
September 7 PG&E conducts first round of public safety shut-offs in 2020 amid strong winds and severely dry weather conditions.
September 10 Jane Fraser is named CEO of Citibank, becoming the first woman to head a major U.S. bank.
September 11 U.S. headline inflation increased by1.3 percent on a year-over-year basis in August, an acceleration from 1.0 percent in July but still below February’s pre-pandemic inflation rate of 2.3 percent. Los Angeles headline inflation in August increased to 2.0 percent on a year-over-year basis, up from 1.9 percent in July but still below February’s pre-pandemic inflation rate of 3.4 percent.
September 15 California existing single-family median home sales price rose to a new record-high $706,900 in August, as sales totaled 465,400 units, the highest sales volume since May 2010. This is the first time that California median home sales price exceeded $700,000.
September 16 U.S. retail sales in August were up 0.6 percent from July and up 2.6 percent from August 2019. Non-store retail sales were largely unchanged from July but up 22.4 percent from August 2019.
September 16 The Federal Reserve left their benchmark interest rates unchanged at 0 to 0.25 percent as U.S. inflation and employment remain below pre-pandemic levels as well as below the Fed’s target.
September 18 Justice Ruth Bader Ginsburg passes away at age 89 after serving 27 years on the U.S. Supreme Court and becomes the first woman in U.S. history to lie in state at the Capitol.
September 18 California added 101,900 nonfarm jobs in August bringing the total jobs recovered since May to 885,700, or around one-third of the 2.6 million jobs lost in March and April. Government added 66,100 jobs, or almost two-thirds of the August job-gain, largely driven by temporary Census workers. Trade, transportation, and utilities added 26,000 jobs (26 percent of total) and professional and business services added 19,400 jobs (19 percent of total). Five sectors lost jobs, including leisure and hospitality (-14,600 jobs), other services (-5,700 jobs), and information (-4,300 jobs). The California unemployment rate decreased from 13.5 percent (revised up) in July to 11.4 percent in August.
September 19 EDD announces a two-week hold on new claims for unemployment insurance starting on September 20, an effort to reduce their backlog of nearly 1.7 million claims. Since mid-March, around 8.6 million initial claims for unemployment insurance have been filed in California.
September 19 California surpasses 15,000 deaths from COVID-19, accounting for 7.5 percent of the nation’s deaths. California has the fourth highest number of deaths in the U.S. after New York (33,100), New Jersey (16,100), and Texas (15,100).
September 22 The U.S. surpasses 200,000 deaths from COVID-19, accounting for one in five deaths worldwide.
September 23 Governor Newsom signs an executive order requiring all new cars and passenger trucks sold in California to be zero-emission vehicles by 2035. It also mandates all operations of medium and heavy-duty vehicles to be zero-emission by 2045 where feasible.
September 24 California personal income increased 6.5 percent quarter-over-quarter on a seasonally adjusted annualized basis to $2.9 trillion in the second quarter of 2020, the fastest quarter-over-quarter growth since the first quarter of 1950. In comparison, U.S. personal income grew by 7.6 percent quarter-over-quarter. Transfer receipts—which include unemployment insurance compensation and CARES Act stimulus checks, as well as social security benefit payments and welfare assistance—were the main driver of personal income growth, as all other personal income components fell for both the U.S. and California.
September 28 Worldwide deaths from COVID-19 surpasses 1 million, including over 204,700 deaths in the U.S. and over 15,600 deaths in California.
September 29 Walt Disney Co. announced it would be cutting 28,000 U.S. jobs, mostly from its theme parks in California and Florida, but also its cruise-line and retail businesses. Disney’s theme parks employed roughly 110,000 people before the pandemic, including approximately 32,000 in California.
September 30 American and United Airlines announced cuts of 32,000 jobs as federal aid ended.
September 30 Fresno, Madera, Mariposa, San Bernardino, and San Diego (September 6), Siskiyou (September 10), Del Norte, Los Angeles, and Mendocino (September 25) and Napa, Sonoma, and Shasta (September 28) declared states of emergency due to fires. To date, over 3.7 million acres have burned in California from 8,100 fire incidents causing 26 fatalities with 7,800 structures destroyed.
September 30 U.S. real GDP decreased at an annual rate of 31.4 percent in the second quarter of 2020, for the third and final estimate and 0.3 percentage point higher than the second estimate. This follows a 5.0 percent annualized decline in the first quarter of 2020.
September 30 The Dow Jones closes at 27,781 points, down 2.3 percent from the prior month. The S&P 500 closes at 3,363 points, down 3.9 percent from the prior month. The Nasdaq closes at 11,168 points, down 5.2 percent from the prior month. This is the first month-over-month decline since March 2020 for all three indices.
September 30 At the end of September, California had recorded 819,000 cases of COVID-19 or 11.4 percent of U.S. cases which totaled 7.2 million. California deaths from COVID-19 totaled 15,900, 7.7 percent of U.S. deaths which totaled 206,900. Worldwide cases were 33.4 million and deaths totaled 1 million.
October 2 The U.S. unemployment rate decreased from 8.4 percent in August to 7.9 percent in September, as U.S. civilian employment increased by 275,000 people and the labor force shrank by 695,000 people. The U.S. added 661,000 nonfarm jobs in September. The U.S. has added 11.4 million nonfarm jobs from May to September, or 51.5 percent of the 22.2 million jobs lost in March and April.
October 2 California real GDP fell by 31.5 percent in the second quarter of 2020 on a seasonally adjusted annualized basis. California’s share of U.S. real GDP remained unchanged at 14.8 percent for the third consecutive quarter– the 2019 average was 14.7 percent.
October 2 California residential housing units authorized by building permits decreased from 115,600 units in July to 96,300 in August, bringing the year-to-date average to 96,000 or 11.1 percent lower than the same period in 2019. In August, single-family units were down 3.1 percent from July to 59,900 units, and multifamily units were down 32.3 percent to 36,400 units. Year-to-date, nonresidential building valuation averaged $23.5 billion, down 31.7 percent from the same period in 2019.
October 2 Both President Trump and First Lady Melania Trump tested positive for COVID-19.
October 5 The August Complex Fire, which spanned six counties, was upgraded from “megafire” to “gigafire” as it surpassed 1 million acres burnt—the first of its kind in California state history.
October 6 California’s exports of goods fell by 12.9 percent whereas the state’s imports increased by 3.3 percent from a year ago in August. In comparison, U.S. exports and imports of goods fell by 14.6 percent and 5.6 percent, respectively, from a year ago in August.
October 7 September 2020 was the warmest September on record at 61 degrees Fahrenheit average global temperature, 34 degree higher than the 20th century average of 59 degrees Fahrenheit for September, and topping the previous record set in September 2016 by 32 degrees.
October 12 A 25-year-old in Nevada was re-infected with COVID-19 earlier this year. This is the first confirmed case of COVID-19 reinfection in the U.S. and the fifth confirmed reinfection case worldwide.
October 13 U.S. headline inflation grew by 1.4 percent on a year-over-year basis in September, accelerating slightly 1.3 percent in August and 1.0 percent in July. Los Angeles headline inflation slowed to 1.2 percent in September, down from 2.0 percent in August and 1.9 percent in July.
October 16 California’s official unemployment rate decreased for the third consecutive month, to 11.0 percent in September from 11.2 percent in August (revised down), as civilian employment increased by 47,000 in September and labor force increased by 19,000 Californians. California added 96,000 nonfarm jobs in September after adding 101,900 jobs in August. The state has now recovered about 38 percent of the 2.6 million jobs lost in March and April.
October 16 U.S. retail sales In September were up 1.9 percent from August and up 8.2 percent from September 2019. Non-store retail sales were up just 0.5 percent in September but up 23.8 percent from September 2019.
October 19 Worldwide COVID-19 infections surpass 40 million, including 8.3 million in the U.S. and 883,000 in California. Global COVID-19 deaths exceed 1.1 million people, including nearly 220,000 in the U.S. and 17,000 in California.
October 19 California median price of existing single-family homes set a new record for the fourth consecutive month, reaching $712,430 in September. Sales volume increased to 489,590 units, the highest volume since February 2009.
October 24 California leads the U.S. in COVID-19 cases as it surpasses 900,000 cases, making up 10 percent of total U.S. cases.
October 25 Pre-election voting totaled more than 60 million ballots surpassing the 58.3 million pre-election ballots cast in 2016.
October 27 The Senate voted 52-48 to confirm Judge Amy Coney Barrett’s appointment to the high court, filling the seat of the late Justice Ruth Bader Ginsburg. Judge Barrett becomes the fifth woman ever to serve on the Supreme Court, and is President Trump’s third Supreme Court appointee, the most for any President since President Reagan.
October 28 France and Germany implemented new measures to help mitigate the rising number of COVID-19 cases. France announced that the country will go into a nationwide lockdown beginning October 30, people will need a certificate to move around, non-essential businesses, restaurants and bars will be closed. Chancellor Angela Merkel announced that Germany will implement a four-week shutdown of restaurants, bars, cinemas, theaters and other facilities beginning November 2.
October 29 U.S. real GDP rebounded 33.1 percent (seasonally adjusted annual rate) in the third quarter of 2020 after falling 31.4 percent in the second quarter of 2020 according to BEA’s first estimate. U.S. real GDP is still $557.7 billion or 2.9 percent below its 2019 third quarter level and is now back to its first quarter 2018 level.
October 29 COVID-19 cases in the United States officially surpass 9 million, the highest in any country and accounting for over 20 percent of cases worldwide. This includes 927,000 cases in California. U.S. also records its largest daily increase in COVID-19 cases with over 90,000 new cases per day.
October 29 Hurricane Zeta is now the sixth hurricane to make landfall in the continental U.S. in 2020, tying 1886 and 1985 for most continental U.S. land falling hurricanes in a single Atlantic season on record.
October 30 Global COVID-19 cases officially surpass 45 million and deaths total 1.2 million. At the end of October, California has recorded 935,000 cases of COVID-19 or 10 percent of U.S. cases which totaled 9.2 million. California deaths from COVID-19 totaled 17,700, 7.7 percent of U.S. deaths which totaled 231,000.
October 30 All three major indices closed lower in the month of October as the S&P 500 closed down 3.3 percent, the Dow closed down 4.7 percent and the Nasdaq closed down 3.7 percent.
October 31 To date, over 4.2 million acres have burned in California from close to 9,200 fire incidents causing 31 fatalities with close to 10,500. Governor Newsom issued an emergency proclamation for Los Angeles and Riverside (October 11) and for Sonoma (October 25) due to effects of fires. The state was also approved for Major Disaster Declaration (October 16) due to wildfires to support impacted residents in affected counties.
November 3 The U.S. adds a record-setting 100,000 COVID-19 cases in a single day, including about 5,400 cases in California.
November 3 A record 103 million Americans voted early for the 2020 Presidential election. Because of the volume of mail-in ballots to count and the closeness of the race, the election results were not called on Election Day.
November 3 California voters pass the following propositions:

  • Proposition 17: Allows parolees the right to vote.
  • Proposition 19: Allows homeowners to transfer property tax assessments to a more expensive home without an upward adjustment.
  • Proposition 24: Amends the California Consumer Privacy Act.

California Proposition 14, which continues funding for the state’s stem cell research agency, is too close to call.

November 3 California voters support the $200-million Proposition 22 which exempts rideshare and delivery drivers from AB 5, allowing those workers to be classified as independent contractors. This is the costliest ballot measure in state history. It is also the first initiative in state history to require a 7/8ths vote of both state Assembly and Senate to amend.
November 4 The U.S. officially withdraws from the Paris Climate Accord, after a year-long withdrawal process that began on November 4, 2019. The U.S. is the first of the 195 countries that signed the pact to renounce it.
November 4 California exports of goods fell by 6.4 percent year-over-year in September to $12.8 billion. Year-to-date, California exports of goods have decreased by 12.8 percent. Imports of goods through California ports rose by $2.4 billion or 7.0 percent year-over-year in September to $36.7 billion. Year-to-date, California imports of goods have decreased by 7.0 percent.
November 6 The U.S. official unemployment rate decreased by 1.0 percentage point to 6.9 percent in October, as civilian employment increased by 2.2 million people and labor force grew by 724,000 people. Total U.S. nonfarm jobs increased by 638,000 in October. Since losing about 22.2 million nonfarm jobs between February and April, the U.S. has regained about 12.1 million (54.5 percent) nonfarm jobs.
November 7 Joe Biden wins the 2020 U.S. presidential election. His running mate, Kamala Harris, becomes the first woman of Black and South Asian descent, to be elected vice president in the country’s history.
November 9 The U.S. surpasses 10 million total COVID-19 cases, including about 972,000 cases in California.
November 9 Pfizer/BioNTech announces its COVID-19 vaccine is more than 90 percent effective.
November 10 The U.S. confirms about 140,000 COVID-19 cases, a new record high for single-day COVID-19 cases, including 7,500 cases in California.
November 10 Texas becomes the first state to surpass 1 million cumulative COVID-19 cases.
November 10 Tropical Storm Theta becomes the 29th named storm of the 2020 hurricane season, breaking the record for the most storms during a hurricane season.
November 11 The U.S. confirms over 143,000 COVID-19 cases, the nation’s second consecutive new record high for single-day COVID-19 cases including 6,900 cases in California.
November 11 The August Complex fire is officially extinguished. The fire burned over 1 million acres over three months, the most of any single wildfire event in the state.
November 12 California becomes the second state in the nation to surpass 1 million cumulative COVID-19 cases.
November 12 The U.S. confirms over 150,000 COVID-19 cases, the nation’s third consecutive new record high for single-day COVID-19 cases including 6,900 cases in California.
November 12 U.S. headline inflation slowed to 1.2 percent year-over-year in October 2020, 0.6 percentage point slower than the year-ago pace of 1.8 percent. Los Angeles headline inflation slowed to 0.7 percent year-over-year, compared to 3.2 percent in October 2019.
November 12 California voters passed Proposition 14, continuing funding for the state’s stem cell research agency.
November 13 California Department of Public Health issues a travel advisory for non-essential travel and recommends that travelers self-quarantine upon arrival to the state.
November 13 The S&P 500 closes at a new record-high of 3,585.
November 14 Single-day COVID-19 cases in California surpass 10,000 for the first time since August 2020.
November 16 Moderna announces its COVID-19 vaccine is more than 90 percent effective.
November 16 The S&P 500 closed at 3,627 points, the second consecutive record-high close.
November 16 California announces a halt to the reopening plans as cases continue to rise. A total of 41 counties, accounting for 94.1 percent of the population, has been classified in the most restrictive purple tier representing widespread risk. The seven-day average of daily COVID-19 cases of 7,400 is the highest average since the average of 7,600 cases for the seven days ended August 23, 2020.
November 17 U.S. retail sales in October were up 0.3 percent from September and up 7.4 percent from October 2019. Non-store retail sales were up 3.1 percent in October and up 29.1 percent from October 2019.
November 18 The United States reaches 250,000 COVID-19 deaths, accounting for about 1 in 5 deaths worldwide, with 18,000 (or 7.2 percent of U.S.) deaths in California.
November 18 Governor Newsom issues an emergency proclamation for Mono County due to the Mountain View fire that began on November 17.
November 19 California’s official unemployment rate decreased to 9.3 percent in October from 11.1 percent (revised) in September, as civilian employment increased by a record-high 889,000 people in October and labor force increased by 609,000 people. California added 145,500 nonfarm jobs in October, and has now recovered about 43.8 percent of the 2.6 million jobs lost in March and April.
November 19 Governor Gavin Newsom and the California Department of Public Health (CDPH) announce a limited Stay-at-Home Order requiring non-essential work, movement, and gatherings to stop between 10 PM and 5 AM in counties in the purple tier. The order will take effect at 10 PM on November 21 and remain in effect until 5 AM on December 21.
November 20 California median price of existing homes was $711,000 in October, down 0.2 percent from September’s record-high of $712,000 but 17.5 percent higher than October 2019. Sales volume was 485,000 units in October, down 1.0 percent from September but 19.9 percent higher than October 2019.
November 21 The FDA issues an emergency-use authorization to Regeneron Pharmaceuticals, Inc. for the use of monoclonal antibodies in treating mild to moderate cases of COVID-19, the same treatment that President Trump received after testing positive for the virus in October.
November 24 The U.S. confirms over 143,000 COVID-19 cases, the nation’s second consecutive new record high for single-day COVID-19 cases including 6,900 cases in California.
November 24 California adds a state-record-high 18,350 new COVID-19 cases, breaking its November 20 record of 15,442. The nation as a whole adds 147,000 COVID-19 cases.
November 24 The S&P 500 (3,635 points) and the Dow Jones (30,046 points), close at new record highs.
November 25 The second estimate for third quarter 2020 U.S. real GDP remains unchanged from the preliminary estimate of 33.1 percent (seasonally-adjusted annualized rate).
November 27 The S&P 500 reaches its fourth record-high closing value this month, ending the day at 3,628 points.
November 27 Disney expands its planned layoffs from 28,000 on September 30 to 32,000, to be implemented in the first part of 2021.
November 30 All three major indices close higher in the month of November: the S&P 500 closes up 10.8 percent, and the Dow and Nasdaq each close up 11.8 percent.
November 30 To date, about 4.2 million acres have burned in California from over 9,600 incidents, causing 33 fatalities and about 10,500 structures damaged or destroyed.
November 30 Global COVID-19 cases surpass 70 million and deaths total 1.6 million. As of the end of November, California has 1.2 million cases of COVID-19 or 8.9 percent of U.S. cases which total 13.5 million. California deaths from COVID-19 total 18,000, 6.7 percent of U.S. deaths which total 268,000.
December 1 The S&P 500 closes at a new record high of 3,662 points.
December 2 The S&P 500 closes at 3,669 points, its second consecutive day of record high in December.
December 3 State health officials announce a Regional Stay at Home Order to go into effect. Residents will be required to stay at home as much as possible if Intensive Care Unit capacity drops below 15 percent in their region. Southern California, San Joaquin Valley, Northern California, and the Greater Sacramento region are all placed under immediate restrictions.
December 4 California merchandise exports declined by 5.0 percent year-over-year in October 2020 to $14.7 billion, bringing the year-to-date total to $127.9 billion and around 2010 levels. California merchandise imports rose by 7.7 percent year-over-year in October 2020 to $39.3 billion, but imports were still down 5.5 percent year-to-date and around 2013 levels.
December 4 The U.S. official unemployment rate decreased by 0.2 percentage point to 6.7 percent in November, after falling a full percentage point in October. Total U.S. nonfarm jobs increased by 245,000 in November, following a job gain of 610,000 in October. The U.S. has recovered 12.3 million (around 55.7 percent) of the 22.1 million jobs lost in March and April.
December 4 The S&P 500 closes at a new record high of 3,699 points.
December 5 California certifies its presidential election vote for Joe Biden.
December 5 California announces recommendations for phase 1A of the coronavirus vaccination. Priority will be given to people at risk of exposure to the virus through work in any role in direct health care or long-term care, and residents of nursing and assisted living facilities.
December 7 California surpasses 20,000 deaths from COVID-19. Cumulative deaths total 20,047.
December 6 The Supreme Court rules to uphold the Deferred Action for Childhood Arrivals program (DACA). As of June 30 2020, approximately 184,000 DACA recipients reside in California, over one quarter of the 646,000 recipients in the United States.
December 8 A 90-year old British woman becomes the first person in the world to be vaccinated with the Pfizer vaccine for COVID-19 in the United Kingdom.
December 8 The S&P 500 closes at a new record high of 3,702 points.
December 9 48 state attorneys general launch an anti-trust lawsuit against Facebook for anti-competitive practices.
December 9 California records 220 deaths from COVID-19, the highest daily number of deaths recorded.
December 10 San Francisco-based Airbnb launches an initial public offering of stock, valuing the company at over $100 billion.
December 11 Pfizer’s COVID-19 vaccine is granted emergency authorization from the FDA, becoming the first available COVID-19 vaccine in the U.S.
December 11 U.S. headline inflation grew 1.2 percent year-over-year in November 2020, unchanged from October 2020 and a significant deceleration from the November 2019 pace of 2.1 percent. Los Angeles headline inflation increased 1.0 percent year-over-year in November 2020 after slowing to 0.7 percent in October, still well below the November 2019 pace of 3.2 percent.
December 11 California records 225 new deaths from COVID-19, the highest daily number of deaths recorded.
December 13 The first person in the U.S. is vaccinated against COVID-19 in New York.
December 14 The first person in California is vaccinated against COVID-19.
December 14 The U.S. confirms over 300,000 cumulative deaths from COVID-19. California’s 21,000 cumulative deaths account for 7.1 percent of this total.
December 14 The Electoral College votes, officially naming Joe Biden the President-Elect and Kamala Harris Vice-President-Elect.
December 15 The California median home price fell to $699,000 in November, 1.3 percent below September’s record-high, however sales volume (508,820 units) reached its highest level in 15 years.
December 15 Governor Newsom announces the activation of the State’s Coroners’ Mutual Aid & Mass Fatality Management Planning Program, importing body bags and refrigeration units in response to widespread pandemic conditions.
December 15 California records over 50,000 new cases of COVID-19, the highest ever in a single day. California also recorded a record 293 new deaths from COVID-19.
December 16 U.S. retail sales in November were down 0.8 percent from October 2020 but up 7.1 percent from November 2019. Non-store retail sales were relatively unchanged in November, but up 29.2 percent from November 2019.
December 16 California records 379 new deaths from COVID-19, the highest daily number of deaths recorded.
December 17 California’s third quarter 2020 personal income was up by 8.8 percent from a year ago but down by 1.6 percent quarter-over-quarter (seasonally-adjusted annualized rate). Federal stimulus accounted for $169.8 billion, or 5.9 percent of third quarter California personal income, down from $272.8 billion or 9.5 percent of second quarter personal income. By comparison, U.S. personal income declined by 10.4 percent quarter-over-quarter (annualized rate) in the third quarter but increased by 7.1 percent on a year-over-year basis.
December 17 The S&P 500 closes at a new record high of 3,722 points.
December 18 California’s official unemployment rate fell 0.8 percentage point to 8.2 percent in November as the number of people employed, unemployed, and in the labor force all fell. California added 57,100 nonfarm jobs in November, the seventh month of consecutive job gains and recovered 46.0 percent (1.2 million jobs) of the 2.6 million jobs lost in March and April.
December 18 Moderna vaccine becomes the second FDA approved COVID-19 vaccine for use in the U.S.
December 22 Governor Newsom appoints Alex Padilla as U.S. senator for California to replace Vice President-elect Kamala Harris. He will be the first Latino to hold the office for California.
December 22 U.S. real GDP grew by a record 33.4 percent (seasonally adjusted annualized rate) in the third quarter of 2020 according to BEA’s third and final estimate, an upward revision of 0.3 percentage point from the first two estimates (33.1 percent).
December 23 California real GDP grew by a record 31.2 percent in the third quarter of 2020 (seasonally adjusted annualized rate), bringing real GDP back to a level of around the first quarter of 2019.
December 23 California becomes the first state to confirm over 2 million cumulative cases of COVID-19 or 10.8 percent of the nation’s cumulative cases.
December 24 The United Kingdom and the European Union agree on a trade deal, making way for the UK’s exit from the Union.
December 26 Two CARES Act emergency unemployment assistance programs end—Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation.
December 27 President Trump signs a $900 billion pandemic relief bill. The bill includes measures to extend unemployment benefit programs, including the Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation programs, supplement unemployment benefit payments, provide additional paycheck protection loans, provide additional direct stimulus checks, as well as funding for the purchase and distribution of COVID-19 vaccines.
December 28 The S&P 500 closes at a new record high of 3,735 points.
December 29 The first U.S. case of the highly contagious United Kingdom strain of COVID-19 is detected in Colorado.
December 29 California records 432 new deaths from COVID-19, the highest daily number of deaths recorded.
December 30 The TSA reports that the number of travelers that passed through screening at U.S. airports around the Christmas holiday hit just under 1.2 million on December 23 and just under 1.3 million on December 27. These were the highest levels recorded since the start of the pandemic on March 17. In 2019, traveler numbers reached around 2.6 million on each day from December 24 to December 28.
December 30 The first case of the United Kingdom strain of COVID-19 is detected in California.
December 31 California records 585 new deaths from COVID-19, the highest daily number of deaths recorded.
December 31 The United Kingdom officially leaves the European Union.
December 31 The S&P 500 closed at a new record high of 3,756 points. All three major indices closed higher in the month of December as the S&P closed up 3.7 percent, the Dow closed up 3.3 percent and the Nasdaq closed up 5.7 percent. Despite the stock market entering a bear market in March all three indices closed higher than a year ago. The S&P closed up 16.3 percent higher, the Dow closed up 7.2 percent and the Nasdaq closed up 43.6 percent.
December 31 Global COVID-19 cases total 83.5 million and deaths total 1.8 million. As of the end of December, California has recorded 2.3 million cases of COVID-19 or 11.5 percent of the total 19.9 million U.S. cases. California deaths from COVID-19 total 28,000, 8.1 percent of the total 344,000 U.S. deaths.
December 31 In 2020, nearly 4.3 million acres were burned in California from over 9,900 fire incidents, causing 33 fatalities and destruction of 10,500 structures. 2020 was the largest wildfire season recorded in California’s modern history.
This state website below provides official counts of COVID-19 daily cases and deaths in California, key statewide and local actions taken, along with relevant information and services for individuals, families, and businesses. https://covid19.ca.gov/
2019
January 1 California statewide minimum wage increases from $11.00 to $12.00 per hour for employers with 26 or more employees. The hourly minimum wage increases in the following California cities:
Belmont, from $12.50 to $13.50
Cupertino, from $13.50 to $15.00
El Cerrito, from $13.60 to $15.00
Los Altos, from $13.50 to $15.00
Mountain View, from $15.00 to $15.65
Oakland, from $13.23 to $13.80
Palo Alto, from $13.50 to $15.00
Redwood, from $11.00 to $13.50
Richmond, from $13.41 to $15.00
San Diego, from $11.50 to $12.00
San Jose, from $13.50 to $15.00
San Mateo, from $13.50 to $15.00
Santa Clara, from $13.00 to $15.00
Sunnyvale, from $15.00 to $15.65
January 1 California farmworkers will earn overtime after working 9.5 hours in a day or 55 hours in a week from previously 10 hours in a day or 60 hours in a week. The change applies only to businesses that employ at least 26 people. The change will apply to businesses with 25 or fewer workers in 2022.
January 10 – ongoing Venezuelan presidential crisis. President Maduro severs diplomatic ties with the United States. The United States sanctions Venezuela’s state-owned oil company, Petroleos de Venezuela, S.A..
January 11 Some 800,000 federal government employees miss their first paycheck due to the U.S. federal government shutdown.
January 11 Headline consumer inflation in 2018 was 2.4 percent in the U.S. and 3.7 percent in California. Core consumer inflation, which excludes food and energy, was 2.1 percent in the U.S. and 3.3 percent in California in 2018.
January 12 The U.S. federal government shutdown hits the 22-day mark becoming the longest since the 1995–1996 shutdown.
January 15 The British Parliament overwhelmingly rejects Prime Minister Theresa May’s Brexit deal, complicating the United Kingdom’s scheduled departure from the European Union on March 29, 2019.
January 18 U.S. consumer sentiment falls in January to a two-year low.
January 21 China’s economy grew by 6.6 percent in 2018, its slowest pace in 28 years.
January 22 The six-day United Teachers Los Angeles union strike ends after teachers and staff members reached an agreement with the Los Angeles Unified School District. The agreement includes, among other things: class size reductions, pay raises, and more school nurses, counselors, and librarians.
January 25 President Trump signs a spending bill to fund the government through February 15, 2019 ending the federal government shutdown. The 35-day shutdown cost the U.S. economy $11 billion—including a permanent $3 billion loss, according to the Congressional Budget Office.
January 29 PG&E files for Chapter 11 bankruptcy protection.
January 29 – 31 The polar vortex hits the midwestern and northeastern United States bringing record low temperatures.
February 11 The U.S. government’s public debt hits record $22 trillion.
February 14 Amazon cancels plan for a headquarter in New York City after opposition from some local residents.
February 24 President Trump extends the March 1st deadline to impose additional tariffs on Chinese goods.
February 27–28 The United States and North Korea holds second summit. No agreement was reached.
February 28 U.S. real GDP grew at an annual rate of 2.6 percent in the fourth quarter 2018, according to the initial estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.4 percent.
February 28 Governor Newsom declares state of emergency in Amador, Glenn, Lake, Mendocino, and Sonoma counties due to flooding and mudslides.
March 6 In 2018, exports of goods from the U.S. rose 7.6 percent to $1.66 trillion while exports of goods from California increased 3.7 percent to $178.4 billion.
March 7 Costco announces that it would raise its minimum wage to $15 an hour, following an increase in June 2018 from $13 to $14.
March 8 The latest benchmark revision to the California labor market statistics shows a stronger labor force growth of 1.0 percent in 2018 compared to the initial estimate of 0.7 percent.
March 12 The British Parliament rejects Prime Minister Theresa May’s Brexit deal for a second time, just 17 days before the United Kingdom’s scheduled departure from the European Union.
March 14 Boeing pauses deliveries of its 737 MAX amid the global grounding of the aircraft.
March 15 Terrorists attack two mosques in Christchurch, New Zealand.
Mid-March Flooding in the Midwestern United States inflicts billions of dollars in damage to crops and homes, and knocks out approximately 13 percent of ethanol capacity pushing some gas prices toward five-year high.
March 15 Fire erupts at Phillips 66, an oil refinery in Carson, California, causing a partial shutdown.
March 20 European regulators fine Google 1.5 billion euros ($1.7 billion) for antitrust violations in the online advertising market, bringing the fines imposed against Google by the European Union since 2017 to 8.2 billion euros ($9.3 billion).
March 22 The Brexit deadline has been extended by the European Union from March 29 to April 12, with a further extension to May 22 if the British Prime Minister Theresa May is able to get parliamentary support for a deal.
March 24 The Valero oil refinery in Benicia, California shuts down after air pollution warning.
March 26 Personal income in California grew by 4.7 percent in 2018 following 4.6 percent in 2017. The U.S. growth rate was 4.5 percent in 2018 following 4.4 percent in 2017.
March 28 U.S. real GDP growth for fourth quarter 2018 was revised lower by 0.4 points to 2.2 percent on weaker consumer spending, according to the final estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.4 percent.
March 29 Lyft IPO.
April 1 Sales tax increases in 51 California cities.
April 1 OPEC’s crude oil output fell by nearly 300,000 barrels a day to a four-year low of 30.385 million barrels per day in March with Saudi Arabia cutting its oil output to a four-year low of 9.82 million barrels a day.
April 9 Bank of America announces that it will raise the minimum wage for its employees to $20.00 an hour over the next two years and freeze health care cost increases for its lower-paid workers.
April 11 The European Union leaders agree to extend the Brexit deadline from April 12, 2019 to October 31, 2019.
April 18 Zoom IPO.
April 21 Terrorists attack Sri Lanka.
April 22 President Trump announces it will not renew the temporary sanctions exemptions granted to major importers of Iranian oil set to expire on May 2.
April 23 The U.S. stock market sets new record highs as stocks continued to rally from their December lows.
April 25 Microsoft becomes the third publicly traded U.S. company, following Apple and Amazon, to reach a $1 trillion market capitalization.
April 26 U.S. real GDP grew at an annual rate of 3.2 percent in the first quarter of 2019, according to the first estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2018, U.S. real GDP increased 2.2 percent.
May 1 According to California Department of Finance’s annual population and housing report, California added 186,807 residents in 2018 bringing the state’s estimated total population to 39,927,315 as of January 1, 2019, an increase of 0.47 percent from the previous year—the state’s slowest population growth in recorded history. California’s statewide housing growth, as measured by net unit growth in completed housing units for 2018, was up 0.6 percent from the previous year, adding 77,000 units to total 14,235,000 units as of January 1, 2019.
May 2 The U.S. Court of Appeals for the Ninth Circuit rules that California’s recently adopted “ABC test” used to determine whether a worker should be classified as an employee or an independent contractor, must be applied retroactively for four years before April 30, 2018. The “ABC test” requires contractors to work independently, be engaged in work not usual to the contracting firm, and to have their own business doing such work.
May 8 The United States issues new sanctions against Iran targeting its iron, steel, aluminum, and copper exports.
May 9 The Port of Oakland’s import volume for April—with more than 80,000 containers coming in—was the highest in its 92-year history.
May 10 President Trump imposes tariffs of up to 25 percent on $200 billion worth of goods imports from China.
May 10 Uber IPO.
May 13 China announces that it will raise tariffs, from 10 percent to 25 percent, on $60 billion worth of goods exported from the U.S. to China. The Dow and S&P 500 fell 2.4 percent while the Nasdaq dropped 3.4 percent.
May 17 The U.S. reaches deal to lift tariffs on steel and aluminum imports from Canada and Mexico that have been in effect since June 1, 2018.
May 20 Canada and Mexico lift tariffs on imports of U.S. goods.
May 23 The U.S. Department of Agriculture announces $16 billion of new financial aid for American farmers affected by the trade war, following last year’s $12 billion farm aid package.
May 24 British Prime Minister Theresa May announces her resignation as Conservative leader, effective June 7, 2019.
May 30 U.S. real GDP grew at an annual rate of 3.1 percent in the first quarter of 2019, down from the initial estimate of 3.2 percent primarily reflecting downward revisions to business fixed investment and residential investment that were partly offset by upward revisions to consumption and exports. In the fourth quarter of 2018, U.S. real GDP increased 2.2 percent.
June 1 The U.S. begins collecting an additional 25 percent tariffs on a $200-billion list of Chinese goods arriving in U.S. seaports. China begins collecting retaliatory tariffs on a $60-billion list of U.S. goods.
June 9 – ongoing Hong Kong anti-extradition bill protests.
June 16 India imposes 20 percent tariffs on U.S. almonds and 27 other products in retaliation for the U.S. ending India’s preferential trade status and the U.S. tariffs on steel and aluminum imports. California is the number 1 producer of almonds, growing 80 percent of the world’s supply and India is the state’s biggest customer.
June 27 U.S. real GDP increased at an annual rate of 3.1 percent in the first quarter of 2019, unchanged from the second estimate, and following 2.2 percent growth in the fourth quarter of 2018.
June 27 California Governor Gavin Newsom signs the 2019-20 state budget bill.
July 1 OPEC agrees to extend oil production cuts through March 2020.
July 1 The U.S. is officially in its longest economic expansion, surpassing the previous record expansion set between March 1991 and March 2001.
July 1 The hourly minimum wage increases in the following California cities:

  • Alameda, from $12.00 to $13.50
  • Berkeley, from $15.00 to $15.59
  • Emeryville, from $15.69 to $16.30
  • Fremont, from $12.00 to $13.50
  • Los Angeles City, from $13.25 to $14.25
  • Los Angeles County, from $13.25 to $14.25
  • Malibu, from $13.25 to $14.25
  • Milpitas, from $13.50 to $15.00
  • Pasadena, from $13.25 to $14.25
  • San Francisco, from $15.00 to $15.59
  • San Leandro, from $13.00 to $14.00
  • Santa Monica, from $13.25 to $14.25
July 1 California’s new state workplace retirement savings program, CalSavers, opens to private employers offering an automatic IRA payroll deduction for California workers with no retirement plan on the job.
July 1 California’s gasoline excise tax increases by 5.6 cents per gallon, the latest increase from a 2017 law designed to raise an average of $5.4 billion per year for road repairs and mass transit programs.
July 4 A 6.4 magnitude earthquake hits Southern California, the strongest to hit the reqion in two decades.
July 11 U.S. inflation, as measured by the consumer price index, increased 2.1 percent in the 12 months through June 2019, following 2.3 percent for the same months ending in 2018.
July 14 China’s real GDP grew 6.2 percent in the second quarter 2019, its weakest economic growth in 27 years.
July 24 Boris Johnson becomes Prime Minister of the United Kingdom, succeeding Theresa May.
July 24 The U.S. Federal Trade Commission imposes a record $5 billion penalty for privacy violations on Facebook.
July 25 California’s real GDP grew at an annual rate of 2.7 percent in the first quarter of 2019. In 2018, the state’s real GDP growth rate averaged 3.5 percent.
July 26 U.S. real GDP rose at an annual rate of 2.1 percent in the second quarter 2019 driven by strong consumer and federal government spending, according to initial estimates released by the U.S. Bureau of Economic Analysis. This follows 3.1-percent growth in the first quarter of 2019 and 1.1-percent growth in the fourth quarter of 2018.
July 31 The Federal Reserve lowers the federal funds rate target by a quarter-point, to a range of 2.00 – 2.25 percent. This is the first interest rate cut since December 2008.
August 1 President Trump announces 10 percent tariffs on $300 billion worth of goods imports from China to take effect September 1.
August 5 The People’s Bank of China lets the yuan depreciate to below 7 yuan per U.S. dollar for the first time in over a decade. The Dow and S&P 500 dropped 3 percent while the Nasdaq fell 3.5 percent.
August 13 President Trump announces 10 percent tariff on $112 billion of goods imports from China starting September 1, and on $160 billion starting December 15.
August 14 The yield curve for U.S. Treasury bonds inverts, as the yield rate for 2-year bonds rises higher than the yield rate for 10-year bonds. The last inversion of the yield curve was in December 2005, two years before the recession. The Dow, S&P 500, and the Nasdaq fell 3 percent.
August 20 Fitch upgrades California’s bond rating to AA from AA-.
August 23 China announces it will impose additional tariffs on U.S. soybeans and crude oil (starting September 1) and on U.S. automobiles and other goods (starting in mid-December). In response, President Trump announces it would raise planned tariffs on $300 billion worth of goods imports from China, from 10 percent to 15 percent, to take effect September 1. The Dow and S&P 500 fell 2.4 percent and 2.6 percent, respectively, while the Nasdaq dropped 3.0 percent.
August 29 U.S. real GDP increased at an annual rate of 2 percent in the second quarter, revised down from the initial estimate of 2.1 percent, as strong consumer spending was offset by a drop in exports, a smaller inventory build, and weak residential investment.
August 29 U.S. real GDP increased at an annual rate of 2 percent in the second quarter, revised down from the initial estimate of 2.1 percent, as strong consumer spending was offset by a drop in exports, a smaller inventory build, and weak residential investment.
September 1 A 15 percent tariff (originally 10 percent) on $112 billion of goods imports from China (includes clothes, shoes, and sporting goods) takes effect. More than two-thirds of consumer goods the United States imports from China now face higher tariffs.
September 10 California’s poverty rate remains highest in the nation when factoring in living costs such as housing, utilities, and medical care costs. The state’s poverty rate in 2018 was 17.6 percent while the national average was 12.8 percent, according to the U.S. Census Bureau’s Supplemental Measure of Poverty.
September 11 China announces it will temporarily exclude 16 products (such as some animal feeds, chemicals, and petroleum products) from its retaliatory tariffs imposed in 2018.
September 12 OPEC members Iraq and Nigeria agree to cut oil output.
September 13 PG&E reaches $11 billion settlement to resolve most claims by insurance carriers related to the 2017 and 2018 wildfires in California.
September 14 Saudi Arabia’s Aramco oil processing facilities at Abqaiq (world’s largest oil processing facility and crude oil stabilization plant) and Khurais (second largest oil field in the country) were attacked, knocking out 5.7 million barrels of daily crude oil production or about 5 percent of global production.
September 16 Brent crude oil price surges 14.6 percent to $69.02 a barrel—the biggest increase in more than a decade, following attack on Saudi’s oil facilities. President Trump authorizes the use of the Strategic Petroleum Reserve and informs the appropriate agencies to expedite the approval of oil pipelines still in the permitting process in Texas and other states.
September 16–October 25 UAW union workers strike against GM.
September 18 The European Central Bank cuts the deposit facility interest rate to a new record low of -0.5 percent from -0.4 percent and approves bond purchases of 20 billion euros a month from November 2019.
September 18 The Federal Reserve lowers the federal funds rate target by a quarter-point to a range of 1.75-2.00 percent. This is the second interest rate cut since December 2008.
September 18 California Governor Newsom signs legislation (AB 5) aimed to reduce worker misclassification—workers being wrongly classified as “independent contractors” rather than employees. AB 5 codifies the “ABC test” set out by the California Supreme Court and used to determine whether a worker should be classified as an employee or an independent contractor. AB 5 also updates the Labor Code, the Unemployment Insurance Code, and the wage orders of the Industrial Welfare Commission to reflect the application of the ABC test to the classification of a worker as an employee or independent contractor. This new law will take effect January 1, 2020.
September 19 The U.S. Environmental Protection Agency announces it would withdraw the 2013 Clean Air Act waiver that enabled California to set its own tailpipe greenhouse gas emission standards.
September 20 U.S. imposes sanctions on Iran’s Central Bank and its National Development Fund.
September 20 California and 22 other states file a lawsuit in federal court challenging the National Highway Traffic Safety Administration’s revocation of California’s authority to set its own greenhouse gas emission and fuel economy standards for cars and trucks.
September 24 – 26 Production cutbacks at three refineries in Southern California (Chevron in El Segundo, PBF Energy in Torrance, and Marathon in Los Angeles) and one refinery in Northern California (Valero in Benicia) cause California gas prices to soar above $4.00 a gallon from the previous 4-week average of $3.60 a gallon.
September 26 U.S. real GDP increased at an annual rate of 2 percent in the second quarter, unchanged from the previous estimate, as the strongest consumer spending in 4-1/2 years offset weak exports and a smaller inventory build. In the first quarter, real GDP increased 3.1 percent.
September 26 U.S. real median household income rose by 0.6 percent in 2018 to $57,273 while California’s real median household income increased by 2.7 percent in 2018 to $69,609.
November 4 The United States notifies the United Nations of its formal withdrawal from the Paris Agreement.
November 15 The Dow Jones industrial average closes above 28,000 for the first time in history at 28,005.
November 15 California’s unemployment rate was 3.9 percent in October—a new record-low, while the U.S. unemployment rate was 3.6 percent in October— near the lowest in 50 years. California’s nonfarm employment growth was 1.8 percent in October on a year-over-year basis compared to 1.4 percent for the U.S.
November 15 California and 22 other states file another lawsuit to block the EPA from ending its authority to set greenhouse gas emission and fuel economy standards for cars and trucks.
November 27 U.S. real GDP increased at an annualized rate of 2.1 percent in the third quarter of 2019, revised up from the initial estimate of 1.9 percent, due to a stronger pace of inventory accumulation and a more moderate decline in business investment.
December 2 The U.S. reinstates tariffs on steel and aluminum imports from Brazil and Argentina, citing the negative impact of currency devaluation in those countries on U.S. farmers. Brazil and Argentina received waivers in August 2018 that exempted them from the 25 percent steel tariffs and 10 percent aluminum tariffs enacted in March 2018.
December 3 Online shopping on Cyber Monday generated another record $9.4 billion in U.S. sales, a 19 percent increase from 2018.
December 11 Saudi Aramco’s IPO on the Riyadh stock exchange makes it the most valuable publicly-traded company in the world.
December 11 The Federal Reserve’s Open Market Committee votes unanimously to maintain the federal funds rate in a target range of 1.5–1.75 percent.
December 12 Prime Minister Boris Johnson and the Conservative Party wins a large majority in the House of Commons in the United Kingdom. The win by the Conservative Party means approval for allowing the U.K. to leave the European Union by January 31, 2020.
December 13 Both U.S. and China announce an initial deal where new tariffs to be mutually imposed on December 15 would not be implemented. The U.S. says it will cut in half the existing 15 percent tariffs while China says it will buy more high quality U.S. agricultural products.
December 13 California Governor Newsom rejects PG&E’s bankruptcy reorganization plan.
December 20 U.S. real GDP growth in the third quarter of 2019 remained at 2.1 percent (seasonally adjusted annualized rate) with personal consumption expenditures contributing 1.8 percent of growth, according to the final estimate released by the Bureau of Economic Analysis. U.S. real GDP increased 4.2 percent in the second quarter and 2.2 percent in the first quarter.
December 20 California’s population increased by 141,300 people between July 1, 2018 and
July 1, 2019, to total 39.96 million, according to official population estimates released by the California Department of Finance. This represents a growth rate of 0.35 percent, down from 0.57 percent for the prior 12 months — the two lowest recorded growth rates in state population since 1900.
December 20 California’s unemployment rate remained at its record-low 3.9 percent in November, while the U.S. unemployment rate edged down to 3.5 percent in November, the lowest in 50 years. California’s nonfarm employment growth was 1.9 percent in November on a year-over-year basis compared to 1.5 percent for the U.S.
December 22 China announces the reduction of import tariffs on 850 products on January 1, 2020 and measures to open markets in several industries.
December 26 Nasdaq closes above 9,000 for the first time in history at 9,022.
December 31 The Dow Jones industrial average closes at 28,538 points, a 22.3-percent annual gain in 2019—best year since 2017. The S&P 500 ends the year at 3,231 points, a 28.9-percent annual gain this year and the Nasdaq closes at 8,973 points rallying 35.2 percent in 2019—their best annual gain since 2013.
2018
January 1 California statewide minimum wage increases from $10.50 to $11.00 per hour for employers with 26 or more employees. The minimum wage hourly rate increases in the following California cities:
Cupertino, from $12.00 to $13.50
El Cerrito, from $12.25 to $13.60
Los Altos, from $12.00 to $13.50
Mountain View, from $13.00 to $15.00
Oakland, from $12.86 to $13.23
Palo Alto, from $12.00 to $13.50
Richmond, from $12.30 to $13.00
San Mateo, from $12.00 to $13.50
Santa Clara, from $11.10 to $13.00
Sunnyvale, from $13.00 to $15.00 Minimum wage increases go into effect in 17 other states.
January 1 Vehicle registration fees in California increase by $25 to $175—depending on the current market value of the vehicle—due to the new transportation improvement fee created by the “California Road Repair and Accountability Act of 2017”.
January 20–22 Budget impasse causes partial federal government shutdown and furlough of non-essential federal employees.
January 22 President Trump signs bill to fund the government through February 8, 2018 ending the federal government shutdown.
January 22 President Trump imposes tariffs of as much as 30 percent on imported solar panels and washing machines.
January 26 U.S. real GDP grew at a 2.6 percent annual rate in the fourth of 2017 led by strong consumer spending, up 3.8 percent and accounting for all of the quarter’s gains. In the third quarter, real GDP increased by 3.2 percent.
February 2 U.S. average hourly earnings increased 2.9 percent annualized in January 2018—the largest increase since June 2009. Leading to concerns about inflation the Dow closes down 666 points, or 2.5 percent, the largest percentage decline since the Brexit turmoil in June 2016.
February 5 Jerome H. Powell takes over as chairman of the Federal Reserve.
February 5 The Dow plunges 1,175 points, or 4.6 percent, the worst point decline in history, and the biggest percentage decline since the European debt crisis in August 2011. S&P 500 falls 113 points, or 4.1 percent. Nasdaq drops 273 points, or 3.8 percent.
February 8 The U.S. stock market is officially in correction territory. The Dow and S&P 500 closes down more than 10 percent from their peak in late January 2018. The last market correction was in early 2016.
February 28 U.S. real GDP grew at a 2.5 percent annual rate in the fourth quarter of 2017, slightly less than the initially reported 2.6 percent pace. The downward revision largely reflected a smaller inventory build and a lower estimate of software investment. Consumer spending remained strong while net exports were revised slightly higher.
March 6 The latest benchmark revision to the California labor market statistics shows nonfarm payroll employment growth was considerably stronger than what was first estimated.
March 8 President Trump enacts new tariffs of 25 percent on imported steel and 10 percent on imported aluminum, with exemptions for Canada and Mexico. The tariffs will go into effect on March 23 and remain in force for an indefinite period.
March 21 The Federal Reserve raises the federal funds rate target by a quarter-point, to a range of 1.5 percent to 1.75 percent, the sixth increase since the financial crisis.
March 22 President Trump proposes new tariffs on up to $60 billion worth of Chinese technology product imports. The U.S. stock market closes sharply lower with major indexes down around 2-3 percent.
March 22 Personal income in California grew by 4.1 percent in 2017, up from 3.7 percent in 2016. The national growth rate was 3.1 percent in 2017, up from 2.3 percent in 2016.
March 23 U.S. tariffs on steel and aluminum imports take effect. Temporary exemptions were given to Canada, Mexico, the European Union, Australia, Argentina, Brazil, and South Korea.
March 23 Dropbox IPO.
March 28 U.S. real GDP growth for fourth quarter 2017 was revised higher by 0.4 points to 2.9 percent on stronger consumer spending and business fixed investment, according to the final estimate released by Bureau of Economic Analysis.
April 1 China announces tariffs of up to 25 percent on 128 U.S. products, from pork and wine to certain fruits and nuts, in response to U.S. tariffs on imports of steel and aluminum.
April 3 President Trump proposes 25 percent tariffs on Chinese imports of 1,300 industrial technology, transport, and medical products, worth up to $50 billion.
April 4 China announces additional tariffs of 25 percent on 106 U.S. products including soybeans, corn products, automobiles, chemicals, and certain types of aircraft, worth up to $50 billion.
April 5 President Trump instructs U.S. trade officials to consider $100 billion in additional tariffs on China.
April 13 The United States, the United Kingdom, and France launch air strikes in Syria in response to a suspected chemical weapons attack on civilians in Douma, Syria.
April 27 U.S. real GDP grew at an annual rate of 2.3 percent in the first quarter of 2018, according to the first estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2017, U.S. real GDP increased 2.9 percent.
April 27 DocuSign IPO.
April 30 The California Supreme Court issues a new standard for determining whether workers should be classified as employees or independent contractors. To classify someone as an independent contractor, California business owners must prove that the worker is free from the control and direction of the employer; performs work that is outside the hirer’s core business; and customarily engages in an independently established trade, occupation, or business of the same nature as the work performed for the hiring entity.
May 1 According to California Department of Finance’s annual population and housing report, California’s population grew by 0.78 percent in 2017, adding 309,000 residents to total 39,810,000 as of January 1, 2018. California’s statewide housing growth, as measured by net unit growth in completed housing units for 2017, was up 0.6 percent from the previous year, adding 85,000 units to total 14,158,000 units as of January 1, 2018.
May 4 California’s economy became the world’s fifth largest in 2017 with a gross domestic product of $2.75 trillion in 2017. In real terms, California’s GDP growth was 3 percent for 2017, compared to 2.3 percent for the U.S. All industrial sectors except agriculture contributed to California’s higher GDP in 2017.
May 8 President Trump announces U.S. withdrawal from the Iran nuclear deal.
May 30 U.S. real GDP grew by an annualized 2.2 percent in the first quarter of 2018, down from the initial estimate of 2.3 percent, primarily reflecting downward revisions to inventory investment, residential fixed investment, and net exports that were partly offset by an upward revision to business fixed investment.
May 31 President Trump imposes tariffs on steel and aluminum imports from Canada, Mexico, and the European Union starting on June 1st. The temporary exemptions granted in March will expire on June 1st. The European Union, Mexico, and Canada announced equivalent tariff measures on U.S. exports.
June 11 The repeal of net neutrality rules becomes official. The net neutrality rules had required internet service providers to offer equal access to all web content and applications and to not charge differently by user, content, and website.
June 12 The United States and North Korea holds first summit. A joint statement was signed, agreeing to security guarantees for North Korea, new peaceful relations, and the reaffirmation of the denuclearization of the Korean Peninsula, and follow-up negotiations between high-level officials.
June 13 The Federal Reserve raises the federal funds rate target by a quarter-point, to a range of 1.75 percent to 2.00 percent, the seventh increase since the financial crisis.
June 15 China announces additional tariffs of 25 percent on 659 U.S. products, revised up from the preliminary list of 106 U.S. products announced in April.
June 19 President Trump instructs U.S. trade officials to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent.
June 22 The European Union imposes additional tariffs of 25 percent on $3.2 billion worth of U.S. products in response to U.S. tariffs on imports of EU steel and aluminum.
June 28 U.S. real GDP growth in the first quarter of 2018 was downwardly revised to 2.0 percent from the initially reported 2.2 percent reflecting downward revisions to private inventory investment, consumer expenditure, and exports, according to the final estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2017, real GDP increased 2.9 percent.
June 29 Canada announces additional tariffs on 229 U.S. products effective July 1, 2018 in response to U.S. tariffs on imports of Canadian steel and aluminum.
July 1 he minimum wage hourly rate increases in the following California cities:
Emeryville, from $15.20 to $15.69
Los Angeles, from $12.00 to $13.25
Malibu, from $12.00 to $13.25
Milpitas, from $12.00 to $13.25
Pasadena, from $12.00 to $13.25
San Francisco, from $14.00 to $15.00
San Leandro, from $12.00 to $13.00
Santa Monica, from $12.00 to $13.25
July 5 Lithuania becomes the 36th member of the OECD.
July 6 U.S. tariffs on Chinese imports of machinery, electronics, and other high-tech equipment including cars, computer hard drives and LEDs worth $34 billion take effect.
July 6 Governor Brown declares state of emergency in San Diego County due to West Fire.
July 11 California’s greenhouse gas emissions fell below 1990 levels in 2016—four years earlier than the 2020 target, according to the California Air Resources Board.
July 12 U.S. inflation, as measured by the consumer price index, increased 2.9 percent In the 12 months through June, the biggest increase in six years.
July 26 Facebook’s share price drops 19 percent, losing $119 billion in value—the largest single day loss in corporate history—after warning that user and revenue growth will slow.
July 26 Governor Brown declares state of emergency in Riverside and Shasta counties due to the Cranston and Carr fires and in Mariposa County due to Ferguson Fire.
July 27 U.S. real GDP grew at a 4.1 percent annualized pace in the second quarter, its best pace since 2014.
July 28 Governor Brown declares state of emergency in Lake, Mendocino, and Napa counties due to the River, Ranch, and Steele fires.
August 2 Apple Inc. becomes the world’s first publicly traded company to achieve a market capitalization of $1 trillion.
August 6 The United States reimposes economic sanctions against Iran that were lifted under a 2015 nuclear accord.
August 8 New York becomes the first major U.S. city to halt new licenses for Uber and other ride-hail vehicles for a year while the city studies the growing industry.
August 20 Greece completes its third and last bailout program, ending nearly 10 years of financial assistance from the EU and IMF, worth nearly 310 billion euros.
August 22 The U.S. stock market sets a record for the longest bull market run in history. Since March 9, 2009, the S&P 500 has risen 323 percent, the Nasdaq has gained 522 percent, and the Dow has appreciated about 293 percent.
August 27 The Nasdaq closes above 8,000 for the first time at 8,018.
August 29 U.S. real GDP grew at a 4.2 percent annualized pace in the second quarter, revised up from the initial estimate of 4.1 percent, on stronger business fixed investment.
September 4 Amazon becomes the second publicly traded company, following Apple Inc., to reach a $1 trillion market capitalization.
September 10 California Governor signs legislation that would require 100 percent of the state’s electricity to come from solar, wind, and other emissions-free sources by 2045. In May 2018, the state became the first in the nation to mandate solar rooftop panels on almost all new homes.
September 12 The United States is now the world’s largest crude oil producer surpassing Russia and Saudi Arabia. Much of the recent growth in U.S. oil production has occurred in the Permian region in western Texas and eastern New Mexico, the Federal Offshore Gulf of Mexico, and the Bakken region in North Dakota and Montana.
September 14 – 19 Hurricane Florence strikes North Carolina and South Carolina causing 40 deaths and approximately $13 billion in damages.
September 24 U.S. imposes an additional tariff of 10 percent on $200 billion worth of Chinese imports. The additional tariff will increase to 25 percent on January 1, 2019. In response, China imposes tariffs on U.S. products valued at about $60 billion.
September 26 The Federal Reserve raises the federal funds rate target by a quarter-point, to a range of 2.00 percent to 2.25 percent, the eighth increase since the financial crisis.
September 27 U.S. real GDP increased at an annual rate of 4.2 percent in the second quarter, according to the third estimate released by the Bureau of Economic Analysis, with consumption, private fixed investment, and exports as the main drivers of growth.
September 28 A magnitude 7.5 earthquake hits Sulawesi, Indonesia, triggering a tsunami, and killing over 2,200 and injuring more than 10,000 people.
October 1 Berkeley city minimum wage increases from $13.75 to $15.00 per hour.
October 1 The United States, Canada, and Mexico strike a new trade deal named the U.S.-Mexico-Canada Agreement, or USMCA, to replace NAFTA, pending Congressional approval. Compared to NAFTA, the USMCA gives the U.S. more access to Canada’s dairy market, incentivizes more domestic production of cars and trucks, increases environmental and labor regulations, and introduces updated intellectual property protections.
October 2 Amazon announces that it would raise its minimum wage for all U.S. employees to $15 an hour starting on November 1. Amazon will also suspend bonuses and stock awards for its hourly employees.
October 5 The U.S. unemployment rate fell to 3.7 percent in September, its lowest level since 1969.
October 5 The U.S. benchmark mortgage rate reaches the 5 percent threshold for the first time since early 2011.
October 10 The Dow loses 832 points, or 3.1 percent, while the S&P 500 falls 95 points, or 3.3 percent, their biggest one-day drops since February 5, 2018. The Nasdaq drops 316 points, or 4.1 percent, its largest one-day drop since June 24, 2016.
October 10 – 16 Hurricane Michael strikes the Florida Panhandle causing 54 deaths and approximately $8 billion in damages.
October 11 Social Security and Supplemental Security income payments will increase by 2.8 percent in 2019, the biggest increase in seven years.
October 12 Facebook announces security breach affecting 29 million users.
October 15 Sears files for Chapter 11 bankruptcy.
October 16 Job openings in the United States hit a record high of 7.14 million in August.
October 17 The United States was named the world’s most competitive economy for the first time since 2008, by the World Economic Forum, with the top five countries rounded out by Singapore, Germany, Switzerland, and Japan.
October 17 Canada becomes the second country in the world to legalize cannabis for recreational use.
October 24 The Dow drops more than 600 points, wiping out the gains for the year. The Nasdaq falls more than 300 points, and into correction territory.
October 26 U.S. real GDP grew at an annual rate of 3.5 percent in the third quarter of 2018 with consumer spending and inventory investment as the main drivers, according to the first estimate released by the Bureau of Economic Analysis. This follows growth of 4.2 percent in the second quarter and 2.2 percent in the first quarter.
October 29 The United Kingdom announces a new digital services tax of 2 percent on local revenues generated by the world’s largest technology companies starting in April 2020.
October 30 U.S. consumer confidence rises to an 18-year high in October.
November 6 U.S. midterm election. The Republicans retain control of the Senate while the Democrats regain control of the House of Representatives.
November 8–November 25 A wildfire hit the densely populated town of Paradise in Butte County, California, burning over 153,000 acres and 18,804 structures, causing at least 86 deaths and property damages in excess of $16 billion, making this the deadliest and most destructive wildfire in California history to date. Wildfires hit Los Angeles and Ventura counties in southern California burning over 101,000 acres and 1,647 structures, causing three deaths and property damages in excess of $3 billion.
November 13 Amazon announces that it has selected New York City and Arlington, Virginia as the locations for its new headquarters. Amazon will invest $5 billion and create more than 50,000 jobs across the two new headquarters locations, with more than 25,000 employees each in New York City and Arlington.
November 27 Online shopping on Cyber Monday generated a record $7.9 billion in sales in 2018, a 19.3 percent increase from 2017.
November 28 U.S. real GDP growth remained at an annual rate of 3.5 percent in the third quarter of 2018 as downward revisions to consumer spending and government spending were offset by upward revisions to nonresidential fixed investment and private inventory investment. This follows growth of 4.2 percent in the second quarter and 2.2 percent in the first quarter.
November 29 Life expectancy in the United States declined for the second consecutive year in 2017 (from 78.7 to 78.6 years). Life expectancy remained unchanged for women (at 81.1 years) and fell for men (from 76.2 to 76.1 years). In California, life expectancy remained unchanged for both women (83.5 years) and men (78.8 years).
December 1–8 France experiences its worst civil unrest since the protests of 1968.
December 11 The California Department of Tax and Fee Administration announces that beginning April 1, 2019, out-of-state retailers selling above certain thresholds into California will be required to collect California use taxes on their sales into California.
December 19 The Federal Reserve raises the federal funds rate target by a quarter-point, to a range of 2.25 percent to 2.50 percent, the ninth increase since the financial crisis. The stock market closes at new lows for the year.
December 21 U.S. real GDP growth for third quarter 2018 was revised lower by 0.1 point to 3.4 percent, according to the final estimate released by the Bureau of Economic Analysis. U.S. real GDP increased 4.2 percent in the second quarter and 2.2 percent in the first quarter.
December 21 California’s population grew by 215,000 people between July 1, 2017 and July 1, 2018 to total 39.8 million, according to official state population estimates by the California Department of Finance. This represents a growth rate of 0.54 percent.
December 22 U.S. budget impasse causes partial federal government shutdown and furlough of non-essential federal employees.
December 26 The Dow Jones industrial average posts its largest ever one-day point gain of 1,086 points.
December 31 The Dow Jones industrial average posts a 5.6 percent annual loss in 2018 to close at 23,327 points and the S&P 500 drops 6.2 percent to end 2018 at 2,507 points, their first annual loss since 2015 and biggest annual loss since 2008 when they dropped 33.8 percent and 38.5 percent, respectively. The Nasdaq falls 3.9 percent in 2018 to close at 6,635, its first annual loss since 2012 and largest annual loss since 2008, when it dropped 40.5 percent.
2017
Winter Storms fueled by a stream of tropical moisture set rain records in California causing damage to Oroville Dam. Between October 2016 and February 2017, California has averaged 27.81 inches of precipitation, the highest average in 122 years of record-keeping. California’s largest reservoirs are collectively at 117 percent of average while the Sierra Nevada snowpack is at 185 percent of normal.
January 1 California minimum wage increases from $10.00 to $10.50 per hour for employers with 26 or more employees.

Cupertino city minimum wage increases from $10.00 to $12.00 per hour.
El Cerrito city minimum wage increases from $11.60 to $12.25 per hour.
Los Altos city minimum wage increases from $10.00 to $12.00 per hour.
Mountain View city minimum wage increases from $11.00 to $13.00 per hour.
Oakland city minimum wage increases from $12.55 to $12.86 per hour.
Palo Alto city minimum wage increases from $10.00 to $12.00 per hour.
Richmond city minimum wage increases from $11.52 to $12.30 per hour.
San Diego city minimum wage increases from $10.50 to $11.50 per hour.
San Jose city minimum wage increases from $10.30 to $10.50 per hour.
San Mateo city minimum wage increases from $10.00 to $12.00 per hour.
Santa Clara city minimum wage increases from $11.00 to $11.10 per hour.
Sunnyvale city minimum wage increases from $11.00 to $13.00 per hour.

Minimum wage increases go into effect in 18 other states and the District of Columbia.

January 6 U.S. average hourly earnings grew at 2.9 percent in 2016, the best annual increase since 2009.
January 18 The earth averaged its warmest temperature on record in 2016, passing previous records set in 2014 and 2015, according to the NOAA and NASA.
January 20 Donald Trump is inaugurated as the 45th president of the United States.
January 25 The Dow Jones industrial average closes above 20,000 for the first time at 20,068.51.
January 26 The University of California Regents approve a 2.5 percent increase in tuition beginning this fall, lifting a six-year freeze.
February 15 U.S. consumer prices rose 2.5 percent in January from a year ago, the biggest year-over-year increase since March 2012.
February 28 U.S. real GDP grew by 1.9 percent in the fourth quarter of 2016 after rising 3.5 percent in the third quarter, according to the second estimate released by the Bureau of Economic Analysis.
March 2 Snap IPO.
March 8 U.S. productivity rose 0.2 percent in 2016, the smallest increase since a 0.1 percent gain in 2011.
March 15 U.S. consumer prices rose 2.7 percent in February from a year ago, the biggest year-over-year increase since February 2012. The Federal Reserve raises the federal funds rate target by a quarter-point, to a range between 0.75 percent and 1 percent.
March 22 The California State University Trustees approve a tuition increase of 5 percent for undergraduate students and 6.5 percent for graduate students starting this fall, ending the six-year freeze. Terrorist attack on Westminster Bridge in London.
March 24 The California Air Resources Board votes to continue with the vehicle greenhouse gas emission standards and zero-emission vehicle program for cars and light trucks sold in California through 2025.
March 28 President Trump issues executive order unwinding former President Obama’s climate programs and policies, including the Clean Power Plan, oil and gas methane regulations, the coal leasing moratorium, the social cost of carbon metric, the National Environmental Policy Act’s greenhouse gas guidance, and the Climate Action Plan.
March 29 The United Kingdom invokes Article 50 beginning the formal process to leave the European Union (Brexit).
April 6 The U.S. military strikes Syrian air base with cruise missiles in response to a suspected chemical weapons attack in Syria’s Idlib province.
April 7 Governor Brown declares an official end to the drought in California, except in Fresno, Kings, Tulare, and Tuolumne counties.
April 10 Aerojet announces that it will eliminate 1,100 jobs and cease manufacturing operations in Rancho Cordova, California by the end of 2019.
April 11 The U.S. Bureau of Reclamation says it will provide a 100-percent allocation of water to California’s Central Valley Project customers this year for the first time since 2006.
April 25 The Nasdaq closes above 6,000 for the first time at 6,026.
April 28 U.S. real GDP grew by 0.7 percent in the first quarter of 2017, the weakest quarterly growth rate in three years, according to the first estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2016, U.S. real GDP increased 2.1 percent. California Governor Brown signs The Road Repair and Accountability Act of 2017 which would raise an average of $5.4 billion per year through a 12‑cent increase in the base gasoline excise tax rate, a new fee based on vehicle value, and other means over ten years to pay for California’s road repairs and maintenance, bridge repairs, public transit, and other projects.
May 1 According to an annual population and housing report released by the California Department of Finance, California’s population grew by 0.85 percent in 2016, adding 335,000 residents to total 39,524,000 as of January 1, 2017. California’s statewide housing growth, as measured by net unit growth in completed housing units for 2016, was up over 31 percent from the previous year, adding 89,000 units. The total number of housing units in the state has now passed the 14 million mark for the first time (14,071,000).
May 3 Puerto Rico files for bankruptcy.
May 7 Emmanuel Macron wins the French presidential election.
May 9 President Trump fires FBI Director James Comey.
May 11 California’s economy remained the 6th largest in the world in 2016 with a gross domestic product of $2.6 trillion in 2016.
May 12 A ransomware cyberattack called WannaCry targets Windows-based computers worldwide by encrypting data and demanding ransom payments. More than 230,000 computers in over 150 countries were estimated to have been infected.
May 17 U.S. federal court approves $225 million Volkswagen emissions settlement. California expects to receive $66 million from this settlement for mitigation and clean car investment.
May 18 California’s Occupational Safety and Health Standards Board approves new safety rules for oil refineries.
May 22 Terrorist attack at a concert venue in Manchester, England.
May 24 Moody’s downgrades China’s credit rating for first time since 1989, from Aa3 to A1. Moody’s also downgrades Hong Kong’s credit rating from Aa1 to Aa2.
May 25 OPEC agrees to extend oil production cuts through March 2018.
May 26 U.S. real GDP growth in the first quarter of 2017 was upwardly revised to 1.2 percent from the initially reported 0.7 percent on better data on consumer expenditure and business fixed investment.
June 1 President Trump announces that the U.S. is to withdraw from the Paris climate accord. California joins New York and Washington states to form the United States Climate Alliance, a bipartisan group of states that are committed to upholding the objectives of the Paris climate accord.
June 3 Terrorist attack in the Southwark district of London.
June 5 Saudi Arabia, the United Arab Emirates, Egypt, Bahrain, Yemen, the Maldives, Libya, and Mauritania cut diplomatic relations with Qatar. Montenegro becomes the 29th member of the North Atlantic Treaty Organization (NATO).
June 6 California and China sign climate deals that include investments in low-carbon energy sources, cooperation on climate research, and the commercialization of cleaner technologies.
June 8 Britain’s general election ends in hung parliament, where the Conservative Party lost their majority but remained the largest party.
June 14 The Federal Reserve raises the federal funds rate target by a quarter-point, to a range between 1 percent and 1.25 percent.
June 16 Amazon announces plan to buy Whole Foods Market for $13.7 billion.
June 27 California Governor Jerry Brown signs the 2017-18 state budget bill which calls for $125.1 billion in General Fund spending and $54.9 billion in special fund spending, along with $3.3 billion in bond spending.
June 27 – 30 Maersk’s shipping terminal, the biggest terminal at the Port of Los Angeles, shuts down after its IT systems and websites were infected by the global cyber attack called Petya.
June 29 U.S. real GDP growth in the first quarter of 2017 was upwardly revised to 1.4 percent from the initially reported 1.2 percent on better data on consumer expenditure and exports according to the final estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2016, real GDP increased 2.1 percent.
July 1 Emeryville city minimum wage increases from $14.82 to $15.20 per hour.Los Angeles city and county minimum wage increases from $10.50 to $12.00 per hour for employers with 26 or more employees.

Malibu city minimum wage increases from $10.50 to $12.00 per hour for employers with 26 or more employees.
Milpitas city minimum wage increases from $10.50 to $11.00 per hour.
Pasadena city minimum wage increases from $10.50 to $12.00 per hour for employers with 26 or more employees.
San Francisco city and county minimum wage increases from $13.00 to $14.00 per hour.
San Jose city minimum wage increases from $10.50 to $12.00 per hour.
San Leandro city minimum wage increases from $10.50 to $12.00 per hour.
Santa Monica city minimum wage increases from $10.50 to $12.00 per hour for employers with 26 or more employees.

July 1 New consumer credit reporting standards take effect. Credit reporting bureaus will begin excluding records of civil judgments and tax liens that don’t have minimum identifying information including Social Security numbers or dates of birth as well as any record of judgments or liens that hasn’t been updated within 90 days.
July 3 Iran signs a $5 billion deal with France’s Total S.A. and the state-owned China National Petroleum Corporation to develop Iran’s offshore natural gas field.
July 5 Volvo announces plan to build only electric and hybrid vehicles from 2019.
July 6 The European Union and Japan agree on a free-trade deal that would allow for trading in goods without tariff barriers between the two economies.
July 14 Investment returns at the nation’s two largest public pension systems, CalPERS and CalSTRS, beat earnings target for the first time in three years, earning 11.2 percent and 13.4 percent respectively, for the fiscal year that ended June 30, 2017.
July 25 Governor Brown signs legislation to extend California’s cap-and-trade program by ten years until 2030. The program is designed to provide a financial incentive for companies to reduce carbon emissions.
July 26 Britain announces plan to phase-out sales of gasoline- and diesel-powered vehicles in favor of electric, hybrid, and alternative fuel vehicles by 2040 joining other countries that have earlier announced similar pledges and target dates including: Austria by 2020; Denmark, the Netherlands, and Norway by 2025; Germany, India, Ireland, and Portugal by 2030; and France by 2040.
July 28 U.S. real GDP grew by 2.6 percent in the second quarter of 2017, according to the first estimate released by the Bureau of Economic Analysis. Growth in the first quarter of 2017 was downwardly revised to 1.2 percent from the initially reported 1.4 percent.
August 2 The United States levies new sanctions on Russia’s defense and energy sectors.
August 5 The United Nations Security Council approves new sanctions on North Korea for its continued intercontinental ballistic missile testing. The new sanctions target North Korea’s primary exports, including coal, iron, lead, and seafood; and other revenue streams, such as banks and joint ventures with foreign companies.
August 14 Japan’s economy grew by 4 percent in the second quarter, its strongest pace in more than two years reflecting stronger domestic demand.
August 17 – 18 Terrorists attack in Barcelona and Cambrils, Spain.
August 25–30 Hurricane Harvey strikes Texas and Louisiana causing 77 deaths and damages estimated at between $70 and $200 billion.
August 30 U.S. real GDP grew at a 3.0-percent annual rate in the second quarter of 2017, revised up from the first estimate of 2.6 percent. The 3.0 percent growth rate was the fastest in more than two years.
September 3 North Korea conducts its sixth and most powerful nuclear test.
September 7 A magnitude 8.1 earthquake hit the southern part of Mexico, the strongest to hit the country in a century.
September 6–10 Hurricane Irma strikes the Caribbean islands and the states of Florida and Georgia causing at least 134 deaths and approximately $63 billion in damages.
September 11 The United Nations Security Council increased sanctions against North Korea, including capping the country’s oil imports, banning textile exports, ending additional overseas laborer contracts, suppressing smuggling efforts, and stopping joint ventures with other countries.
September 12 California’s poverty rate remains highest in the nation when factoring in living costs such as housing, taxes, and medical costs. An estimated 20.4 percent of California residents lived in poverty in a three-year average of 2014, 2015, and 2016, according to the U.S. Census Bureau’s Supplemental Measure of Poverty.
September 19 A magnitude 7.1 earthquake hit central Mexico.
September 19–20 Hurricane Maria strikes the Caribbean causing at least 88 deaths and damages estimated in excess of $50 billion.
September 21 Standard & Poor’s downgrades China’s credit rating to A+ from AA-.
September 23 A magnitude 6.1 earthquake hit Oaxaca state in southern Mexico.
September 28 Second quarter U.S. real GDP growth revised to 3.1 percent from the previous estimate of 3.0 percent.
September 29 Governor Jerry Brown signs a package of housing legislation aimed at addressing California’s housing affordability crisis. The legislation will provide new funding for affordable housing projects for low-income to moderate-income residents and housing developments near jobs and public transportation, seek to lower the cost of construction, fast-track building, restrict the ability of cities and counties to block new development, expand the low-income tax credit program, and assist the homeless in California.
October 1 Berkeley city minimum wage increases from$12.53 to $13.75 per hour.
October 8 – 31 Wildfires hit northern California burning over 245,000 acres and causing 43 deaths and damages in excess of $9 billion. A state of emergency was declared for the counties of Napa, Sonoma, Yuba, Butte, Lake, Mendocino, Nevada, Orange, and Solano.
October 27 U.S. real GDP increased at an annual rate of 3.0 percent in the third quarter of 2017, according to the first estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.1 percent.
October 31 Terrorist attack in lower Manhattan, New York.
November 1 California’s gasoline excise tax increases by 12 cents per gallon, diesel excise tax increases by 20 cents per gallon, and diesel sales tax increases by 4 percent.
November 27 Online shopping on Cyber Monday reached a record $6.59 billion in sales, a 16.8 percent increase from a year ago.
November 29 U.S. real GDP growth for third quarter was revised up by 0.3 points to a three-year high of 3.3 percent. The upward revision reflected increases in business investment, private inventories, and net exports.
December 4, 2017 – January 12, 2018 Wildfires hit southern California burning over 307,000 acres and causing damages in excess of $3 billion. A state of emergency was declared for the counties of Ventura, Los Angeles, and San Diego.
December 13 The Federal Reserve raises the federal funds rate target by a quarter-point, between 1.25 percent and 1.5 percent, the third increase in the benchmark rate this year and the fifth since the financial crisis.
December 14 The U.S. Federal Communications Commission repeals the so-called net neutrality rules which required internet service providers to offer equal access to all web content and applications and to not charge differently by user, content, and website.
December 21 U.S. real GDP growth for third quarter 2017 was revised lower by 0.1 point to 3.2 percent, according to the final estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased by 3.1 percent.
December 22 President Trump signs the “Tax Cuts and Jobs Act” into law. Selected highlights of the tax reform legislation are listed below: Individual Tax Changes take effect in 2018 and expire after 2025, unless noted otherwise.

  • Individual tax rates: Lowers or keeps the same tax rates for various brackets and increases most of the income bracket limits. A different inflation measure will result in bracket limits increasing more slowly over time than in prior law.
  • Personal exemptions: Repeals personal exemption for self and spouse and each qualified dependent.
  • Child tax credit: Doubles the child tax credit per qualified child, and significantly increases the phase-out income thresholds for taxpayers.
  • Standard deductions: Nearly doubles the standard deduction for single filers and joint filers.
  • State and local taxes: Caps the deduction for state and local income and real estate taxes at $10,000.
  • Mortgage interest: Limits the mortgage interest deduction to interest paid on the first $750,000 of acquisition debt. Eliminates deductions for interest paid on home equity debt.
  • Alternative minimum tax: Increases the exemption amounts and exemption phase-out thresholds.
  • Health insurance: Repeals the individual mandate penalty provision of the Affordable Care Act. This change takes effect in 2019 and will be permanent.
  • Estate tax: Doubles the federal estate tax exemption.

Business Tax Changes take effect in 2018 and will be permanent, unless noted otherwise.

  • Corporate tax rates: Reduces the corporate tax rate from 35% to 21% and repeals the corporate alternative minimum tax.
  • Pass-through entities: Owners of pass-through businesses, which include sole proprietorships, partnerships, S-corporations, and limited liability companies (LLCs), can claim a 20% deduction on earnings, subject to special rules and wage restrictions. The deduction is not available to higher-income professional service providers. Real estate investment trust (REIT) dividends are not subject to the wage restrictions and will generally benefit from the 20% deduction. This provision would expire December 31, 2025.
  • Limits corporations’ deductions for interest to 30% of earnings before interest, taxes, depreciation, and amortization through 2021 and then 30% of earnings before interest and taxes thereafter. Real property trade or businesses, including REITs, can opt out of this change.
  • Immediate expensing: Allows full expensing of certain new and used capital investments—rather than requiring them to be depreciated over time—for five years, but then phases out the provision by 20 percentage points per year thereafter. Real property trade or businesses, including REITs, that opt out of the limitation on interest deductibility will generally not benefit from the acceleration of cost recovery provisions.
  • Deductions for net operating losses are limited to 80% of income, carrybacks are no longer allowed (2 years in prior law), and carryforwards are allowed indefinitely (20 years in prior law).
  • Foreign taxes: Imposes a one-time repatriation tax of 15.5% for liquid assets and 8% for illiquid assets on earnings from overseas accumulated through 2017.
December 29 The Dow Jones industrial average posts a 25.1 percent annual gain in 2017 to close at 24,719 points, the S&P 500 ends the year at 2,674 points, a 19.4 percent increase from 2016, and the Nasdaq gains 28.2 percent for the year to close at 6,903—its sixth consecutive yearly gain. All three posted their best annual gain in four years.
2016
January 1 California minimum wage increases from $9.00 to $10.00 per hour.
January 1 California expands Medi-Cal coverage to children under age 19 who do not have legal status.
January 3 Saudi Arabia ends its diplomatic relations with Iran.
January 4 U.S. stocks plunge on first trading day of 2016: Dow Jones industrial average down 276.09 points, or 1.6 percent, biggest loss on the first trading day of the year in eight years; S&P 500 down 31.28 points, or 1.5 percent, worst first trading day since 2001; Nasdaq ends the day lower by 104.32 points, or 2.1 percent.
January 5 U.S. auto sales hit a record high of 17.5 million in 2015, breaking the previous record set in 2000.
January 15 WTI crude oil price falls below $30 a barrel for the first time in 12 years.
January 16 Iran sanctions are lifted by the United States and European nations after inspections proved that Iran has adequately dismantled its nuclear weapons program.
January 19 China’s economy grew by 6.9 percent in 2015, its slowest pace since 1990.
January 29 Bank of Japan cuts benchmark interest rate below zero.
February 2 The California state water board extends mandatory water conservation measures through the end of October.
February 5 The U.S. unemployment rate falls below 5 percent for the first time in eight years.
February 18 Oregon approves three-tier minimum wage hike to be phased in over six years to the following levels: $14.75 in Portland metro area, $13.50 in smaller counties, and $12.50 in rural counties. The first increase is scheduled on July 1, 2016.
March 3 U.N. tightens sanctions on North Korea following nuclear testing by the country in January.
March 10 The European Central Bank increases asset purchases from 60 billion euros to 80 billion euros a month until the end of March 2017 and beyond, if necessary. Key interest rates, already negative or close to zero, are cut further.
March 22 Terrorists associated with the Islamic State attack Brussels, where the European Commission is located, killing over 30 people and injuring hundreds.
March 24 Personal income in California grew by 6.3 percent in 2015, up from 4.9 percent in 2014. The national growth rate was 4.4 percent in 2015, the same rate as in 2014.
March 25 U.S. real GDP grew by 1.4 percent in the fourth quarter after rising 2.0 percent in the third quarter.
April 4 Governor Brown signs legislation that phases in a $15/hour California statewide minimum wage by 2023, with indexing thereafter. The Governor can choose to pause any scheduled increase for one year if certain economic or budget conditions are met. In-Home Supportive Services employees will receive up to three days of paid sick leave annually on a phased-in schedule beginning in July 2018.
April 4 Governor Cuomo of New York signs legislation that sets a $15/hour minimum wage for all businesses by 2019 in New York City, by 2021 in Nassau, Suffolk, and Westchester counties, and by 2021 or later in the remaining counties. The legislation also phases in a 12-week Family Care Leave program over a four-year period beginning in 2018.
April 5 City of San Francisco approves an ordinance that requires employers to offer six weeks of fully-paid leave for new parents of either gender and to both full-time and part-time employees. The ordinance takes effect on January 1, 2017 for businesses with 50 or more employees, July 1, 2017 for businesses with 35 or more employees, and July 1, 2018 for businesses with 20 or more employees.
April 11 Governor Brown signs legislation that expands benefits available under the Paid Family Leave and State Disability Insurance programs. Starting in 2018, California will provide 70 percent wage replacement to workers paid at or close to the minimum wage, with lower replacement for higher income workers.
April 16 Ecuador experiences an earthquake of magnitude 7.8 on the Richter scale, with over 500 dead and thousands injured.
April 28 The first estimate of first-quarter U.S. real GDP growth came in at 0.5 percent, down from 1.4 percent growth in the fourth quarter.
May 1 – 9 Wildfires in Canada’s oil sands capital of Fort McMurray in Alberta disrupts oil production, averaging about 800,000 barrels per day in May with a daily peak of more than 1.1 million barrels per day.
May 2 Puerto Rico fails to make a $422 million bond payment, submitting just $23 million to cover the interest component. This is the third time Puerto Rico has defaulted on bond payments.
May 18 California suspends its mandatory statewide 25 percent reduction in urban water use, allowing cities, water districts, and private companies to each set their own water conservation standards after a relatively wet winter partly filled reservoirs in Northern California and partly replenished the mountain snowpacks.
May 18 The U.S. Department of Labor issues new rules on overtime that will take effect on December 1, 2016. The new rules raise the threshold for overtime eligibility from $455/week to $913/week, or the equivalent of $22.83/hour or $47,476/year. The new rules also include a methodology that updates the threshold every three years.
May 18 Japan’s economy expands by 1.7 percent in the first quarter, rebounding from a 1.7 percent contraction in the previous quarter.
May 27 The second estimate of first-quarter U.S. real GDP growth came in at 0.8 percent compared to 0.5 percent as initially estimated on better data on consumer expenditure and residential investment offsetting weak business investment.
May 29 – 30 Verizon reaches a tentative agreement with the labor unions, the Communications Workers of America and the International Brotherhood of Electrical Workers, representing nearly 40,000 striking workers, bringing to an end the work stoppage which began on April 13. The agreement would give U.S. Verizon workers a nearly 11 percent increase in pay over four years.
June 14 California GDP totaled $2.46 trillion in 2015, making it the 6th largest economy in the world.
June 23 – July 3 Wildfire near Lake Isabella in Kern County burns over 48,000 acres and destroys more than 250 structures.
June 23 The United Kingdom votes to leave the European Union (Brexit) after more than forty years of membership.
June 24 U.S. stocks close sharply lower a day after the Brexit referendum, with major indexes down around 3-4 percent. The value of the British pound dropped nearly 9 percent against the U.S. dollar to a level not seen since 1985.
June 26 Panama opens expanded canal which will allow for the passage of ships that can carry nearly three times as many containers.
June 27 California Governor Jerry Brown signs the 2016-17 state budget bill which calls for $122.5 billion in General Fund spending and $44.6 billion in special fund spending, along with $3.6 billion in bond spending.
June 28 U.S. real GDP grew by 1.1 percent in the first quarter after rising 1.4 percent in the fourth quarter, according to the final estimate released by the Bureau of Economic Analysis.
June 30 President Obama signs into law the Puerto Rico Oversight, Management and Economic Stability Act which will allow the Government of Puerto Rico to restructure its debt using U.S. federal courts in exchange for establishing a federally appointed control board with authority over Puerto Rico’s fiscal policy.
July 1 Los Angeles city minimum wage increases from $10.00 to $10.50 per hour for employers of more than 25 workers.
July 1 Puerto Rico misses $911 million in bond payments, including $779 million in payments of general obligation debt. This is the first time Puerto Rico has defaulted on its general obligation debt, and underscored the magnitude of the task facing the new federal control board for Puerto Rico.
July 29 U.S. real GDP increased at an annual rate of 1.2 percent in the second quarter after a revised 0.8 percent increase in the first quarter, according to the advance estimate released by the Bureau of Economic Analysis.
August 2 Japan announces a new fiscal stimulus package worth 28 trillion yen or 276 billion U.S. dollars.
August 5 Following the Brexit referendum in June, the Bank of England cuts key interest rate for the first time in over seven years, from 0.5 percent to 0.25 percent; downgrades economic growth forecast for 2017 from 2.3 percent to 0.8 percent; and launches a monetary stimulus of 70 billion pounds.
August 24 A 6.2-magnitude earthquake struck central Italy.
August 26 The U.S. real GDP growth rate for the second quarter was revised slightly lower, from 1.2 percent to 1.1 percent.
August 31 South Korea’s Hanjin Shipping Co., the seventh largest cargo container carrier in the world, files for bankruptcy protection.
September 8 Governor Brown signs climate change legislation that extends the California’s goal for reducing greenhouse gas emissions to 40 percent below 1990 levels by 2030, invests in the communities hardest hit by climate change, and increases public oversight of climate programs.
September 8 Wells Fargo Bank was fined $185 million by the Consumer Financial Protection Bureau, the Los Angeles City Attorney, and the Office of the Comptroller of the Currency for opening unauthorized deposit and credit card accounts between May 2011 and July 2015 to satisfy sales goals and earn financial rewards. Approximately 5,300 bank employees were terminated as a result.
September 12 Governor Brown signs legislation that raises overtime wages for farmworkers incrementally over several years with full implementation in 2025.
September 13 The U.S. real median household income rose by 5.2 percent in 2015 to $56,500, the first increase since 2007, while California’s real median household income rose by 2.7 percent in 2015 to $64,500. The official poverty rate in the U.S. fell to 13.5 percent in 2015 from 14.8 percent in 2014, while California’s rate fell to 14 percent in 2015 from 15.9 percent in 2014.
September 22 The U.S. Department of Education withdrew its recognition of the Accrediting Council for Independent Colleges and Schools, the largest accreditor of for-profit schools.
September 28 The Organization of the Petroleum Exporting Countries (OPEC) announces a preliminary agreement to reduce oil production from 33.4 million barrels per day to a range of 32.5 to 33.0 million barrels per day. The last time OPEC curbed oil production was in 2008.
September 29 The U.S. real GDP growth rate for the second quarter 2016 was revised higher by 0.3 percentage points to 1.4 percent, following a 0.8 percent growth in the first quarter.
October 8 – 9 Hurricane Matthew hits the coast of eastern North Carolina.
October 15 Over 170 countries sign a legally binding accord to phase out the use of hydrofluorocarbons, a greenhouse gas used in air-conditioners and refrigerators. The phase-out will begin in 2019 in developed countries such as the United States and the European Union, and in 2024 in most developing countries with some beginning in 2028.
October 28 U.S. real GDP increased at a seasonally adjusted annual rate of 2.9 percent in the third quarter of 2016 according to the advance estimate released by the Bureau of Economic Analysis.
October 30 Canada and the European Union sign trade agreement.
November 3 The British High Court rules that the British government must get approval from Parliament to exit the European Union.
November 8 California voters pass the following Propositions:

  • Proposition 51—Borrows $9 billion in bonds to fund improvement and construction of school facilities for K-12 schools and community colleges.
  • Proposition 52—Restricts diverting funds away from Medi-Cal.
  • Proposition 54—Requires legislation to be published online before final vote.
  • Proposition 55—Extends the personal income tax increases on incomes over $250,000 approved in 2012 for 12 years in order to fund education and healthcare.
  • Proposition 56—Raises the cigarette tax by $2 a pack, with equivalent increases on other tobacco products and electronic cigarettes.
  • Proposition 57—Increases parole and good behavior opportunities for felons convicted of nonviolent crimes and allows judges, not prosecutors, to decide whether to try certain juveniles as adults in court.
  • Proposition 58—Repeals bilingual education ban.
  • Proposition 59—Instructs California officials to work for the repeal of Citizens United.
  • Proposition 63—Institutes a number of gun controls.
  • Proposition 64—Legalizes recreational marijuana for persons aged 21 years or older under state law and establishes certain sales and cultivation taxes.
  • Proposition 66—Changes the procedures governing state court appeals and petitions that challenge death penalty convictions and sentences.
  • Proposition 67—Prohibits grocery and other stores from providing customers single–use plastic or paper carryout bags but permits sale of recycled paper bags and reusable bags to customers at checkout.
November 22 A U.S. District Court Judge has halted implementation of a new federal regulation setting higher salary thresholds for overtime work that was due to be implemented on December 1, 2016.
November 25 Fidel Castro of Cuba dies.
November 29 The U.S. real GDP growth rate in the third quarter of 2016 was revised up by 0.3 points to 3.2 percent on better data on consumer spending.
December 1 Airbnb agrees, for the first time, to enforce limits on the number of nights a year a host can rent out a home, starting in London at 90 days-per year and in Amsterdam at 60 days-per year, to begin on January 1, 2017.
December 3 OPEC signs deal to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day for six months starting in January 2017, the first production cut since 2008.
December 5 Italian voters rejected constitutional reforms in a referendum. The prime minister resigns.
December 8 The European Central Bank extends its monetary stimulus program until December 2017 and reduces asset purchases from 80 billion euros to 60 billion euros a month starting in April 2017.
December 8 Life expectancy in the United States drops for the first time since the peak of the HIV/AIDS crisis in 1993. For U.S. men, life expectancy dropped 0.2 years from 76.5 years in 2014 to 76.3 years in 2015. For U.S. women, life expectancy decreased 0.1 year to 81.2 years in 2015.
December 10 Non-OPEC producers agree to cut oil production by 558,000 barrels per day starting in January 2017.
December 14 The Federal Reserve raises the federal funds rate target by a quarter-point, to a range between 0.5 percent and 0.75 percent.
December 14 California adopts the nation’s first energy-efficiency standards for computers and monitors sold in the state, which starts in 2018.
December 19 Terrorists attack a Christmas market in Berlin, Germany.
December 20 President Obama permanently bans offshore oil and gas drilling in federal waters in the Arctic and the Atlantic oceans.
December 22 The U.S. real GDP growth rate in the third quarter of 2016 was revised up by 0.3 points to 3.5 percent on stronger data on business investment, according to the final estimate released by the Bureau of Economic Analysis.
December 29 The Obama administration announces new sanctions against Russia.
December 30 The Dow Jones industrial average posts a 13.4 percent annual gain in 2016 to close at 19,763 points, the best annual gain in three years. The S&P 500 ends the year at 2,239 points, a 9.5 percent increase from 2015, and the Nasdaq gains 7.5 percent for the year to close at 5,383—its fifth consecutive yearly gain.
2015
January No rain in January had occurred in California, the first time in 165 years.
January 1 The California Cap & Trade program—a market based regulation that is designed to reduce carbon emissions from multiple sources—expands to include producers of transportation fuels.
January 1 Minimum wage increases go into effect in 19 states and the District of Columbia.
January 1 Minimum wage rate increase takes effect in the following California cities:

San Francisco, from $10.74 to $11.05
San Jose, from $10.15 to $10.30
Richmond, from $9.00 to $9.60
San Diego, from $9.00 to $9.60

January 1 Lithuania becomes the 19th country to join the European currency union.
January 2 Undocumented immigrants in California become eligible to obtain driver’s licenses and insurance.
January 6 The nation’s first high-speed rail project breaks ground in Fresno, California.
January 6 WTI crude oil price falls below $50 a barrel to $48.46, the first time it has been below $50 since April 2009.
January 7 Eurozone consumer prices fall in December for the first time since 2009, by 0.2 percent.
January 15 Switzerland’s central bank announces dropping the three-year old cap on the value of its currency, the franc, against the euro.
January 16 The year 2014 was the warmest year in a global temperature record that stretches back to 1880, according to NOAA and NASA.
January 20 Oil services company Baker Hughes plans to lay off 7,000 people due to falling crude oil prices.
January 20 China’s economy grew 7.4 percent in 2014, its slowest growth in 24 years.
January 22 European Central Bank announces monetary stimulus of 60 billion euros a month to start in March and intended to run through to September 2016.
January 23 Saudi Arabia’s King Abdullah dies.
January 26 – 27 Blizzard hits the northeastern United States.
February 1 – March 12 The United Steelworkers union strikes at major U.S. oil refineries and petrochemical plants. Tesoro Corporation in Martinez, California, was the only refinery to cease operations due to the strike.
February 3 Standard & Poor’s agrees to pay a total fine of $1.5 billion to U.S. federal and state government entities to settle charges it inflated ratings on residential mortgage-backed securities in the run up to the financial crisis. The State of California will receive $210 million, from which CalPERS and CalSTRS will receive allocations for their losses. Separately, Standard & Poor’s will also pay CalPERS $125 million to settle CalPERS’ specific lawsuit.
February 5 RadioShack files for Chapter 11 bankruptcy.
February 10 Apple, Inc. becomes the first company in the world to close with a market capitalization of over $700 billion.
February 18 Explosion at an Exxon Mobil refinery in Torrance, California.
February 18 The European Central Bank agrees to lend 3.3 billion euros more in emergency funds to Greece, extending the amount of time available for negotiations with creditors.
February 19 Wal-Mart announces its entry-level employees will receive more than the federal minimum wage starting in April 2015.
February 20 The International Longshore & Warehouse Union and the Pacific Maritime Association reach a tentative labor contract covering U.S. West Coast port workers.
February 25 Fitch upgrades California’s bond rating to A+ from A.
February 25 The City of Stockton in California exits bankruptcy.
February 26 U.S. consumer prices fell in January for the fourth straight month while year-over-year inflation turned negative for the first time since 2009, largely because of lower gasoline prices.
March 2 Minimum wage rate increases in Oakland, California, from $9.00 an hour to $12.25 an hour. NASDAQ closes above 5,000 for first time since 2000.
March 6 State employment benchmark revision reveals that California’s job growth totals in 2013 and 2014 were stronger than initially estimated.
March 9 The European Central Bank begins buying public and private sector debt at a pace of 60 billion euros per month.
March 12 The United Steelworkers union and Royal Dutch Shell reaches a tentative labor contract agreement to end a six-week strike that has affected twelve U.S. oil refineries, including the Tesoro refineries in Martinez and Carson, California.
March 27 Governor Brown signs emergency legislation that would fast-track $1.1 billion in funding for drought relief and critical water infrastructure projects in California.
April 1 Governor Brown announces first-ever mandatory water restrictions in California in response to its worst drought in history.
April 23 Deutsche Bank agrees to pay a $2.5 billion fine to settle U.S. and U.K. investigations into its role in rigging the London Interbank Offered Rate (LIBOR).
April 25 Nepal earthquake
April 27 Fitch downgrades Japan’s credit rating from A+ to A.
April 27 – May 1 Port truck drivers in Los Angeles and Long Beach strike.
May 13 The USDA reports that more than 40 percent of honey bee colonies died during April 2014 to April 2015.
May 19 Inflation in the United Kingdom turns negative for the first time since 1960.
May 19 Underground pipeline spills up to 101,000 gallons of crude oil in Santa Barbara county California.
May 20 Barclays, Citigroup, JP Morgan, RBS, UBS, and Bank of America are fined $5.7 billion for rigging foreign exchange markets.
May 22 California farmers volunteer to cut their water use by 25 percent in exchange for assurances they would not face further restrictions later this summer as the record drought continues.
May 26 SpaceX wins U.S. Air Force approval to launch military satellites.
June 8 Kaiser Permanente reaches a deal through September 2018 with its health care workers in California and other states that include annual wage increases ranging from 2 to 4 percent.
June 10 California’s economy remains eighth largest in the world as the state’s gross domestic product reached $2.3 trillion in 2014.
June 12 California officials order water cuts to farmers with water rights in the Sacramento, San Joaquin, and delta watersheds, the first reduction in their water use since 1977.
June 13 Los Angeles mayor signs into law a measure raising the citywide minimum wage to $15 by 2020.
June 16 The California Labor Commission rules that a San Francisco Uber driver is an employee, not a contractor.
June 24 California Governor Jerry Brown signs the 2015-16 state budget bill.
June 25 The U.S. Supreme Court upholds a key provision of the Affordable Care Act, allowing subsidies on federal marketplaces to continue. In a separate case, the Court also upholds the principle of disparate impact under the Fair Housing Act, whereby policies do not have to be intentionally biased to be discriminatory.
June 26 The U.S. Supreme Court rules in favor of same-sex marriage nationwide.
June 27 Greece announces a referendum on the bailout program for July 5 and imposes capital controls to stop money from leaving the country.
June 28 Puerto Rico’s governor declares that the commonwealth cannot pay its estimated $72 billion debt.
June 29 President Obama announces a rule change that makes more U.S. workers eligible for overtime pay. The rule raises the overtime salary threshold to $50,440 from $23,660 per year.
June 30 Greece misses a payment of €1.5 billion to the IMF.
July 2 S&P upgrades California’s credit rating to AA-, its highest level in 14 years.
July 3 The California Public Utilities Commission approves a plan that will reduce the existing four-tier electricity rate structure to two tiers, plus a “super-user” surcharge for customers of investor-owned utilities in California, including Pacific Gas and Electric Company, Southern California Edison and San Diego Gas & Electric Company.
July 5 Greek voters reject bailout terms from international creditors.
July 8 The NYSE suspends trading for hours due to a technical glitch.
July 8 The Shanghai Composite Index drops by more than 30 percent from its peak in June 2015 after surging by more than 150 percent from mid-2014.
July 13 Greece reaches new bailout agreement with international creditors.
July 20 Greek banks reopen but capital controls remain
July 22 The New York wage board recommends $15 minimum wage—to be phased in over the next three years—for fast-food chain workers throughout the state.
July 23 The Greek parliament approves bailout reform package.
July 27 Chevron announces plan to cut 500 jobs from its headquarters in San Ramon California.
July 27 The Shanghai Composite Index drops by 8.5 percent, the biggest one-day decline in the index since 2007.
July 31 Governor Brown declares state of emergency for California wildfires.
August 1 Puerto Rico fails to make a $58 million bond payment.
August 3 Greece’s stock market reopens after a five-week closure over the country’s debt crisis. Shares fell more than 16 percent at closing.
August 5 The U.S. Securities and Exchange Commission approves rule requiring most public companies starting in 2017 to regularly disclose the ratio of the compensation of its chief executive officer to the median compensation of its employees.
August 11 China devalues its currency by nearly 2 percent against the U.S. dollar, the largest movement since 1994.
August 14 U.S. embassy reopens in Cuba after 54 years.
August 17 Japan’s economy shrinks by 1.6 percent in the second quarter due to weak consumer spending and exports.
August 21 Crude oil prices fall below $40 a barrel for the first time since January 2009.
August 24 The Dow Jones Industrial average drops 588 points to 15,871 down 13 percent from its May 19 peak while the S&P 500 falls 77.68 to 1,893, more than 11 percent below its May 21 peak.
August 25 China cuts interest rates and lowers minimum requirements for bank reserves for the second time in two months to support its slowing economy and falling stock market.
September 1 A federal judge grants class action status to a lawsuit challenging the contractor status of Uber drivers.
September 1 Canada is in recession. According to Statistics Canada, GDP fell 0.8 percent in the first quarter and 0.5 percent in the second quarter.
September 16 California’s uninsured rate drops to 12.4 percent in 2014, down from 17.2 percent in 2013. The reduction drop is the fifth largest decline among all states.
September 17 Governor Brown declares state of emergency for California wildfires in Lake, Napa, Amador, and Calaveras counties.
September 18 The U.S. Environmental Protection Agency and the California Air Resources Board issue a Notice of Violation to the Volkswagen Group for NOx tailpipe emissions standards involving its diesel light vehicles from model years 2009-2015.
September 25 U.S. real GDP grew by 3.9 percent in the second quarter after increasing 0.6 percent in the first quarter, according to the final estimate released by the Bureau of Economic Analysis.
September 30 Congress approves a temporary spending measure to keep federal government agencies operating through December 11.
September-October The immigration crisis in Europe intensifies as the number of refugees arriving from Africa, the Middle East, and South Asia, rises to an estimated 360,000 in August and September bringing the total for the year so far to 710,000.
October 1 Minimum wage rate increases in Berkeley, California, from $10.00 an hour to $11.00 an hour.
October 5 The Trans-Pacific Partnership (TPP) trade agreement wins approval of the U.S. and 11 other nations, and now requires separate legislative approval from each.
October 7 California Governor Brown signs into law a bill requiring the state to generate half of its electricity from renewable sources by 2030 and to double the energy efficiency of buildings over the next 15 years.
October 19 China’s third-quarter GDP grew by 6.9 percent year-over-year, its slowest pace in more than six years.
October 23 China cuts interest rate and lowers minimum requirements for bank reserves for the third time in four months to support its slowing economy.
October 27 The Sacramento City Council approves a measure that gradually raises the city’s minimum wage to $12.50 in 2020 and ties it to inflation thereafter.
October 28 Northrop Grumman wins a $60 billion Air Force contract to build the nation’s new fleet of long-range stealth bombers. Much of the work is expected to be done in Palmdale, California.
October 29 U.S. real GDP grew by 1.5 percent in the third quarter after rising 3.9 percent in the second quarter, according to the preliminary estimate released by the Bureau of Economic Analysis.
October 29 China announces that it will end its one-child policy, allowing all families to have two children for the first time since the policy was instituted 30 years ago.
November 2 President Obama signs into law a bipartisan budget bill that would suspend the federal debt limit until March 15, 2017 and boost federal spending by $80 billion through September 2017, with increases for both defense and non-defense programs.
November 13 Terrorists attack Paris.
November 30 The International Monetary Fund approves adding the Chinese renminbi to its basket of reserve currencies that includes the U.S. dollar, the euro, the British pound, and the Japanese yen.
December 2 Terrorists attack San Bernardino, California.
December 12 Officials from 195 nations approve a global climate accord in Paris.
December 16 The Federal Reserve raises the federal funds rate target for the first time since 2006, by a quarter-point, to a range of 0.25% to 0.50%.
December 18 President Obama signs a federal fiscal package that consists of a $1.1 trillion omnibus budget measure to fund federal government agencies through fiscal year 2016 and a $650 billion tax package that renews, for the next ten years, various tax breaks for businesses and low-income workers.
December 29 The largest container ship ever to unload in North America arrives at the Port of Los Angeles, California.
December 31 The Dow Jones industrial average posts a 2.2 percent annual loss in 2015 to close at 17,425 points, ending six years of gains. The S&P 500 ends the year at 2,044 points, a 0.7 percent drop from 2014, ending 3 years of gains. Meanwhile, the Nasdaq gains 5.7 percent for the year to close at 5,007—its fourth consecutive yearly gain.
2014
January 1 Recreational marijuana stores open in Colorado.
January 8 A train transporting crude oil derails and catches fire in Plaster Rock, New Brunswick.
January 10 Porsche, Audi and Bentley announce record sales for 2013.
January 11 Former Israeli Prime Minister Ariel Sharon dies.
January 17 Governor Brown declares drought emergency for California.
January 22 TransCanada begins shipping crude oil through the southern leg of the Keystone pipeline, from the storage and distribution facilities in Cushing, Oklahoma into the Texas Gulf Coast refineries.
January 29 President Obama signs a presidential memorandum creating a federally-backed savings account program for low and middle income wage earners called MyRA, short for My Retirement Account.
January 31 California State Water Project announces zero water allocation to urban residents or farmers in 2014 due to a record-setting drought.
February Cold wave affecting parts of eastern U.S. and Canada caused by southward shifts of the north polar vortex. Crisis in Ukraine.
February 1 Janet Yellen takes over as chairman of the Federal Reserve.
February 12 Minimum wage for federal contract workers raised to $10.10 an hour.
February 13 Comcast buys Time Warner Cable.
February 13 Ivanpah Solar Electric Generating System located in the California Mojave Desert formally opens.
February 24 Budget cuts shrink U.S. army to pre-World War II size.
March Cold wave affecting parts of eastern U.S. and Canada caused by southward shifts of the north polar vortex.
March 7 Genesis Solar Energy Project Unit 1, located in Riverside County, is on line and producing power.
March 21 California’s private sector has fully recovered its recessionary job losses in February 2014.
March 21 Russia formally annexes Crimea.
March 22 Galveston Bay fuel oil spill.
March 27 U.S. real GDP grew 2.6 percent in the fourth quarter of 2013.
March 28 Los Angeles 5.1 earthquake near La Habra after another smaller earthquake 4.4 (March 18) in Westwood.
March 31 IPCC’s climate impacts report predicts dire effects of climate change.
April Cold wave affecting parts of eastern U.S. and Canada caused by southward shifts of the north polar vortex.
April 4 Meningitis outbreak in the greater Los Angeles area.
April 27 – 29 Tornadoes strike the southeastern states.
April 28 Toyota announces it is moving headquarters from Torrance, California to Plano, Texas.
April 29 The U.S. Supreme Court allows the EPA to regulate air pollution from power plants that crosses state lines.
April 30 The World Bank announces that India has become the world’s third-largest economy in purchasing power parity after the U.S. and China, moving ahead of Japan.
May 1 U.S. consumer spending rises by 0.9 percent in March 2014, its largest increase since August 2009.
May 12 The Dow Jones Industrial average and S&P 500 hit record highs of 16,695 and 1,897, respectively.
May 13 Fannie Mae and Freddie Mac to keep current limits on the size of loans they guarantee.
May 14 Los Angeles and San Diego wildfires.
May 15 A petroleum pipeline ruptures in Los Angeles.
May 16 GM fined by the U.S. government for delays in recalling faulty vehicles.
May 16 San Diego wildfires.
May 20 The U.S. Energy Information Agency cuts recoverable Monterey shale oil estimate by 96 percent, to 600 million barrels, from 13.7 billion barrels estimated in 2011.
May 21 China and Russia sign a 30-year natural gas export contract.
May 22 Marathon Oil agrees to buy Hess Corporation’s retail gas stations.
May 22 Italian GDP to include underground economy.
May 29 Russia, Kazakhstan, and Belarus sign treaty forming Eurasian Economic Union.
May 30 Sony Pictures Imageworks announces it is moving its Los Angeles headquarters to Vancouver, Canada.
June Crisis in Iraq.
June 2 EPA issues new regulations aiming to cut carbon emissions in the U.S. power sector by 30 percent from 2005 levels by 2030.
June 2 Seattle approves $15 minimum wage to be phased in over several years.
June 2 – 4 San Francisco Muni transit operators stage a three-day sickout.
June 5 The European Central Bank cuts its prime interest rate to 0.15 percent and sets the deposit rate at -0.10 percent.
June 8 AT&T to buy DirecTV.
June 9 President Obama signs executive order allowing student-loan borrowers to cap their payments at 10 percent of their monthly income.
June 14 Crude oil price near $107 a barrel rises 4 percent in one week.
June 16 Shale boom boosts U.S. energy production for a second year in a row in 2013.
June 20 Governor Brown signs the 2014-15 state budget bill.
June 25 Moody’s raises California’s bond credit rating from A1 to Aa3.
July 1 California minimum wage increased to $9.00 per hour from $8.00.
July 7 – 11 Port truck drivers and their supporters strike at the Ports of Los Angeles and Long Beach.
July 10 Chinese and Japanese shipping companies announce they will start a regular service to carry Siberian natural gas across the Arctic Ocean to East Asia.
July 11 Governor Brown signs legislation affecting business incentives in California with new employment credit, California Competes tax credit, and sales tax exemption.
July 31 California breaks drought record as 58 percent of the state is now under the most severe level of drought for the first time since regular drought reports began in the late 1990.
August 1 Million-dollar home sales in California hit a seven-year high in the second quarter.
August 3 Governor Brown declares state of emergency for California wildfires.
August 6 Russia bans imports of beef, pork, fruit, vegetables, poultry, fish, cheeses and milk from the United States, the European Union, Australia, Canada, and Norway.
August 21 Bank of America agrees to pay a record $16.65 billion fine to settle charges it sold flawed mortgage securities in the run up to the financial crisis. California homeowners and pension funds expect to receive $800 million from this settlement.
August 24 A 6.0 magnitude earthquake strikes Napa, California, the strongest to hit Northern California since the Loma Prieta earthquake in 1989.
August 26 The S&P 500 closes above 2,000 for the first time.
September 4 The European Central Bank cuts its prime interest rate to 0.05 percent from a previous record low of 0.15 percent.
September 18 California Governor signs legislation that would increase the amount of tax credits available for movies and television shows produced in the state, from $100 million to $330 million per year, for the next five years beginning in 2015.
September 22 Alibaba’s IPO ranks as the world’s biggest at $25 billion, surpassing a previous world record set by Agricultural Bank of China in 2010.
September 23 The United States and allies launch first air strikes against ISIS in Syria.
September 26 Bill Gross, co-founder and chief investment officer of PIMCO, announces his resignation from the firm.
September 26 – December 15 Hong Kong protests.
September 30 First case of Ebola in the U.S. is confirmed.
September 2014 – May 2015 Congestion builds at U.S. West Coast ports, most notably in the ports of Los Angeles and Long Beach. A stalemate between the International Longshore & Warehouse Union and the Pacific Maritime Association on contract renewals is causing shipping to become delayed, creating cargo backups at West Coast ports.
October 3 Unemployment rate in the United States drops to 5.9 percent in September, the first time it has been below 6 percent since July 2008.
October 9 The Dow Jones Industrial average drops 334 points, the biggest point drop since June 2013.
October 21 China’s third-quarter GDP grew by 7.3 percent year-over-year, its slowest pace in more than five years.
October 30 Russia and Ukraine reach an agreement to resume deliveries of natural gas from Russia to Ukraine until March 2015.
October 31 Bank of Japan announces expanded monetary stimulus.
October 31 The Federal Reserve makes the final bond purchase under the stimulus program known as quantitative easing 3 (QE3).
November 4 U.S. midterm election. The Republican Party retains control of the U.S. House of Representatives and regains control of the U.S. Senate. State minimum wage raises pass in Alaska, Arkansas, Nebraska, and South Dakota. California voters pass Propositions 1, 2, and 47: Proposition 1—Water Bond. Funding for Water Quality, Supply, Treatment, and Storage Projects. Authorizes $7.545 billion in general obligation bonds for state water supply infrastructure projects, including surface and groundwater storage, ecosystem and watershed protection and restoration, and drinking water protection. Proposition 2—State Budget. Budget Stabilization Account. Legislative Constitutional Amendment. Requires annual transfer of state general fund revenues to budget stabilization account. Requires half the revenues be used to repay state debts. Limits use of remaining funds to emergencies or budget deficits. Proposition 47—Criminal Sentences. Misdemeanor Penalties. Requires misdemeanor sentence instead of felony for certain drug and property offenses. Inapplicable to persons with prior conviction for serious or violent crime and registered sex offenders.
November 4 Saudi Arabia cuts the price of its crude oil exports to the U.S. but raises the price to Asia and Europe. The West Texas Intermediate benchmark oil price falls to a four-year low of $77.20 a barrel.
November 5 Standard and Poor’s upgrades California’s bond credit rating from A to A+.
November 10 The U.S. and China sign the Information Technology Agreement (ITA) and a new visa agreement. The ITA aims to eliminate tariffs on a range of technology products. The new visa arrangement aims to increase business and tourist travel.
November 11 China and the U.S. reach an agreement on climate change. China commits to stop its CO2 emissions from increasing by 2030 and the U.S. commits to cut CO2 emissions 26-28 percent below 2005 levels by 2025.
November 17 Japan announces a drop in its third-quarter GDP following a contraction in the second quarter. A sales tax increase was deferred and a snap election on December 14 was announced.
November 20 President Obama announces a series of executive actions on immigration, which include expanding the population eligible for the Deferred Action for Childhood Arrivals (DACA) program, allowing parents of some U.S. citizens and lawful permanent residents to request deferred deportation and employment authorization, and expanding the use of provisional waivers of unlawful presence to include the spouses and sons and daughters of lawful permanent residents and the sons and daughters of U.S. citizens.
November 21 China cuts its benchmark one-year loan rate for the first time since July 2012.
November 24 Limits for mortgage loans backed by Fannie Mae and Freddie Mac to rise in San Diego, Ventura, Monterey, and Napa counties in 2015.
November 28 OPEC decides not to cut its oil production output amid falling oil prices. The West Texas Intermediate benchmark oil price falls to $65.94 a barrel, the first time it has been below $70 since May 2010.
Mid-December Rainstorms sweep across California bringing high winds, heavy rain, and flooding. A state of emergency was declared in Marin, Mendocino, Ventura, and San Mateo counties.
December 14 Over 190 nations agree on a draft plan to address climate change by reducing greenhouse gas emissions at a United Nations conference in Lima, Peru.
December 14 Hong Kong protests end.
December 15 The Russian ruble falls to historic low of 73 against the U.S. dollar. Apple Inc. halts online sales in Russia.
December 15 The Bank of Russia hikes its key interest rate for a sixth time this year.
December 17 The U.S. restores full diplomatic relations with Cuba and plans to open an embassy in Havana. In addition, the U.S. eases restrictions on remittances, travel, and banking relations.
December 17 The Federal Reserve says it “can be patient” about the timing of its first rate hike after an extended period of near-zero rate target, signaling interest rate increases will be slow and steady.
December 18 The Dow Jones Industrial average surged 421 points, its best one-day point gain since November 30, 2011 while the S&P 500 jumped 48.34 points, its biggest one-day gain in nearly two years.
December 23 U.S. real GDP grew by 5 percent in the third quarter of 2014, according to the “third” estimate released by the Bureau of Economic Analysis. This is the highest quarterly growth since third quarter of 2003.
December 31 The S&P 500 closes at 2,058.90, an increase of 11.39 percent for 2014.
December 31 The West Texas Intermediate benchmark oil price settles at $53.45 a barrel, a 46 percent decline for 2014.
December 31 Minimum wage increases go into effect in New York and West Virginia.
2013
January 1 Congress approves a budget deal raising taxes and postponing automatic spending cuts (sequestration), avoiding the “fiscal cliff.”
January 7 Ten U.S. banks settle with the Securities and Exchange Commission to stop mortgage foreclosure process audits.
January 8 2012 was the hottest year for the contiguous U.S. since records began in 1895.
January 16 New Boeing 787 aircraft, the Dreamliner, grounded over lithium-ion battery concerns.
January 21 President Obama is inaugurated for a second term.
January 24 Ukraine signs shale gas deal with Royal Dutch Shell.
January 29–30 Severe thunderstorms and tornadoes affect the midwestern and southern U.S.
February 1 Dow Jones Industrial average closes above 14,000 points for the first time since 2007.
February 8 – 9 Massive blizzard hits the northeastern U.S. and southeastern Canada.
February 14 The Eurozone slides into deeper recession, making 2012 the first year with no growth in any quarter since tracking began in 1995.
February 20 Japan records the first trade deficit since 1979 for January 2013.
February 22 Moody’s downgrades United Kingdom’s credit rating from AAA to AA1.
February 27 JPMorgan to cut 17,000 jobs over the next two years, primarily from the mortgage unit.
February 28 U.S. real GDP grew by 0.1 percent in the fourth quarter of 2012.
March 1 Automatic federal government budget cuts known as “sequestration” takes effect.
March 5 Dow Jones Industrial average surpasses pre-financial crisis levels, reaching an all-time high of 14,254.
March 5 President Hugo Chavez of Venezuela dies.
March 8 U.N. passes more sanctions against North Korea.
March 8 Fitch downgrade Italy’s credit rating from A- to BBB+
March 13 The European Parliament rejects a European Union budget for the first time in its history.
March 14 Xi Jingping becomes President of China.
March 16 – 25 Cyprus financial crisis.
March 28 U.S. real GDP growth revised to 0.4 percent for the fourth quarter of 2012.
March 31 Exxon Mobil crude oil pipeline ruptures near Mayflower, Arkansas.
April 2 Fannie Mae and Freddie Mac announce record profits for 2012.
April 5 Bank of Japan to pump monetary stimulus into economy.
April 8 Former U.K. Prime Minister Margaret Thatcher dies.
April 10 Worldwide sales of personal computers fall during the first quarter of 2013, the largest drop on record.
April 15 Boston Marathon bombing.
April 20 Powerful earthquake strikes southwestern China.
April 22 European Union lifts oil trade embargo to Syria.
April 23 U.S. stock market flash crash.
April 24 Bangladesh factory building collapses, killing hundreds.
May 2 Record snowfall in the central northern U.S.
May 2 – 6 Wildfires in Ventura and Los Angeles counties.
May 6 U.S. Senate passes a bill allowing states to tax internet sales.
May 7 Dow Jones Industrial average closes above the 15,000 mark for the first time.
May 16 U.S. announces new sanctions against Syria.
May 17 U.S. to expand exportation of natural gas.
May 30 Japan suspends imports of U.S. wheat after the discovery of genetically modified wheat on a U.S. farm.
June 3 U.S. expands sanctions against Iran.
June 7 San Onofre nuclear power plant near San Diego closes.
June 12 U.S. dollar suffers significant losses against a variety of currencies.
June 13 A tsunami hits the east coast of the U.S.
June 18 Boeing launches the 787-10, Dreamliner’s biggest version.
June 20 The Dow Jones Industrial average and S&P 500 record their worst day of 2013, falling 2.3 percent and 2.5 percent respectively.
June 26 U.S. real GDP grew 1.8 percent in the first quarter of 2013.
June 28 Gold falls below $1200 per ounce for the first time since 2010.
July 1 Croatia becomes the 28th member of the European Union.
July 2 The Obama administration postpones enforcement of a major requirement of the Affordable Care Act giving employers an extra year to provide health insurance.
July 6 A train transporting crude oil derails and explodes in Lac-Megantic, Quebec.
July 11 The Dow Jones Industrial average and S&P 500 close at record highs of 15,460 and 1,675, respectively, with the NASDAQ hitting 3,578, its highest level in ten years.
July 17 Heat wave settles over the U.S.
July 18 Detroit files for Chapter 9 bankruptcy protection, the largest municipal bankruptcy in U.S. history.
July 18 – 30 Wildfire in Riverside county, California.
July 25 China institutes business tax breaks and export liberalization in an effort to boost its economic growth.
July 28 U.S. and Japan announce they are moving closer to tapping a new energy source, methane hydrate.
July 31 Comprehensive revision of U.S. gross domestic product released.
August 1 The S&P 500 climbed 1.3 percent and closed above 1,700 for the first time, while the Dow Jones Industrial average rose 0.8 percent to a record high of 15,628.
August 14 The Eurozone has returned to growth in the second quarter, led by Germany and France.
August 14 Cisco Systems announces plans to cut 4000 jobs.
August 17 The North Rim Fire, the third largest wildfire in California’s history, erupts near Yosemite National Park.
August 22 NASDAQ shuts down for 3 hours due to a computer problem.
September 2 The new eastern span of the San Francisco–Oakland Bay Bridge opens to the public.
September 12 China unveils its “Atmospheric Pollution Prevention Action Plan”.
September 12 Twitter files for an IPO.
September 15 Saboteurs blow up an export oil pipeline in Yemen.
September 18 The Federal Reserve announces that it will continue its bond-buying program due to concerns about weakening growth.
September 20 EPA outlines first steps to limit U.S. coal plant pollution.
September 20 California Governor signs SB 4 imposing new requirements on hydraulic fracturing.
September 26 U.S. real GDP growth revised to 2.5 percent in the second quarter of 2013.
October 1 – 16 Federal government shuts down.
October 1 The Affordable Care Act’s health insurance exchanges debuts.
October 5 Department of Defense calls back its furloughed civilian workers.
October 15 Fitch places the U.S. under a “rating watch negative”.
October 16 Congress agrees to fund the government through January 15 at sequestration levels and suspend the debt limit until February 7 to end shutdown of federal government.
October 18 China’s real GDP grew 7.8 percent in the third quarter of 2013.
October 29 NASDAQ freezes for an hour.
November 8 A train transporting crude oil derails and explodes in western Alabama.
November 17 Several tornadoes strike the midwestern U.S.
November 24 Iran agrees with the U.S., Great Britain, France, Germany, China and Russia, to limit their nuclear development program in exchange for sanctions relief.
November 27 Greece demoted to “emerging market” status by the MSCI Emerging Markets Index.
November 27 Bitcoin price rises above $1,000.
November 30 Genesis Solar Energy Project Unit 2, located in Riverside county, is on line and producing power.
December Cold wave affecting parts of eastern U.S. and Canada caused by southward shifts of the north polar vortex.
December 5 Former President of South Africa Nelson Mandela dies.
December 6 U.S. unemployment rate falls to 7 percent in November 2013, the lowest since November 2008.
December 9 American Airlines and U.S. Airways merge.
December 20 U.S. real GDP growth revised to 4.1 percent for the third quarter of 2013.
December 20 The Dow Jones Industrial average and S&P 500 hit record highs of 16,221 and 1,818, respectively.
December 24 Deadline for U.S. residents to sign up for health care insurance without penalty.
December 30 A train transporting crude oil derails and catches fire near Casselton, North Dakota.
December 31 Latvia becomes 18th Eurozone member.
2012
February 1 Facebook filed for an IPO.
February 8 States reached $25 billion settlement with banks over foreclosure abuses.
February 14 S&P upgrades California’s financial outlook.
February 22 President Obama signed into law the extension of the payroll tax cut and unemployment benefits.
April 20 California’s labor market continued its slow improvement in March as employers added jobs for the eighth straight month.
April 27 Advance estimate of first-quarter Real GDP growth came in at 2.2 percent, down from 3.0 percent growth in the fourth quarter.
May 18 Facebook IPO
June 20 The Federal Reserve extends ‘Operation Twist’ through the end of 2012.
June 21 Moody’s cuts credit ratings of 15 major banks.
June 28 Revised estimate of first-quarter Real GDP growth came in at 1.9 percent, down from 3.0 percent growth in the fourth quarter. Supreme Court upholds health care law.
August 1 The city of San Bernardino, CA files for bankruptcy.
August 6 Fire at the Chevron refinery in Richmond, CA
Late-August Hurricane Isaac caused destruction along the northern Gulf Coast.
August 29 Revised estimate of second-quarter Real GDP growth came in at 1.7 percent.
September 6 European Central Bank to launch an “outright monetary transactions” program.
September 15 Amazon.com to start collecting California sales tax.
October 10 Spain’s credit rating downgraded by S&P
October 11 The nation’s foreclosures fall to 5-year low.
October 28 – 29 Superstorm Sandy slams the Northeast and mid-Atlantic states.
November 14 California’s cap-and-trade program is launched.
December 20 Third-quarter Real GDP grew at a seasonally adjusted annual rate of 3.1percent, the fastest rate of growth since the fourth quarter of 2011.
2011
January-February Commodity prices soaring. Uprisings in the Middle East.
February 25 Fourth quarter real GDP increased at an annual rate of 2.8 percent. In the third quarter, real GDP increased 2.6 percent.
March 11 Powerful earthquake and tsunami devastate Northern Japan.
March 19 U.S. joins airstrikes in Libya.
March 25 Fourth quarter real GDP increased at an annual rate of 3.1 percent. In the third quarter, real GDP increased 2.6 percent.
April 27 Tornadoes ravaged the South.
May 1 Osama bin Laden has been killed.
May 26 First quarter real GDP increased at an annual rate of 1.8 percent. In the fourth quarter, real GDP increased 3.1 percent.
July 11 Debt problems in Europe and U.S. weigh on U.S. stocks.
July 15 Monthly inflation retreats on lower gas prices.
July 29 Real GDP rose by 1.3 percent in Q2. Downward adjustments to the prior 3 quarters were made. Benchmark revision revealed a deeper recession than previously reported.
August 2 Obama signs debt ceiling bill.
August 4 Wall Street suffers worst selloff in two years.
August 5 S&P downgrades U.S. credit rating.
August 28 Hurricane Irene hammers the Northeast.
September 21 The Federal Reserve decided to extend the average maturity of their security holdings by buying $400 billion of longer-dated securities and selling $400 billion of shorter-dated securities by the end of June 2012.
September 22 Dow Jones industrials sees biggest two-day decline since December 2008.
October 21 Obama signs free-trade agreements with South Korea, Colombia, and Panama.
November 30 Six Central Banks take joint action to enhance global liquidity.
December 15 U.S. marks end to Iraq war.
December 23 President Obama signed a two-month extension of the payroll tax cut.
2010
January 12 Haiti earthquake
January 13 S&P lowered California’s bond rating to A- from A.
January 28 The Senate confirmed Federal Reserve Chairman Ben Bernanke’s second term.
February 18 The Federal Reserve raised the discount rate charged to banks for direct loans by a quarter point to 0.75 percent.
February 26 Fourth quarter GDP increased at an annual rate of 5.9 percent.
February 27 Chile earthquake
March 23 Obama signs landmark health care overhaul bill.
April 2 BP massive oil spill in the Gulf of Mexico.
April 14 – 20 Ash clouds from an Icelandic volcano shut down airports across Europe.
April 15 Obama signs extension of jobless benefits.
April 30 First quarter GDP increased at an annual rate of 3.2 percent.
May 27 Revised first quarter GDP increased at an annual rate of 3.0 percent.
July 21 The Wall Street Reform and Consumer Protection Act was signed into law by President Obama.
July 22 President Obama signed a six-month extension of emergency jobless benefits for the long-term unemployed.
July 30 Second quarter GDP increased at an annual rate of 2.4 percent. In the first quarter, GDP increased 3.7 percent.
September 16 US poverty rate jumped to 14.3% in 2009, its highest level since 1994, and the 43.6 million Americans in need is the highest number in 51 years of record-keeping, according to the Census Bureau.
September 20 The US recession ended in June 2009, according to the NBER. Californians’ income falls for the first time since WWII.
September 30 Second quarter GDP increased at an annual rate of 1.7 percent. In the first quarter, GDP increased 3.7 percent.
October 15 In 2011, for the second straight year, there will be no inflation-based increase in Social Security benefits.
November 3 The Federal Reserve announced a second round of quantitative easing through the purchase of $600 billion in long term Treasury bonds.
December 17 President Obama signed into law an extension of the existing federal income tax cuts and long-term unemployment benefits. The bill also includes a 2% rollback of Social Security payroll taxes.
December 22 Third quarter GDP increased at an annual rate of 2.6 percent. In the second quarter, GDP increased 1.7 percent.
2009
January 20 Barack Obama inaugurated as the 44th President of the U.S.
January 23 British economy is officially in recession.
February 3 S&P lowered California’s bond rating to A from A+.
February 17 President Obama signed the $787 billion economic stimulus package into law. The “American Recovery and Reinvestment Act of 2009” includes a variety of spending measures and tax cuts intended to promote economic recovery.
February 18 President Obama unveiled the Homeowner Affordability and Stability Plan.
February 20 California Governor Arnold Schwarzenegger signs the 2009-10 state budget bill.
February 27 Fourth quarter GDP decreased at an annual rate of 6.2 percent.
March 2 Dow Jones Industrial Average drops below 7000 for the first time since 1997.
March 19 Moody’s lowered California’s bond rating from A1 to A2. Fitch lowered California’s bond rating from A+ to A.
March 23 U.S. Treasury Secretary unveils the Public-Private Investment Program.
April 23 California adopts low carbon fuel standards.
April 26 Swine Flu declared public health emergency.
April 29 First quarter GDP decreased at annual rate of 6.1 percent.
April 30 Chrysler files for bankruptcy.
May 7 Governor Schwarzenegger proclaims state of emergency in Santa Barbara due to Jesusita wildfire.
June 1 General Motors files for bankruptcy.
June 10 Fiat completes acquisition of Chrysler assets.
June 25 First quarter GDP decreased at annual rate of 5.5 percent.
July 6 Fitch Ratings downgraded California’s long-term bond rating from A- to BBB. Moody’s lowered the State’s rating from A2 to Baa1.
July 24 Dow closes above 9000; first time since January. Federal minimum wage jumps from $6.55 an hour to $7.25 an hour.
July 28 Case-Shiller index shows first rise in U.S. housing prices in 3 years.
August 24 Cash-for-Clunkers program ends.
August 27 Second quarter GDP fell 1 percent, unchanged from the advance estimate in July and following a 6.4% drop in Q1.
October 14 Dow closes above 10,000 for the first time in a year.
October 29 Third quarter GDP increased at an annual rate of 3.5 percent..
November 6 Jobless benefit extended. Homebuyer tax credit extended and expanded.
December 22 Third quarter GDP annual growth rate is 2.2%, per final estimate.
December 31 Down 25 percent at its March 9, 2009 nadir, the Dow Jones industrial average rose 59 percent, and finished the year up 19 percent. The Nasdaq increased 79 percent and ended 2009 up 44 percent. The S&P 500 rose 65 percent, finishing the year up 23 percent.
2008
January 1 California minimum wage increased to $8.00 per hour from $7.50.
January 11 Bank of America agrees to purchase Countrywide Financial.
January 14 Fitch assigns Negative Rating Watch to State of California.
January 21 – 22 Global stock markets plunge.
January 22 Federal funds rate target reduced from 4.25 percent to 3.5 percent, the biggest one-day interest rate reduction on record.
January 30 Federal funds rate target reduced from 3.5 percent to 3 percent.
February 12 Hollywood writers strike ends.
February 19 Crude oil price tops $100 a barrel.
March 13 Gold futures hit $1000 an ounce for the first time. Crude oil price tops $110 a barrel. Gas prices rise to another record high.
March 16 JPMorgan agrees to buy Bear Stearns for a mere fraction of what it was once worth.
March 17 The Fed expanded the range of programs to boost financial market liquidity and cut the discount rate by 25 basis points, to 3.25 percent
March 18 Federal funds rate target reduced from 3 percent to 2.25 percent.
March 27 Fourth quarter GDP increased at an annual rate of 0.6 percent, compared with 4.9 percent in the third quarter.
April 15 Retail chains caught in a wave of bankruptcies.
April 16 Consumer prices, over the past 12 months, is up by 4 percent, reflecting sharp gains in energy costs, which are up 17 percent over that period, and food prices, which are up 4.4 percent.
April 30 Federal funds rate target reduced from 2.25 percent to 2 percent. First quarter GDP increased at an annual rate of 0.6 percent.
May 12 China earthquake
May-June Gasoline prices set new all-time highs.
June 26 First quarter GDP increased at an annual rate of 1 percent. Crude oil hits new high of $140 a barrel.
July 6 Extended unemployment insurance benefits begin.
July 11 IndyMac Bank seized by federal regulators.
July 30 President Bush signs housing rescue law.
August 8 Georgia-Russia conflict escalates.
August 28 Second quarter GDP increased at an annual rate of 3.3 percent.
September 1 Hurricane Gustav strikes land west of New Orleans.
September 7 The U.S. government takes over Fannie Mae and Freddie Mac.
September 13 Hurricane Ike hits Texas.
September 14 Merrill Lynch sold to Bank of America.
September 15 Lehman Brothers files for bankruptcy protection.
September 17 The Federal Reserve loans $85 billion to American International Group (AIG).
September 19 Treasury to provide temporary guarantees for money market mutual funds.
September 23 Governor Schwarzenegger signs record-late state budget.
September 25 Washington Mutual was seized by the FDIC, and its banking assets were sold to JP MorganChase.
September 26 Second quarter GDP increased at an annual rate of 2.8 percent.
September 29 Citigroup buys banking operations of Wachovia.
October 1 Financial crisis spreads to Europe.
October 3 The Emergency Economic Stabilization Act (commonly referred to as a bailout of the U.S. financial system) became law. Wells Fargo to merge with Wachovia.
October 6 – 10 Worst week for the stock market in 75 years.
October 6 Fed provides $900 billion in short-term cash loans to banks.
October 7 Fed makes emergency move to lend around $1.3 trillion directly to companies.
October 8 Federal funds rate target reduced from 2 percent to 1.5 percent. The discount rate was cut to 1.75 percent.
October 11 The Dow Jones Industrial Average caps its worst week ever with its highest volatility day ever recorded in its 112 year history.
October 12 European leaders announce recapitalization plans for Europe’s banks.
October 24 OPEC to cut oil output by 1.5 million barrels a day.
October 29 Federal funds rate target reduced from 1.5 percent to 1 percent.
October 30 Third quarter GDP declines 0.3 percent.
November 3 Boeing machinists’ 57-day strike ends.
November 15 Wildfires burn five Southern California counties.
November 17 Japan is officially in recession.
November 24 The federal government approves plan to help Citigroup.
December 1 Recession in the US began in December 2007, according to NBER.
December 16 The Federal Reserve cut the federal funds rate target to a range of between zero percent and 0.25 percent.
December 17 OPEC to cut oil production starting January in a bid to prop up falling oil prices.
December 19 U.S. auto industry bailout approved.
December 23 Third quarter GDP decreased at an annual rate of 0.5 percent.
2007
January 1 California minimum wage increased to $7.50 per hour from $6.75.
January 11 Vietnam becomes WTO member.
Mid-January Freezing temperatures in California caused some $1.3 billion in crop losses.
January 25 – 26 Sales of both new and existing homes in the U.S. suffered sharp declines last year. The plunge in new home sales was the biggest drop since 1990 and sales of existing homes saw its biggest decline since 1989.
February Crippling winter storms blanketed large swaths of the Midwest and Northeast with snow, ice and freezing rain.
February 21 Rising default rates hitting subprime mortgage industry hard.
February 27 Dow Jones industrial average down 416 points, biggest one-day point loss since 2001, after declining markets in China and Europe and a steep drop in durable goods orders triggered a massive sell-off on Wall Street.
February 28 GDP grew at a 2.2 percent pace in the 4th quarter –a considerably weaker rate than what the government first estimated.
March 2 The latest benchmark revision to the California labor market statistics shows nonfarm payroll employment growth was considerably stronger than what was first estimated.
March 14 President Bush issues a disaster declaration for California counties hurt by the January deep freeze.
March 29 Fourth quarter GDP revised upwards to 2.5 percent.
April 16 The number of default notices sent to California homeowners last quarter increased to its highest level in almost ten years, the result of flat appreciation, slow sales, and post teaser-rate mortgage resets.
April 25 Dow Jones Industrials close above 13,000 for the first time.
April 27 First quarter GDP increased at an annual rate of 1.3 percent.
May 3 S&P 500 closed above 1,500 for the first time in more than six years. Dow Jones Industrials surged to a record high for the sixth time in seven sessions.
May 4 US payroll job growth slowest since 2004. The Dow Jones industrial average hit another record high making this the longest bull run in 80 years.
May 31 First quarter GDP increased at an annual rate of 0.6 percent. That’s down from its initial estimate of 1.3 percent growth.
July 24 Federal minimum wage increased to $5.85 from $5.15 per hour.
July 26 The Dow Jones industrial average dropped 311.50 points or 2.3 percent amid concerns about housing and credit markets.
August 2 Mattel says it is recalling 1.5 million Chinese-made toys worldwide marking the latest in a string of recalls that have fueled U.S.-China tensions over the safety of Chinese products.
August 9 The Dow Jones industrial average was down 387.18 points or 2.8 percent as worries about the global credit market sparked a broad sell-off in stocks.
August 10 The Federal Reserve injected $38 billion into the banking system in an effort to provide liquidity as needed to keep financial markets operating normally.
August 17 The Federal Reserve, reacting to concerns about the subprime lending crisis, cut its discount rate half a percentage point to 5.75 percent.
August 23 Bank of America invests $2 billion in Countrywide Financial Corporation, helping the nation’s largest mortgage lender shore up its finances as it struggles with a liquidity crunch.
August 24 California Governor Arnold Schwarzenegger signs the 2007-08 state budget bill.
August 28 The Dow Jones industrial average closed down 280.28 points or 2.1 percent as investors were hit by fresh worries over declining consumer confidence, falling home prices, shrinking profits on Wall Street and uncertainty about the Federal Reserve.
August 30 Second quarter GDP increased at an annual rate of 4 percent. That’s up from its initial estimate of 3.4 percent growth.
September 10 Blasts rip Mexico gas and oil pipelines.
September 18 Federal funds rate target reduced from 5.25 percent to 4.75 percent. Discount rate cut from 5.75 percent to 5.25 percent.
September 27 Second quarter GDP increased at an annual rate of 3.8 percent. That’s down from its preliminary estimate of 4 percent.
October 21 – 26 Southern California wildfires
October 31 Federal funds rate target reduced from 4.75 percent to 4.50 percent. Discount rate cut from 5.25 percent to 5 percent.
November 1 The Federal Reserve injects $41 billion in temporary reserves into the US money markets.
November 5 Members of the Writers Guild of America strike.
November 12 Citigroup, Bank of America, and JPMorganChase agree to a $75 billion superfund to restore confidence to credit markets.
November 15 US House of Representatives passes the Mortgage Reform and Anti-Predatory Lending Act of 2007.
December 6 President Bush announces a plan to voluntarily and temporarily freeze the mortgage rates of a limited number of mortgage debtors holding adjustable rate mortgages.
December 11 Federal funds rate target reduced from 4.50 percent to 4.25 percent. Discount rate cut from 5 percent to 4.75 percent.
December 12 The Federal Reserve injects $40B into the money supply and coordinates such efforts with central banks from Canada, United Kingdom, Switzerland and European Union.
December 18 The Federal Reserve approves measures to give mortgage holders more protection to prevent the current housing crisis from worsening further.
December 20 Third quarter GDP increased at an annual rate of 4.9 percent.
December 21 In California, sales of new and existing houses and condos were down 39 percent from a year ago in November. Sales have declined in the last 26 months on a year-over-year basis. The median price paid for a home was down 2.4 percent from the prior month and down 11.9 percent from a year ago. Financing with adjustable-rate mortgages and with multiple mortgages have dropped sharply. Foreclosure activity is at record levels.
December Banks, mortgage lenders, real estate investment trusts, and hedge funds continue to suffer significant losses as a result of mortgage payment defaults and mortgage asset devaluation.
2006
January 31 Federal funds rate raised from 4.25 percent to 4.50 percent. Alan Greenspan steps down after more than 18 years as chairman of the Federal Reserve. Ben Bernanke was sworn in as the new chairman of the Federal Reserve.
February 17 A total of 38,300 new and resale houses and condos were sold in California last month. That’s down 27.5 percent from December and down 9.5 percent from January 2005. Last month’s sales count was the lowest since January 2002. The median price paid for a home last month was $452,000. That’s down 1.3 percent from December and up 13.0 percent from January 2005. Last month’s year-over-year increase was the lowest since a 12.4 percent increase in March 2003 when the median reached $290,000. Prices increased at their fastest rate in June 2004 when the $382,000 median was up 23.2 percent from the same month a year before.
February 28 GDP increased at an annual rate of 1.6 percent in the fourth quarter of 2005, posting the smallest gain in three years.
March 28 Federal funds rate raised from 4.50 percent to 4.75 percent. This is the fifteenth consecutive increase since June 2004 and the first since Ben Bernanke took over as chairman of the Federal Reserve.
May 10 Federal funds rate raised from 4.75 percent to 5.00 percent.
May 17 Standard and Poor’s raised California’s bond rating to A+ from A. Moody’s upgraded California’s bond rating to A1 from A2.
June 9 Fitch upgraded California’s bond rating to A+ from A.
June 29 GDP increased at an annual rate of 5.6 percent in the first quarter of 2006. It was the strongest quarterly growth in 2 1/2 years. Federal funds rate raised from 5.00 percent to 5.25 percent.
June 30 California Governor Arnold Schwarzenegger signs the 2006-07 state budget bill.
July 12 Hezbollah attacks Israel.
July (mid-late) Heat wave sets records across the United States and caused scattered power outages.
July 28 GDP increased at an annual rate of 2.5 percent in the second quarter of 2006.
August 7 BP announces plan to shutdown Prudhoe Bay oil field.
August 10 U.K. foils plot to bomb U.S.-bound airliners.
September 5 Intel announced that it will lay off about 10 percent of its work force.
September 12 California minimum wage legislation signed. The $1.25 increase in the minimum wage will be phased in, with an increase of 75 cents on January 1, 2007 and an increase of 50 cents on January 1, 2008.
October 19 Dow Jones Industrials close above 12,000 for the first time.
October 27 GDP increased at an annual rate of 1.6% in the third quarter, down from 2.6% in the second quarter.
November 7 California Governor Arnold Schwarzenegger won a second term. Voters in six states approved ballot measures raising the minimum wage, joining 18 other states in setting a wage higher than the federal mark of $5.15 an hour.
December 21 GDP increased at an annual rate of 2.0 percent in the third quarter.
2005
January 22 – 24 Blizzards blanketed large parts of the Northeast.
January 30 Iraq held its first free election in half a century.
February 2 Federal funds rate raised from 2.25 percent to 2.50 percent.
March 22 Federal funds rate raised from 2.50 to 2.75 percent.
March 30 GDP grew at an annual rate of 3.8 percent in the fourth quarter of 2004.
April 28 GDP increased at an annual rate of 3.1 percent in the first quarter of 2005.
May 3 Federal funds rate raised from 2.75 to 3.00 percent
June 29 GDP increased at an upwardly revised 3.8 percent in the first quarter of 2005.
June 30 Federal funds rate raised from 3.00 percent to 3.25 percent.
November 1 Federal funds rate raised from 3.75 percent to 4.00 percent.
December 13 Federal funds rate raised from 4.00 percent to 4.25 percent.
December 15 CPI posts biggest drop since 1949.
2004
February 10 Unexpected cut in OPEC quota and cold weather contribute to higher oil prices.
February 11 Dow Jones Industrials closed at highest level in more than 2-1/2 years.
March 25 Fourth quarter GDP rose 4.1 percent.
April 30 International oil prices hit a 3-1/2 year high.
May 27 First quarter GDP grew at a 4.4 percent annual rate.
June 30 Federal funds rate increased by 25 basis points bringing the rate up to 1.25 percent. It is over four years since the Fed last tightened rates.
August 9 Fitch removes California from Rating Watch Negative.
August 10 Federal funds rate raised from 1.25 percent to 1.50 percent.
August 24 S&P raised California’s credit rating from “BBB” to “A”.
August 27 Second quarter GDP grew at a 2.8 percent annual rate.
Mid-August Hurricane Charley hits Florida
September Three powerful hurricanes (Frances, Ivan, and Jeanne) hit Florida and some neighboring states.
September 21 Federal funds rate raised from 1.50 percent to 1.75 percent.
October 29 GDP grew at a 3.7 percent rate in the third quarter.
November 10 Federal funds rate raised from 1.75 percent to 2.00 percent.
December 14 Federal funds rate raised from 2.00 percent to 2.25 percent.
December 22 GDP grew at a 4.0 percent annual rate in the third quarter.
December 26 A magnitude 9.0 earthquake – the largest in 40 years—struck the northern Indonesian island of Sumatra, triggering a tsunami that killed tens of thousands of people in more than 11 countries.
2003
February 10 Moody’s lowered California’s bond rating to A2 from A1.
February 14 – 17 Major snowstorm hit Middle Atlantic and Eastern states.
February 26 Doctors in Hong Kong report the first case of a flu-type virus “Atypical Pneumonia,” now more commonly known as Severe Acute Respiratory Syndrome(SARS).
March 20 Operation Iraqi Freedom begins.
April 9 Baghdad falls and Iraqis and American troops topple stature of Saddam Hussein.
April 14 President Bush declares conclusion of major combat operations in Iraq.
June 25 Federal funds rate reduced from 1.25 percent to 1 percent, the lowest rate in 45 years.
June 26 GDP up 1.4 percent in Q1.
July 17 The US recession ended in November 2001, according to NBER.
July 24 S&P lowered California’s bond rating from “A” to “BBB”.
July 25 United States Treasury begins mailing $400 per child tax rebate checks.
August 2 Governor Gray Davis signs the 2003-04 state budget bill.
August 4 Moody’s lowered California’s bond rating from A2 to A3.
August 28 GDP grew at a revised 3.1 percent annual rate in the 2nd quarter.
September 3 Light vehicle sales in the U.S. reach 19.0 million in August, the second best monthly rate ever.
October 21 Wildfires breakout in Southern California, eventually burning 743,000 acres and destroying over 3,500 homes.
October 30 GDP grew by 7.2 percent, its fastest rate since 1984.
December 4 President Bush ends steel tariffs.
December 12 Dow Jones Industrial average closed above 10,000 for the first time since May 24, 2002.
December 13 Saddam Hussein captured by American troops.
December 23 Final report shows GDP grew by 8.2 percent in the third quarter, its fastest rate since 1984.
December 24 U.S. confirms first case of “mad cow” disease.
2002
January 1 Taiwan becomes WTO member. OPEC to cut oil production by 6.5 percent. Euro becomes legal tender in 12 European countries.
January 6 Unemployment insurance benefits increased in California.
February 28 GDP up 1.4 percent in Q4.
March 9 California’s “Job Creation and Worker Assistance Act of 2002” was signed into law that provides for temporary extended unemployment compensation.
March 28 GDP up 1.7 percent in Q4.
April 25 Security and Exchange Commission launched a formal investigation of Wall Street analysts’ conflicts of interest.
May 13 President Bush signed a 10-year, $190 billion farm bill that promises to expand subsidies to growers.
June 27 GDP up 6.1 percent in Q1.
July 5 Foreign direct investment flows to developed countries declined by 56% in 2001, with the United States seeing the largest falloff to its lowest level since 1997.
July 8 Intel launches its Itanium 2 chip.
July 10 President Bush called for stiffer penalties to eradicate corporate fraud.
July 15 Pfizer to buy Pharmacia.
July 16 The dollar sank against the euro for the first time in more than two years. Intel to eliminate 4,000 jobs.
July 21 WorldCom filed for bankruptcy protection.
July 22 The Dow Jones industrial average sank to its lowest level in nearly four years. Both the Nasdaq and S&P 500 are at their lowest levels since the first half of 1997.
July 30 President Bush signed into law the Public Company Accounting Reform and Investor Protection Act.
July 31 GDP growth slowed to 1.1 percent in Q2 from revised 5.0 percent in Q1. Last year’s data was also revised indicating that the economy shrank in each of the first three quarters. Venture capital investments hit four-year low.
August 8 IMF signed an emergency loan to Brazil.
August 11 U.S. Airways filed for bankruptcy.
August 20 The U.S. trade deficit narrowed in June, following two straight record monthly deficits.
September 27 – October 9 Cargo operations at 29 West Coast ports ground to a halt when terminal operators locked out unionized workers
November 06 Federal funds rate reduced from 1.75 percent to 1.25 percent. Discount rate reduced from 1.25 percent to 0.75 percent.
December 9 United Airlines filed for bankruptcy protection.
December19 Standard & Poor’s lowered California’s bond rating to an A from an A+.
2001
January 1 California’s minimum wage raised from $5.75 to $6.25
January 1 The California state rate portion of the total 7.25% sales tax rate was reduced by .25%, to a total tax rate of 7.00%.
January 3 Federal Reserve makes surprise rate cut. Federal funds rate reduced to 6.0 percent from 6.5 percent. Discount rate reduced to 5.5 percent from 6.0 percent. Nasdaq jumped a record 14.17 percent.
January 17 OPEC to cut oil production by 1.5 million barrels a day, or 5.6 percent of current output.
January 31 Federal funds rate reduced from 6.0 percent to 5.5 percent. Discount rate reduced from 5.5 percent to 5.0 percent.
March 19 OPEC to cut oil production by 1 million barrels a day.
March 19 – 20 California suffered rolling blackouts.
March 20 Federal funds rate reduced from 5.5 percent to 5.0 percent. Discount rate reduced from 5.0 percent to 4.5 percent.
March 27 California regulators approved retail electric rate increase.
March 29 GDP grew at an annual rate of 1 percent in the fourth quarter, the lowest in more than 5 years.
April 6 PG&E utility unit files for bankruptcy.
April 18 Federal funds rate reduced from 5.0 percent to 4.5 percent. Discount rate reduced from 4.5 percent to 4.0 percent.
April 23 A Tosco refinery explosion pushed gasoline prices to near record highs.
April 24 Standard & Poors lowered California’s bond rating from AA to A+
April 27 GDP grew at an annual rate of 2 percent in the first quarter.
May 7 – 8 California hit by rolling blackouts.
May 15 Federal funds rate reduced from 4.5 percent to 4.0 percent. Discount rate reduced from 4.0 percent to 3.5 percent.
June 7 Federal tax cut was signed into law.
June 18 The Federal Energy Regulatory Commission adopted a price “mitigation” plan designed to reduce spikes in wholesale electricity prices in California and other Western states
June 27 Federal funds rate reduced from 4.00 percent to 3.75 percent. Discount rate reduced from 3.50 percent to 3.25 percent.
June 29 First quarter GDP growth rate revised to 1.2 percent.
August 21 Federal funds rate reduced from 3.75 percent to 3.50 percent. Discount rate reduced from 3.25 percent to 3.00 percent.
August 29 Second quarter GDP grew at a 0.2 percent annual rate.
September 11 Terrorists attack World Trade Center and the Pentagon.
September 11 – 14 U.S. stock trading halts.
September 17 Federal funds rate reduced from 3.50 percent to 3.00 percent. Discount rate reduced from 3.00 percent to 2.50 percent. Dow Jones industrials record biggest point drop in history, falling 684.41.
October 2 Federal funds rate reduced from 3.00 percent to 2.50 percent. Discount rate reduced from 2.50 percent to 2.00 percent.
October 26 Lockheed Martin Corporation awarded defense contract.
November 6 Federal funds rate reduced from 2.50 percent to 2.00 percent. Discount rate reduced from 2.00 percent to 1.50 percent
November 26 Recession in the US began in March 2001, according to NBER.
December 2 Enron filed for bankruptcy.
December 11 Federal funds rate reduced from 2.00 percent to 1.75 percent. Discount rate reduced from 1.50 percent to 1.25 percent.
China becomes WTO member
December 21 GDP down 1.3 percent in Q3.
December 31 Markets fall for a second straight year for the first time since 1974.
2000
January 14 Dow Jones industrials hit record high of 11,722.98.
January 27 Fourth quarter GDP grew at an annual rate of 5.8 percent.
February 2 Federal funds rate raised from 5.50 percent to 5.75 percent. Discount rate raised from 5.00 percent to 5.25 percent.
February 4 The nation’s jobless rate at 4 percent is lowest in 3 decades.
February 7 Pfizer Inc. and Warner-Lambert Co complete merger deal.
March 10 Nasdaq hits record high of 5,048.62.
March 16 Dow Jones industrials rose 499.19 points, biggest point gain on record.
March 20 Boeing Co. engineers and technical workers returned to work after a 40-day strike ending one of the biggest white-collar walkouts in US history. Crude oil prices drop below $30 a barrel.
March 21 Federal funds rate raised from 5.75 percent to 6.0 percent. Discount rate raised from 5.25 percent to 5.50 percent.
March 30 GDP growth rate for 4th quarter was revised upward to 7.3 percent, its strongest pace since 1984.
April 7 President Clinton signed into law a bill allowing older Americans to work without losing any of their Social Security benefits.
April 10 Wells Fargo & Co agreed to acquire First Security Corporation of Utah.
April 27 First quarter GDP grew at an annual rate of 5.4 percent with consumer spending jumping 8.3 percent, the sharpest gain in more than 17 years. Employment cost index jumped 1.4 percent in the first quarter, the sharpest increase in 11 years.
May 16 Federal funds rate raised from 6.0 percent to 6.5 percent.
June 29 GDP 1st quarter growth rate revised from 5.4 to 5.5 percent.
July 28 GDP 2nd quarter grew at an annual rate of 5.2 percent.
August World oil prices are rising because of increasingly tight supplies. U.S. inventories are at their lowest level since 1976 and crude prices have increased significantly contributing to costlier gasoline and heating oil.
September 19 China was granted permanent normal trade relations status with the U.S.
September 28 GDP growth rate for 2nd quarter was revised to 5.6 percent.
October 18 Social Security and Supplemental Security income payments will increase by 3.5 percent in 2001, the biggest in almost a decade.
October 31 OPEC plans to increase oil production by 500,000 barrels per day making it the fourth increase this year.
December 21 GDP for 3rd quarter grew at an annual rate of 2.2 percent.
December 31 Dow and Nasdaq record losing years for the first time since 1990.
1999
January 1 A new reserve currency, the “euro” is introduced, creating a single market in Europe. It will be the currency of reference for the 11 countries participating in the European Monetary Union.
January 13 Brazil devalues its currency sending U.S. stocks into a free fall.
January 21 The 1998 trade deficit hit an all-time high of $175 billion, 58 percent more than the shortfall recorded in 1997.
March 22 OPEC agreed to reduce crude oil production by 2.1 million barrels per day and maintain lower levels of output for a full year.
March 29 Dow Jones Industrial average topped the 10,000 mark.
April 9 The European Central Bank cut its key discount rate, for the first time, from 3.0 to 2.5 percent.
April 29 GDP rose to 4.5 percent in the first quarter
May 3 Dow Jones Industrial average topped the 11,000 mark.
May 26 First quarter GDP growth revised down to 4.1 percent..
May 27 US companies’ after tax profit rose 4.3% in the first quarter, the largest quarterly gain in four years.
June 10 Japan’s economy grew 7.9 percent in the first quarter.
June 11 California’s unemployment rate moved down from 5.7% in April to 5.2% in May, the lowest level since mid-1990.
June 29 Federal funds rate raised from 4.75 to 5.00 percent.
July 28 GDP rose 2.3 percent in the second quarter.
August 24 Federal funds rate raised from 5.00 to 5.25 percent. Discount rate raised from 4.50 to 4.75 percent. Mid-September: Hurricane Floyd batters the East Coast.
September 21 A 7.6 magnitude earthquake hits Taiwan.
September 30 In 1998, the US poverty rate fell to its lowest in 20 years at 12.7 percent. Real median household income hit a record 3.5 percent growth surpassing its pre-recessionary peak in 1989, and for the first time since 1975, all four US regions experienced significant increases. September 30: Second quarter GDP growth rate revised to 1.6 percent, the smallest gain in four years.
October 4 MCI WorldCom to buy Sprint.
October 13 Producer Price Index for finished goods jumped 1.1 percent in September, the largest monthly increase in 9 years.
October 15 California’s unemployment rate dropped to 4.9 percent, the lowest since 1969.
October 27 GDP for third quarter grew at 4.8 percent, 2nd quarter growth rate was revised upward to 1.9 percent from the original 1.6 percent.
November 1 Dow Jones & Co. added the technology leaders Microsoft and Intel as well as two other issues, to its industrial average, the first time that Nasdaq stocks have been included. It also dropped four companies that have been components for most of the 20th century.
November 2 Nasdaq closed above the 3000 mark for the first time. Packard Bell says it will end its computer manufacturing business, close its Sacramento plant, and lay off 80 percent of its US workforce.
November 16 Federal funds rate raised from 5.25 to 5.50 percent. Discount rate raised from 4.75 to 5.00 percent.
November 17 Crude-oil futures hit an almost nine-year high, rising 90 cents to $26.60 a barrel.
November 24 Third quarter GDP grew at an annual rate of 5.5 percent, well above previous estimates.
November 30 Exxon and Mobil merger approved by federal regulators.
December 2 The euro fell to parity with the dollar for the first time since its launch in January as Europe’s common currency
December 17 Pharmacia and Monsanto agreed to merge.
December 22 Third quarter GDP rose at 5.7 percent annual pace, above the previous estimate of 5.5 percent.
December 29 Nasdaq closed above the 4000 mark for the first time.
1998
January 5 Bond prices surged sending the 30-year Treasury to a record low yield of 5.73 percent, while comparable government-bond yields reached their lowest levels since the 1960s.
January 26 Compaq agreed to acquire Digital Equipment Corporation.
February 2 Standard and Poor’s stock index passed the 1000 milestone for the first time.
February 27 Fourth quarter 1997 GDP growth rate revised to 3.9 percent, down from an initial estimate of 4.3 percent.
March 1 California’s minimum wage raised from $5.15 to $5.75.
Winter El Nino-fueled storms caused widespread flooding and landslides in California. Thirty-five counties declared federal disaster areas. The State’s agriculture industry estimates a flood-related loss of $57.4 million so far.
March 17 Washington Mutual and H.F. Ahmanson & Co. agreed to merge.
March 18 The NASD and AMEX boards agreed to join the two securities market.
March 19 The U.S. trade deficit for January widened to its worst level in six years.
March 20 Boeing plans to reduce approximately 6,200 jobs in California by the year 2000.
March 24 Xerox Corp. plans to cut 10,000 jobs worldwide or 11 percent of its workforce.
March 30 OPEC agreed to cut crude-oil production by 1.25 million barrels a day.
April 6 Citicorp and Travelers Group agreed to merge. Dow Jones Industrial average topped the 9000 mark.
April 8 Tornadoes swept the South causing death and significant property damage.
April 13 NationsBank formally announced its merger with BankAmerica while BancOne confirmed its planned combination with First Chicago.
April 14 Intel announced that it will eliminate up to 3,000 jobs over the next six months.
April 22 National Semiconductor plans to cut its worldwide workforce by 10 percent, or about 1,400 people.
May 6 Daimler Benz and Chrysler Corporation agreed to merge. Compaq plans to eliminate 15,000 jobs following its purchase of Digital Equipment
May 11 SBC formally announced plans to acquire Ameritech
June 4 Motorola plans to layoff 10 percent of its workforce, or about 15,000 workers.
June 5 – July 28 United Auto Workers strike at General Motors.
June 8 Wells Fargo & Co. and Norwest agreed to merge.
June 9 The Philadelphia Stock Exchange agreed to join AMEX and NASD.
June 12 California’s unemployment rate fell in May to its lowest level in nearly 8 years
June 18 Texas Instruments plans to eliminate 3,500 jobs worldwide, about 8 percent of its payroll.
June 24 AT&T announced its plan to acquire cable giant TCI. OPEC agreed to cut crude-oil production by 1.4 million barrels per day.
June 25 Rockwell International Corporation will cut 9 percent of its workforce, or 3,800 jobs.
June 26 El Niño damage to California’s agricultural industry soars to $422 million. Lockheed announced its plan to lay off 2,500 workers at Sunnyvale, California.
June Japan officially declares a recession.
June 29 Chinese and U.S. companies signed $1.1 billion in new business deals, including China’s agreement of intent to purchase 27 Boeing Co. jetliners.
July 10 IMF agreed to provide Russia with an assistance package worth $14 billion.
July 16 Lockheed Martin called off its proposed merger with Northrop Grumman. The Nasdaq composite edged over 2,000 for the first time.
August 13 Boeing to transfer selected 737 assembly processes to Long Beach, California.
August 14 California agriculture flourished in 1997, breaking records in both production and income NationsBank and BankAmerica merger gets federal approval.
August 17 Golden State Bancorp and California Federal Bank agreed to merge
August 31 The Dow Jones Industrial average fell 512.61 points wiping out what remained of the year’s gains. The Nasdaq Composite fell 140.43, its worst point drop ever.
September 2 Northwest Airlines issued layoff notices to 27,500 employees, or 55 percent of its workforce.
September 15 Rockwell International Corp. to eliminate around 900 jobs.
September 17 Citigroup expects to eliminate about 8,000 jobs by year end, or 5 percent of its workforce.
September 21 Russia devalues currency and restricts international transactions including debt repayments. Financial firms have lost more than $8 billion so far in the fallout from Russia’s financial collapse.
September 23 Citicorp and Travelers merger gets federal approval.
September 29 Federal funds rate reduced from 5.50 percent to 5.25 percent. Dow Jones Industrial average fell 237.90 points the next day.
October 2 California’s credit rating was upgraded by Moody’s Investors ServiceHewlett-Packard Co. will eliminate 2,500 jobs or 2 percent of its workforce.
October 6 Washington Mutual Inc. will close 161 branches in California as a result of its Home Savings of America acquisition.
October 7 Raytheon Co. to cut workforce by 14,000.
October 8 Packard Bell NEC to cut U.S. workforce by 20 percent.
October 12 Merrill Lynch will cut work force by 3,400 or 5 percent.
October 15 Federal funds rate reduced from 5.25 to 5.00 percent. Discount rate reduced from 5.00 to 4.75 percent. The Dow Jones Industrial average rose to more than 330 points and led to rallies in European, Asian and Latin American stock markets. Canada and Argentina followed with rate cuts of their own.
October 30 Third quarter GDP jumped to an annual rate of 3.3 percent exceeding estimates.
November 12 Brazil reached a pact with leading countries and lenders on a $42 billion rescue package, in a move aimed at preventing the financial crisis from spreading throughout South America.
November 17 Federal funds rate reduced from 5.00 to 4.75 percent. Discount rate reduced from 4.75 to 4.50 percent.
December 1 Exxon and Mobil confirmed their plans to merge, creating the world’s largest oil producer.
December 2 NEC Electronics lays off about 400 workers or 13 percent of its U.S. workforce.
December 9 MCI WorldCom Inc. plans to layoff about 3,750 or between 3 to 5 percent of its workforce. Trans World Airlines announced its biggest plane order ever, confirming it has placed orders and options for up to 250 Airbus and Boeing jets.
1997
Winter Rivers in the West overflowed as rain and melting snow brought flooding in the Northwestern states, California and Nevada. The flooding has cost California’s agricultural industry $155 million so far, according to state officials.
January 13 Faced with unprecedented demand for new phone lines for Internet surfers and home offices, Pacific Bell will hire more than 2,500 employees in California.
January 15 Mexico announced that it will repay U.S. loan three years ahead of schedule.
January 16 General Motor’s Hughes Electronics will be acquired by Raytheon Corp.
January 29 U.S. Treasury issues the first $7 billion in 10-year inflation-indexed notes.
February 13 Dow Jones Industrial average topped the 7000 mark.
February 19 U.S. trade deficit hits 8-year high.
March 1 California’s minimum wage raised from $4.75 to $5.00.
March 7 Federal 10 percent tax on airline tickets was reimposed.
March 25 Federal funds rate raised from 5.25 percent to 5.50 percent.
April The nation’s unemployment rate falls to a 24-year low.
April 30 First quarter GDP grew at a robust 5.6 percent fueled by a big inventory buildup, warm weather and the biggest rise in consumer spending in ten years.
July 1 China regained sovereignty over Hong Kong.
July 4 Lockheed Martin agreed to buy Northrop Grumman.
July 16 Dow Jones Industrial average topped 8000 mark.
August 4 The European Commission formally cleared the merger of Boeing and McDonnell Douglas.
August 4 – 18 Teamsters union strike against United Parcel Service.
September 1 California’s minimum wage raised from $5.00 to $5.15.
October 27 The Dow Jones Industrial average posted its worst one-day point loss ever. The relentless selling drove the industrial average down 554.26 points, or 7.18 percent.
November 21 Yamaichi Securities, Japan’s no. 4 securities firm will shut down, its largest corporate failure since WWII.
December 3 South Korea agreed to a broad dismantling of its interlocked financial and industrial system as the price for a record $55+ billion IMF bailout.
November-December Asia’s crashing currencies are rapidly destroying the financial health of the regions. The Indonesian rupiah and Korean won have lost more than half their value against the U.S. dollar this year.
December 19 California’s jobless figure fell sharply to 5.8 percent in November, the lowest in over seven years.
1996
December 18 –
January 7
The federal government shut down partially again as budget talks stalled.
January 3 AT&T will eliminate at least 40,000 jobs over the next three years as part of its plan to split into 3 companies.
January 8 – 10 Blizzard paralyzed the East Coast.
January 25 Wells Fargo & Co. will merge with First Interstate Bancorp.
January 31 Federal funds rate reduced from 5.50 percent to 5.25 percent.
February 8 President Clinton signed a landmark telecommunications bill into law.
February 9 Boeing Co. intends to fill 7,000 new jobs by early 1997 in its rebounding commercial-jet division.
March-June Gasoline retail prices in California increased by 28 percent–sharply higher than the sizable nationwide increase of about 12 percent.
March 6 – March 22 United Auto Workers strike at General Motors Corp.’s brake-parts plants in Dayton OH
April 1 Pacific Telesis, parent of Pacific Telephone, agreed to be acquired by San Antonio based SBC (formerly Southwestern Bell).
April 23 Bell Atlantic and Nynex agreed to merge
May 14 The California Public Employees Retirement System reached the $100 billion mark.
June 5 Packard Bell and NEC will merge their personal computer operations creating one of the largest PC makers in the world
July 3 Lockheed Martin won the $1 billion federal contract to build a prototype for a next-generation space shuttle.
July 12 Hurricane Bertha hits the North Carolina coast.
July 29 First Nationwide Bank will acquire Cal Fed Bancorp Inc. creating the nation’s fourth largest savings and loan association.
July 30 Standard & Poor’s raised California’s credit rating to an A+ from an A.
August 1 Rockwell International Corp. agreed to sell most of its aerospace and defense businesses to Boeing Co. Aerojet landed a $30 million contract that gives it a role in developing the nation’s next-generation space shuttle.
August 5 PacificCare Health Systems Inc. will buy competitor FHP International Corp. making it the second largest managed care organization in California.
August 10 A massive disruption in a sprawling power system triggered a widespread electricity outage affecting millions of people in parts of at least nine Western states.
September 5 Hurricane Fran hits Carolina coast.
October 1 Federal minimum wage raised from $4.25 to $4.75.
October 14 Dow Jones Industrial average topped the 6000 mark.
December 13 Countries representing most of the world’s high-technology trade agreed to abolish tariffs on computers, software and related goods.
December 16 Boeing Co. agreed to acquire McDonnell Douglas Corp.
December 23 Apple Computer Inc. will buy Next Software for $400 million.
1995
January U.S. trade deficit soared by 68 percent to $12.2 billion.
January-March California has been battered by its worst weeklong series of storms since 1986. Severe floods have forced the evacuation of thousands of residents and caused an estimated $2 billion of damage making it the costliest winter storm in the history of the State.
January 17 Earthquake, measuring 7.2 on the Richter scale, hits Kobe, Japan.
January 31 The Clinton Administration announced a program of loans and currency swaps to prop up the Mexican peso. The plan will utilize existing authority and will involve several international agencies. The peso has been devalued by more than 40 percent against the U.S. dollar since early December.
February 12 Federal funds rate raised from 5.5 percent to 6 percent.
February 24 Dow Jones industrial average closed above 4000 for the first time.
March 10 McDonnell Douglas won a $910 million order for at least 30 Apache attack helicopters from the Royal Netherlands Air Force.
March 13 China and the U.S. reached agreements that should further open Chinese markets to U.S. agricultural production, lift suspension of a 1992 market-access accord and open discussions on allowing U.S telecommunications and insurance services into China.
March 15 Boeing won a $1.17 billion order for its 737-600 airliners from Scandinavian Airlines.
March 23 U.S. trade deficit soared by 68 percent to a monthly record of $12.2 billion in January.
March-April Dollar hits post WW II lows against the yen and mark.
April 19 Bomb blast at an Oklahoma City federal building.
April 30 President Clinton announced a cutoff of all trade by U.S. companies with Iran.
May 22 NASA intends to cut 28,860 jobs and consolidate space-shuttle activities under a single contractor within the next five years.
May 24 Boeing plans to cut 5,000 more jobs this year than previously projected, bringing the total to 12,000 by year-end.
June 5 Boeing won at least two-thirds of a $6 billion commercial-jetliner order from Saudi Arabian carrier Saudia, with the remainder going to McDonnel Douglas Corporation.
July 6 Federal funds rate reduced from 6 percent to 5.75 percent.
October Florida’s panhandle was hit hard by Hurricane Opal. Boeing Co. union machinists strike.
November 14 – November 19 Budget impasse caused partial federal government shutdown and furlough of non-essential federal employees.
November 15 Boeing won a $12.7 billion order from Singapore Airlines.
November 20 Dow Jones Industrial average topped the 5000 mark.
December 4 President Clinton authorized a vanguard of U.S. troops to move into Bosnia. The advance troops will set up headquarters in preparation for thousands more U.S. soldiers to follow. Strikers at Caterpillar rejected a proposed six-year contract, but the United Auto Workers union called an end to the 17-month walkout anyway.
December 19 Federal funds rate reduced from 5.75 percent to 5.50 percent.
1994
January 17 A destructive earthquake registering 6.8 on the Richter scale, centered in Northridge, struck Southern California at 4:31 a.m.
February 4 Federal funds rate raised from 3.0 percent to 3.25 percent, the first increase in five years.
March 22 Federal funds rate raised from 3.25 percent to 3.50 percent.
March 21 – April 4 Stock market selloff reduces Dow Jones Industrials by 9.7 percent from January peak. Treasury 30-year bond yields 7.42 percent, up from 5.79 percent in October. Fixed rate mortgages exceed 8 1/2 percent, compared to 6.8 percent in October, 1993.
April 18 Federal funds rate raised from 3.50 percent to 3.75 percent
May 17 Federal funds rate raised from 3.75 percent to 4.25 percent.
August 16 Federal funds rate raised from 4.25 percent to 4.75 percent.
November 15 Federal funds rate raised from 4.75 percent to 5.5 percent.
December 2 Congress approved the General Agreement on Tariffs and Trade (GATT). The GATT accord cuts tariffs globally by roughly 40%, extends intellectual-property rights and tightens rules on investment and trade in services.
December 7 A leveraged investment strategy led to huge losses for an Orange County, California, investment fund. The County filed for bankruptcy protection, the largest such municipal filing ever.
1993
January 1 California gasoline and diesel fuel tax increase of one cent per gallon
February 17 President Clinton announces economic plan, which cuts defense spending by $188 billion from 1994-1998.
February 26 Bomb blast at the New York’s World Trade Center
March 11 Seven California bases are included in the Department of Defenses announcement to close 31 major bases.
Summer Great Flood of ’93, from Minnesota to Missouri, caused an estimated $12 billion in damage and covered over 10 million acres. Clinton declared more than 200 counties federal disaster areas, including all 99 counties in Iowa.
August 11 President Clinton signed into law his economic program that calls for spending curbs and higher taxes to reduce projected federal budget deficit by $496 billion over a five-year period.
Fall Thirteen wild fires raged Southern California, some attributed to arson. Five counties were declared disaster areas.
November 19 The North American Free Trade Agreement (NAFTA) is passed. Businesses anticipate expanded opportunities south of the border and increased jobs in the U.S.
December 10 Japan and the U.S. agreed on a plan to open Japan’s markets to rice import.
1992
January 1 California gasoline and diesel fuel tax increase of one cent per gallon.
January 27 R.H. Macy files for Chapter 11 bankruptcy protection.
January 31 TWA files for bankruptcy protection.
February 10 Los Angeles floods
April 22 Palm Springs earthquake
April 25 – April 26 Ferndale earthquakes
April 29 – May 2 Los Angeles riots
June 28 Yucca Valley/Big Bear earthquakes
July 2 Federal Reserve cuts the discount rate cut from 3-1/2 percent to 3 percent, the lowest level since 1963. Prime rate cut from 6-1/2 percent to 6 percent.
August 24 – August 26 Hurricane Andrew hits Florida and Louisiana.
August 27 General Motors closes Van Nuys plant, which employed 2,600 workers. The plant was Southern California’s last remaining auto factory.
September 2 After a record 64 days without a state budget, Governor Wilson signs the 1992-93 state budget bill.
September 11 Hurricane Iniki hits the Hawaiian island of Kauai.
1991
January 1 California gasoline and diesel fuel tax increase of one cent per gallon.
January 2 Prime rate cut from 10 percent to 9-1/2 percent.
January 12 Congress approves use of force in Iraq.
January 16 U.S. begins military action against Iraq.
February 1 Discount rate cut from 6-1/2 percent to 6 percent. Prime rate reduced from 9-1/2 percent to 9 percent. Carter Hawley Hale files for bankruptcy protection.
February 26 Iraqi troops withdraw from Kuwait.
February 27 President Bush orders a cease fire in the war against Iraq.
April 1 Federal minimum wage raised from $3.80 to $4.25.
April 23 Lockheed-Georgia awarded F-22 Air Force contract.
April 30 Discount rate cut from 6 percent to 5-1/2 percent.
May 1 Prime rate reduced from 9 percent to 8-1/2 percent.
June 28 Sierra Madre earthquake in Los Angeles County.
July 15 Chemical Banking and Manufacturers Hanover agree to merge.
August 12 BankAmerica agrees to acquire Security Pacific, surpassing the Chemical/Manufacturers Hanover merger as the largest in the banking industry.
September 13 Discount rate cut from 5-1/2 percent to 5 percent, the lowest level since February 1973. Most major banks reduce prime rate from 8-1/2 percent to 8 percent.
October 20 Oakland Hills fire.
November 6 Discount rate cut from 5 percent to 4-1/2 percent. Prime rate cut from 8 percent to 7-1/2 percent.
December 18 GM announces plans to close 21 plants and cut 74,000 jobs by the end of 1995.
December 20 Federal Reserve cuts the discount rate from 4-1/2 percent to 3-1/2 percent. Prime rate reduced from 7-1/2 percent to 6-1/2 percent by many large banks.
1990
January 8 Prime rate cut from 10-1/2 percent to 10 percent.
January 15 Campeau Corp. files for Chapter 11 bankruptcy-law protection.
February 13 Drexel Burnham Lambert Inc. files for Chapter 11 bankruptcy-law protection.
March 2 Amalgamated Transit Union strikes Greyhound Lines, Inc.
April 1 Federal minimum wage raised from $3.35 to $3.80.
July 27 Revised GNP estimates cut 1989 growth by 1/2 percent. Year-over-year growth for the second quarter only 1.2 percent.
August 1 California gasoline and diesel fuel tax increase of 5 cents per gallon.
August 2 Iraq invades Kuwait
September 9 California population reaches 30 million according to California Department of Finance.
November 30 Index of leading indicators declines for fourth month in a row.
December 1 Federal gasoline tax increase of 5 cents per gallon.
December 4 Federal Reserve cuts bank reserve requirements by $11 billion.
December 18 Discount rate cut from 7 percent to 6-1/2 percent.
1989
February 10 Prime rate raised from 10-1/2 percent to 11 percent.
February 24 Discount rate raised from 6-1/2 percent to 7 percent. Prime rate raised from 11 percent to 11-1/2 percent.
March 4 International Association of Machinists strike against Eastern Airlines.
March 24 Exxon Valdez runs aground on Bligh Reef in Prince William Sound, Alaska, spilling 11 million gallons of oil.
June 5 Prime rate cut from 11-1/2 percent to 11 percent.
July 10 Chase Manhattan cuts prime rate to 10-1/2 percent from 11 percent.
July 19 DC-10 crashes at Sioux City; hydraulic systems failure cited as cause.
July 31 Most major banks cut prime rate to 10-1/2 percent.
September 21 Hurricane Hugo hits the Carolinas causing extensive property damage.
October 4 – November 20 International Association of Machinists strike Boeing.
October 17 Earthquake, measuring 7.1 on the Richter, hits the San Francisco Bay Area.
November 30 October U.S. personal income release indicates quake will reduce California personal income by about $2 billion in 1989.
1988
February 3 Prime rate cut to 8.5 percent from 8.75 percent.
March 7 – August 7 Television writers strike.
May 12 Prime rate raised from 8.5 percent to 9 percent.
July 1 California’s minimum wage raised from $3.35 to $4.25.
July 3 U.S.S. Vincennes shoots down Iran Air Flight 655 over the Persian Gulf.
July 14 Prime rate raised from 9 percent to 9-1/2 percent.
August 9 Discount rate raised from 6 percent to 6-1/2 percent.
August 11 Prime rate raised from 9-1/2 percent to 10 percent.
November 28 Prime rate raised from 10 percent to 10-1/2 percent.
December 8 Severe earthquake hits Soviet Armenia; death toll more than 100,000.
December 21 Pan American flight 103 from London to New York crashes in Scotland, killing 283. British authorities later confirm bomb caused crash.
1987
January 1 California Legislature approved a measure, effective Jan. 1, 1987, giving school districts the local option to access $1.50 per square foot on new residental construction and $.25 per square foot on new nonresidential construction.
Fannie Mae raises mortgage ceiling to $153,100 from $133,250. OPEC’s 7 percent production cut went into effect. U.S. oil prices hit $18 per barrel.
January 8 The Dow Jones Industrial average topped the 2000 mark.
January 19 The Dow Jones Industrial average topped the 2100 mark. The California Trade Office opened in Tokyo. The dollar fell to a record low against the yen-150.49 yen to the dollar.
January 22 The Dow Jones Industrial average posted a record 51.60 gain to a new high of 2145.67.
February 5 Brazil suspends interest payments on commercial debt. The Dow Jones Industrial average topped the 2200 mark.
March 5 Ecuador is rocked by severe earthquake.
March 16 Fannie Mae announces it will not enter home equity loan market.
March 20 The Dow Jones Industrial average topped the 2300 mark.
March 24 U.S. dollar falls to post WW II low–148.5 yen to the dollar.
April 1 The prime rate increased from 7-1/2 to 7-3/4 percent.
April 6 The Dow Jones Industrial average topped the 2400 mark.
April 13 The California Trade Office opened in London.
May 1 The prime rate was increased from 7-3/4 percent to 8 percent.
May 5 Immigration amnesty program in effect.
May 7 The Farm Credit System formally asked Congress for a $6 billion loan from the Treasury.
May 15 The prime rate was increased to 8-1/4 percent from 8 percent.
May 17 The U.S.S. Stark was struck by an air-launched Iraqi missile in the Persian Gulf.
June 1 Penalties in place for employers of illegal aliens.
July 17 Dow Jones Industrials close over 2,500 for the first time.
July 22 Kuwaiti tankers placed under U.S. flag for transit through Persian Gulf.
August 10 Dow Jones index closes over 2,600 for 1st time.
August 11 Alan Greenspan sworn in as Chairman of the Federal Reserve Board.
August 17 Dow Jones index closes over 2,700 for 1st time.
September 4 Discount rate raised from 5-1/2 percent to 6 percent. Prime rate raised from 8-1/4 percent to 8-3/4 percent.
October 1 Severe earthquake hits Southern California. Epicenter near Whittier.
October 7 Prime rate raised from 8-3/4 percent to 9-1/4 percent.
October 14 Dow Jones Industrials fall a record 95 points.
October 15 Dow Jones Industrials down 58 points.
October 16 Dow Jones Industrials down a record 108 points.
October 19 Dow Jones Industrial average plunges 508 points, a record 22.6 percent one-day drop. Cumulative four-day decline of 769 points.
October 21 Dow up a record 187 points.
October 22 Prime rate cut to 9 percent from 9-1/4 percent.
November 2 Dollar falls to 40 year low of 136.95 Yen.
November 5 Prime rate cut to 8-3/4 percent from 9 percent.
November 23 – 24 Severe earthquakes hit Imperial County.
November 30 Dollar hits postwar lows against Yen and Mark.
1986
January 1 Ceiling on Super NOW accounts was removed.
January 17 United Steel workers leaders agreed to allow rank-and-file members to vote on labor contracts for the first time in the union’s history.
January 28 Space shuttle Challenger explosion destroys the spacecraft. Seven crew members died.
February 26 Corazon Aquino takes over Phillipines as the new president.
March 3 Dow Jones Industrials close above 1700 for the first time.
March 4 Yields on 10-year Treasury Notes fall below 8 percent for the first time in eight years. Oil prices fall to $12 per barrel.
March 7 The discount rate reduced from 7-1/2 percent to 7 percent, following similar cuts by Germany & Japan.
March 10 Prime rate cut to 9 percent from 9-1/2 percent.
March 21 Dow Jones Industrials close above 1800 for the first time. Conservative Chirac appointed as Prime Minister of France.
March 25 U.S. warplanes attacked two Libyan ships and a shoreline missile site after Libyan missiles were fired at U.S. planes in the Gulf of Sidra.
April 1 Interest ceilings on passbook saving accounts ended. Oil prices fall to under $11 per barrel.
April 14 U.S. air strike against Libya.
April 21 U.S. Dollar reaches a post-WWII low against the Yen at 168.60.Discount rate cut from 7 percent to 6-1/2 percent. Prime rate cut to 8-1/2 percent from 9 percent.
April 23 Paul Volcker warns of public and private debt buildup as a threat to the economy.
April 25 Soviet nuclear plant at Chernobyl destroyed by fire.
May 12 U.S. dollar falls to 159.95 Yen.
May 22 U.S. proposes 35 percent tariff on Canadian cedar shakes and shingles for roofing, leading to a trade dispute between the U.S. and Canada.
June 1 – June 26 CWA strike at AT&T
July 7 The U.S. Supreme Court ruled that the Gramm Rudman Hollings mechanism for across the board, automatic spending cuts was unconstitutional. The Dow Jones Industrial average was down a record 61.87 points.
July 10 The Fed lowered the discount rate from 6-1/2% to 6%.
July 11 Prime rate cut to 8 percent from 8-1/2 percent.
July 20 Prime rate cut to 7-1/2 percent.
August 1 United steelworkers strike for the first time since 1959. 44,000 workers were involved.
August 20 The discount rate was reduced from 6 percent to 5-1/2 percent.
August 27 The prime rate was cut to 7-1/2 percent from 8 percent.
August 28 General Motors Corp. introduces a new incentive program to lure consumers by an unprecedented auto loan rate of 2.9 percent.
September 4 Stock market prices soared as the Dow Jones Industrial average jumped 38.38 points to a closing record of 1919.17.
September 5 California bank and corporation tax law was amended to provide for a “Waters-Edge” election. This is an alternate treatment of taxable income.
September 11 The Dow Jones Industrial average plummeted a record 86.61 points, or 4.61 percent to 1792.89.
October 22 President Reagan signs the tax reform bill into law, the first full scale remodification since 1954.
October 27 –
December 13
Union employees from Kaiser Foundation Hospital, Kaiser Permanente Medical Group, Inc. & Kaiser Foundation Health Plan strike
November 1 The savings bond rate dropped from 7-1/2 percent to 6 percent, affecting new issues only.
1985
January 1 Federal price controls removed from approximately half of the natural gas produced in the United States.
January 15 Prime rate reduced from 10-3/4 percent to 10-1/2 percent.
March 9 Home State Savings Bank Cincinnati, Ohio closed.
March 15 Seventy Ohio thrift institutions closed to prevent run on deposits.
March 25 Auto manufacturer’s initiate low interest loan programs.
May 2 Auto manufacturer’s initiate low interest loan programs.
May 17 – June 14 United Airlines—Air Pilots Association strike
May 17 Prime rate reduced from 10-1/2 percent to 10 percent.
May 20 Dow Jones Industrials close above 1,300 for the first time.
May 29 Presidents’ tax reform plan unveiled.
June 18 Prime rate reduced to 9-1/2 percent from 10 percent.
July 16 Conventional mortgage rates fell to 12.03 percent average–the lowest since October 1979.
July 22 – October 16 8,200 steelworkers on strike at Wheeling Pittsburgh—the industry’s first major walkout in 26 years
August 15 GM announces 7.7 percent financing rate program to run through October 2nd.
August 20 Ford and Chrysler announce incentive plans including low interest loans and rebates on 1985 autos.
September 4 The Farm Credit System seeks a Federal bailout of its $74 billion loan portfolio.
September 15 A State Department of Housing and Community Development regulation requiring equal access on accessible levels of apartment houses with five or more units, for handicapped persons, went into effect.
September 16 A State Department of Housing and Community Development regulation requiring equal access on accessible levels of apartment houses with five or more units, for handicapped persons, went into effect.
September 22 G-5 agreement to push the dollar lower.
November 7 Dow Jones Industrials close above 1400 for the first time.
December 10 World oil prices fall by more than a dollar after OPEC decides to abandon price supports.
December 12 President Reagan signs the budget deficit bill into law, raising the debt ceiling to $2 trillion and setting deficit targets for each year through 1991.
December 23 President Reagan signs the farm subsidy bill into law, creating a 5 year plan to bail out the Farm Credit System.
1984
January 3 Breakup of AT&T becomes effective.
February 2 Contemporaneous reserve accounting is required by Fed for all but the very small deposit-taking institutions.
March 19 Prime rate raised from 11 percent to 11-1/2 percent.
March 20 Maximum rate on VA loans rasied from 12-1/2 to 13 percent.
April 4 Prime rate raised from 11-1/2 percent to 12 percent.
April 9 Discount rate raised from 11-1/2 percent to 12 percent.
May 5 Prime rate raised from 12 pecent to 12-1/2 percent.
June 26 Prime rate raised from 12-1/2 percent to 13 percent.
September 3 – December 7 Hotel and restaurant strike-San Francisco.
September 15 – October 14 UAW-General Motors strike.
1983
January 5 Super NOW accounts introduced.
January 11 Prime rate lowered to 11 percent.
January 31 Independent truckers strike begins.
February 10 Independent truckers strike ends.
February 15 Toyota/GM agreement to build a small car in late 1984.
February 25 Prime rate lowered to 10-1/2 percent.
March 14 OPEC sets $29 per barrel benchmark price and production quota of 17.5 million barrels.
May 2 An earthquake measuring 6.5 on the Richter scale strikes Coalinga, California.
June 8 The maximum rate on government-backed mortgages was raised from 11-1/2 percent to 12 percent.
June 18 Paul Volcker reappointed as Federal Reserve Board Chairman.
June 24 The Federal Budget deficit totaled a record $29.29 billion in May.
July 7 The maximum rate on government-backed mortgages was raised from 12 percent to 12-1/2 percent.
July 13 Chrysler Corporation announced it will repay the remaining $800 million in federally guaranteed loans by September, seven years before they are due.
July 25 The Washington Public Power Supply System defaulted on $2.25 billion in bonds, creating the largest municipal default in U.S. history.
August 1 California’s $1.2 billion offering of revenue-anticipation notes, the State’s largest note issue, drew strong investor interest. Notes totaling $700 million, maturing next April and June, were oversubscribed.
August 2 The maximum rate on government backed mortgages rose from 12-1/2 percent to 13-1/2 percent.
August 7 – August 28 The Communications Workers of America and two other unions strike AT&T.
August 8 Prime rate raised from 10-1/2 percent to 11 percent by most major banks.
August 23 The maximum rate on government backed mortgages fell from 13-1/2 percent to 13 percent.
September 1 Soviet Union shoots down Korean Airlines Flight 007, New York to Seoul, near the Soviet island of Sakhalin, just north of Japan.
November 1 Maximum rate on VA & FHA mortgages lowered from 13 percent to 12.5 percent.
November 3 – December 21 Strike against Greyhound Lines, Inc.
December 1 FHA mortgage interest rates begin to float. VA rates are still pegged.
1982
January 22 Federal funds rate raised to 13-1/2 percent.
January 25 FHA mortgage rate increased from 15-1/2 percent to 16-1/2 percent.
February 2 Prime rate raised to 16-1/2 percent by Citibank and Crocker.
February 18 Prime rate increased to 17 percent.
February 24 Prime rate cut to 16-1/2 percent.
March 1 Ford-UAW Pact ratified. Workers give up two weeks of paid time off and annual 3 percent raises.
March 8 Prime rate lowered to 16 percent.
March 16 Prime rate back up to 16-1/2 percent.
April 1 OPEC cuts production to 17.5 million barrels from current 18.2. Saudi benchmark set at $34/barrel.
April 5 Unemployment rate nationally hits 9.0 percent tying the post-WW II high in May 1975.
April 12 General Motor and United Auto Workers labor agreement approved.
April 26 The U.S. consumer price index declined 0.3 percent-the first decline in 17 years and the largest drop in nearly a quarter of a century.
May 7 U.S. unemployment rate reaches 9.4 percent for a post-WW II record.
May 13 Braniff Air Lines ceases operations.
June 25 Secretary of State Alexander Haig resigns.
June 28 U.S. Supreme Court rules that federally chartered savings and loan associations cannot be prohibited from enforcing due-on-sale clauses in their mortgage contracts.
July 20 Discount rate lowered from 12 percent to 11-1/2 percent. Prime rate lowered from 16-1/2 percent to 16 percent.
July 27 Prime rate lowered to 15-1/2 percent.
August 2 Discount rate lowered to 11 percent. Prime rate lowered to 15 percent.
August 9 Unemployment rate reached 9.8 percent in July-the highest level since 9.9 percent rate in 1941.
August 16 Discount rate cut from 11 percent to 10-1/2 percent. Most major banks lower their prime lending rates to 14-1/2 percent.
August 18 Dow Jones Industrial Average rose 38.81 points-an all-time record.
August 19 The stock market trading soared to a record 132,690,000 shares.
August 27 Discount rate lowered to 10 percent. Prime rate lowered to 13.5 percent.
November 23 Prime rate lowered from 12 percent to 11-1/2 percent.
December 13 Discount rate cut to 8-1/2 percent.
December 14 Introduction of money market deposit accounts by banks and S&Ls.
1981
January 1 Minimum wage raised from $3.10 to $3.35.
January 6 Prime lowered to 20 percent.
January 20 American hostages released from Iran.
January 20 Ronald Reagan inaugurated as 40th President of the U.S.
January 28 Deregulation of oil and gas industry announced, effective immediately.
January 29 Prime rate lowered to 19-1/2 percent from 20 percent.
February 16 General Motors and Ford rebate plans announced.
February 23 Prime rate lowered to 18 percent.
March 2 Prime rate lowered to 18-1/2 percent.
March 10 Prime rate lowered to 18 percent.
March 16 Prime rate lowered to 17-1/2 percent.
March 18 Prime rate lowered to 17 percent.
March 26 – June 8 United mine workers strike.
April 13 Prime rate raised to 17-1/2 percent.
April 29 Prime rate raised to 18 percent.
May 4 Prime rate raised to 19 percent.
May 5 Discount rate raised from 13 percent to 14 percent.
May 8 FHA-VA rate up to 15-1/2 percent from 14-1/2 percent.
May 11 Prime rate raised to 19-1/2 percent.
May 22 Prime rate raised to 20 percent.
May 27 OPEC fails to agree on uniform price schedule. OPEC officials freeze prices at current level.
June 5 Dollar reaches highest level in international trading since December 1971.
July 8 Prime rate raised to 20-1/2 percent.
August 3 – Jan. 17, 1986 Professional Air Traffic Controller’s Organization strike.
August 14 President Reagan signs both the tax- and budget-cut bills into law.
August 18 FHA-VA rate up to 16-1/2 percent from 15-1/2 percent.
September 1 Prime rate lowered to 20 percent.
September 21 Prime rate lowered to 19-1/2 percent.
September 22 Fed surcharge cut to 3 percent from 4 percent.
October Introduction of All Savers Certificates to stimulate savings.
October 6 Prime rate lowered to 19 percent. Egyptian President Sadat assassinated.
October 13 Prime rate lowered to 18 percent.
October 30 OPEC price set at $34.00/barrel-the Saudi benchmark.
November 1 Passbook interest rate raised 1/2 percent to 5-3/4 percent.
November 2 Fed discount rate cut from 14 percent to 13 percent. Prime rate lowered to 17-1/2 percent.
November 10 Prime rate lowered to 17 percent.
November 13 Prime rate lowered to 16-1/2 percent FHA mortgage rate lowered to 15-1/2 percent.
November 16 Prime rate lowered to 16 percent.
November 17 Fed eliminates 2 percent surcharge. Discount rate unaffected.
December 1 Prime rate lowered to 15-1/2 percent.
December 4 Fed discount rate lowered from 13 percent to 12 percent.
December 12 Martial law imposed in Poland.
1980
February 25 Prime rate raised to 16-½ percent.
February 27 Ceilings on interest rates for government-backed mortgages raised to 13 percent.
February 29 Prime rate raised to 16-¾ percent.
March 4 Prime rate raised to 17-¼ percent.
March 7 Prime rate raised to 17-æ percent.
March 13 Prime rate raised to 18-º percent.
March 14 Announcement to tighter fiscal policies.
March 18 Prime rate raised to 19 percent.
April 2 Prime rate raised to 20 percent.
April 3 FHA mortgages raised to 14 percent.
April 20 Primer rate reduced to 19-½ percent.
April 28 FHA mortgages reduced to 13 percent. Prime rate reduced to 18-½ percent.
May 5 Prime rate reduced to 18 percent.
May 7 Prime rate reduced to 17 percent.
May 12 Prime rate reduced to 16-½ percent.
May 19 Prime rate reduced to 16 percent.
May 28 Discount rate lowered to 12 percent from 13 percent.
June 4 Prime rate reduced to 13 percent.
June 12 Discount rate lowered to 11 percent. Prime rate reduced to 12-½ percent.
June 20 Prime rate reduced to 12 percent.
June 24 Prime rate reduced to 11-½ percent. Some conventional mortgage rates fell to 12 percent.
June 25 Carpenters strike in Northern California ended.
July 3 ICC begins trucking industry deregulation.
July 21 Motion picture and television industry strike.
July 22 Prime rate reduced to 11 percent.
July 25 Prime rate reduced to 10-¾ percent.
July 28 Discount rate reduced to 10 percent.
August 5 Prime rate raised to 11 percent.
1979
January 13 Prime rate reduced to 11-½ percent.
March 15 Terms for MMCs changed. ¼ point differential over 9 percent eliminated.
March 27 OPEC price increases 9 percent. Selected surcharges imposed.
March 31 United Airlines-machinist strike.
April 1 – 10 Teamsters strike.
May 7 Prime rate moved to 11-¾ percent from 11-½ percent.
May 19 Federal funds rate set at 7-¼ percent.
May 26 United Airlines strike ended.
May 30 Interest rate on conventional mortgages raised to 11-¾ percent.
June 12 Prime rate reduced to 11-½ percent.
July 1 Interest rates on passbook accounts up to 5.5 percent at Savings and Loans and 5.25 percent for banks.
July 20 Discount rate raised from 9-½ percent to 10 percent.
August 16 Discount rate raised to 10-½ percent.
August 24 Federal funds rate raised from 11 percent to 11-¼ percent.
August 26 – September 10 Los Angeles Rapid Transit District strike.
August 28 Prime rate raised from 12 percent to 12-¼ percent.
August 31 – November 21 BART strike.
1978
January 9 Discount rate raised from 6 percent to 6-½ percent.
January 10 Prime rate raised to 8 percent.
February 28 FHA mortgage rate raised from 8-½ percent to 8-¾ percent.
April 1 California minimum wage increased from $2.50 to $2.65 per hour.
May 4 Prime rate raised from 8 percent to 8-¼ percent.
May 8 California savings and loan associations raised mortgage rates from 9-¾ percent to 10 percent.
May 12 Discount rate raised to 7 percent.
May 23 Federal funds rate increased to 7-½ percent.
May 26 FHA-VA mortgage rate raised from 8-¾ percent to 9 percent.
June 6 Proposition 13 approved by California voters.
June 16 Prime rate raised to 8-¾ percent.
June 20 OPEC announced a freeze on crude oil prices until December 16.
June 22 Federal funds rate raised from 7-½ percent to 7-¾ Percent.
June 29 FHA-VA mortgage rate raised to 9-½ percent.
June 30 Prime rate raised to 9 percent.
July 10 Discount rate raised to 7-¼ percent.
July 18 Teamsters union strike affecting supermarkets throughout Northern California.
August 20 Retail clerks union strike in Southern California.
August 21 Discount rate raised to 7-¾ percent.
August 29 Federal funds rate raised from 8-⅛ percent to 8-¼ percent.
August 31 Prime rate raised by some eastern banks from 9 percent to 9-¼ percent.
September 15 Prime rate raised to 9-½ percent.
September 22 Discount rate raised from 7-¾ percent to 9-¾ percent.
September 28 Prime rate raised from 9-½ percent to 9-¾ percent.
October 12 Prime rate raised form 9-¾ percent to 10 percent.
October 15 Tax cut and energy bills passed by Congress.
October 16 Discount rate raised from 8 percent to 8-½ percent.
October 18 Federal funds rate raised from 8-¾ percent to 8-⅞ percent.
October 24 Prime rate raised from 10 percent to 10-¼ percent. California mortgage rates raised from 10 percent to 10-¼ percent at several savings and loan institutions.
October 24 Phase II announced: voluntary guidelines on wages and prices.
November 1 Discount rate raised from 8-½ percent to 9-½ percent. Prime rate raised to 10-½ percent.
November 3 Prime rate raised from 10-½ percent to 10-¾ percent.
November 13 Prime rate raised from 10-¾ percent to 11 percent.
November 24 Prime rate raised to 11-½ percent.
November 27 Federal funds rate raised from 9-¾ percent to 9-7/8 percent.
December 4 Rollover for 6-month certificates of deposit (CDs) began this week.
December 19 Federal funds rate raised to 10 percent.
December 20 Prime rate raised to 11-¾ percent.
1977
May 31 Prime rate raised to 6-¾ percent.
August 22 Prime rate raised to 7 percent.
August 30 Federal Reserve discount rate raised from 5-¼ percent to 5-¾ percent, the first increase since April 1974.
September 16 Prime rate raised to 7-¼ percent.
October 1 – November 24 Longshoremen’s strike against East and Gulf Coast ports.
October 7 Prime rate raised to 7-½ percent.
October 10 – January 4 IAM-Lockheed strike.
October 24 Prime rate raised from 7-½ percent to 7-¾ percent.
October 26 Discount rate raised from 5-¾ percent to 6 percent.
December 6 – March 24 United Mine Workers strike.
1976
January 19 Federal Reserve discount rate lowered from 6 percent to 5-½ percent.
January 21 Prime rate reduced to 6-¾ percent.
April 1 – 3 Teamsters strike.
April 9 – June 4 Prime rate moving upward, 6-¾ percent to 7-¼ percent at most major banks.
April 21 Rubber workers strike.
July 20 – August 2 Cannery workers strike.
August 2 Prime rate reduced to 7 percent. Further reductions as follows:
October 4: 6-¾ percent
October 29: 6-½ percent
December 10: 6-¼ percent
September 15-October 13 Auto workers strike.
October 18 California minimum wage raised to $2.50 per hour.
December 22 Prime rate reduced to 6 percent by Chase Manhattan Bank. Most banks maintain a prime rate of 6-¼ percent.
1975
January 10 Oil Chemical Atomic Workers Union strike.
January 13 Prime rate reduced to 10 percent. Further major cuts as follows:
January 21: 9-¾ percent
January 31: 9 percent
February 6: 8-¾ percent
February 19: 8-½ percent
March 3: 8-¼ percent
March 8: 8 percent
January 21 FHA mortgage rate reduced from 9 percent to 8-½ percent.
February 5 Federal Reserve discount rate cut from 7-¼ percent to 6-¾ percent.
March 10 Federal Reserve discount rate cut from 6-¾ percent to 6-¼ percent.
March 24 Prime rate reduced to 7-½ percent by most major banks.
March 25 King Faisal assassinated.
March 29 Tax reduction act signed into law.
May 19 Prime rate reduced to 7-¼ percent by several major banks.
June 10 Prime rate reduced to 7 percent by most banks.
July 18 Prime rate increased to 7-¼ percent. Further gains as follows:
July 25: 7-½ percent
August 11: 7-¾ percent
September 15: 8 percent
September 1 National Airlines strike.
October 16 Reserve requirement on time deposits reduced from 3 percent to 1 percent.
October 24 Prime rate reduced to 7-¾ percent. Further reductions as follows:
October 31: 7-½ percent
November 21: 7-¼ percent
December 5 – 19 United Airlines strike.
1974
January 3 Stock margin requirements cut from 65 to 50 percent.
February 1-11 Independent truckers strike, Midwest and East Coast.
February 15 Prime rate reduced to 9 percent.
February 22 Prime rate reduced to 8-¾ percent.
March 4 California minimum wage increased to $2.00 per hour from $1.65.
March 18 Arab oil embargo lifted.
March 27 Prime rate increased to 9 percent from 8-¾ percent.
March 28 Prime rate further increased to 9-½ percent.
April 25 Federal Reserve raised discount rate to 8 percent from 7-½ percent.
April 29 Prime rate up to 10-¾ percent.
April 30 Phase IV controls lifted in approximately 165 sectors of the economy.
June 17 – August 4 San Diego construction strike.
June 17 – July 21 Northern California construction strike.
July 1 – Mid-August Southern California construction strike.
July 1 Transit strikes, San Francisco Bay Area.
August 2 – October 21 Los Angeles area transit strike.
August 8 Resignation of President Nixon announced.
August 14 FHA mortgage rate raised to 9-½ percent.
Prime rate reduced from 12 percent to 11-¾ percent on limited basis. Prevailing rate on date of major changes:
October 21: 11-½ percent
October 28: 11-¼ percent
November 4: 11 percent
November 14: 10-¾ percent
November 25: 10-½ percent
October 8 Prime rate reduced from 12 percent to 11-¾ percent by several more large banks.
November 12 – December 9 Coal strike.
December 9 Discount rate reduced from 8 percent to 7-¾ percent.
1973
January 11 Phase III of NEP in effect.
January 15 Discount rate raised from 4-½ percent to 5 percent.
January 27 Vietnam cease fire signed.
January 29 Opening of BART Richmond-Oakland line.
February 12 10 percent devaluation of U.S. dollar announced.
March 2 Major foreign currency exchanges closed.
March 29 Price controls of meat announced.
April 9 – 13 Consumer meat boycott.
April 23 Discount rate raised from 5-½ percent to 5-¾ percent.
May 10 Discount rate raised from 5-¾ percent to 6 percent.
June 11 Discount rate raised from 6 percent to 6-½ percent.
June 14 60-day price freeze announced.
July 2 Discount rate raised from 6-½ percent to 7 percent. Increased reserve requirement on net demand deposits.
July 6 Interest rates increased:
FHA mortgage rate: 7 percent to 7-¾ percent;
bank savings rate: 4-½ percent to 5 percent;
savings and loan rate: 5 percent to 5-¼ percent.
July 18 Phase IV announced.
August 27 Prime rate at 9-¾ percent in major institutions.
October 17 Arab nations announce reductions in oil shipment.
November 5 – December 18 TWA strike.
1972
January 17 – February 20 West Coast dock strike continued.
February 1 – 15 Kaiser Steel Company strike.
July 1 20 percent increase in social security benefits signed into law. Effective September.
September 11 Opening of BART Fremont-Oakland line.
September 21 “Friends of Mammoth” decision.
November 24 Stock margin requirements raised 65 percent.
1971
January 6 Prime rate reduced from 6-æ percent to 6-½ percent.
January 8 Discount rate reduced from 5-½ percent to 5-¼ percent.
January 12 FHA interest rate reduced from 8 percent to 7-½ percent.
January 15 Prime rate reduced from 6-½ percent to 6-¼ percent.
January 18 Prime rate reduced from 6-¼ percent to 6 percent.
January 19 Discount rate reduced from 6-¼ percent to 5 percent.
February 4 Rolls Royce bankruptcy announced.
February 9 Los Angeles earthquake.
February 12 Discount rate reduced from 5 percent to 4-¾ percent.
February 16 Prime rate reduced from 6 percent to 5-¾ percent.
February 23 Davis Bacon Act regulating construction wages on Federal projects suspended. Suspension revoked on March 29. Wage-price curbs ordered.
March 16 Prime rate reduced from 5-¾ percent to 5-½ percent.
March 17 Social security bill signed. Benefits raised 10 percent, retroactive to January 1, 1971. Contribution base raised to $9,000 effective January 1, 1972.
March 25 SST program terminated.
April 1 Interest rates on savings accounts in California banks generally reduced from 4-½ percent to 4 percent.
April 23 Prime rate raised from 5-¼ percent to 5-½ percent.
May 1 Liquidity ratio for savings and loan associations raised from 6-½ percent to 7-½ percent.
May 17 – 18 Rail strike.
June 1 – July 27 Communications workers strike against Western union.
June 15 – 21 Prime rate increased from 5-½ percent to 5-¾ percent. General rise to 6 percent on July 7.
June 29 – July 16 Northern California construction strike.
July 1 – October 6 West Coast dock strike.
July 14 – August 2 Telephone strike.
July 15 Discount rate raised from 4-¾ percent to 5 percent.
July 16 – August 2 Rail strike.
July 31 Steel strike averted by accord on contract.
August 2 Lockheed loan guarantee approval.
August 3 Teamsters walkout in Northern California against building contractors.
August 15 – November 13 President’s economic policy message; 90-day wage-price freeze in effect.
October 1 East and Gulf Coast longshoremen’s strike.
October 20 Prime rate reduced from 6 percent to 5-¾ percent. Further reduction to 5-½ percent on November 4.
November 11 Discount rate reduced from 5 percent to 4-¾ percent.
November 14 Phase II of NEP in effect.
December 6 Stock margin requirements cut from 65 percent to 55 percent.
December 10 Revenue Act of 1971 signed into law.
December 13 Discount rate reduced from 4-¾ percent to 4-½ percent. Prime rate lowered from 5-½ percent to 5-¼ percent.* Intent to devalue U.S. dollar announced. * Adoption of a floating prime rate in November 1971 has resulted in frequent minor adjustments in the rate. Information on the range of rates at any one time and the rate charged by the majority of commercial banks may be obtained from the Federal Reserve Bulletin.
1970
January 1 Personal income tax surcharge reduced to 5 percent. Withholding cut.
January 5 FHA interest rate raised from 7-½ percent to 8-½ percent.
January 21 Increased schedule of interest rates on time deposits and certificates of deposit in effect.
March 25 Prime rate reduced from 8-½ percent to 8 percent.
April 2 – June 2 Teamster strike.
May 6 Stock margin requirement cut from 80 percent to 65 percent.
July 1 Personal income tax surcharge removed.
September 14 – November 23 UAW strike against GM.
September 22 Prime rate reduced from 8 percent to 7-½ percent.
November 10 Discount rate reduced from 6 percent to 5-¾ percent.
November 12 Prime rate reduced from 7-½ percent to 7-¼ percent.
November 23 Prime rate reduced from 7-¼ percent to 7 percent.
December 1 Discount rate reduced from 5-¾ percent to 5-½ percent. FHA interest rate reduced from 8-½ percent to 8 percent.
December 20 13-week extended duration unemployment benefits in effect.
December 22 Prime rate reduced from 7 percent to 6-¾ percent.
1969
January 1 Social security contribution rate increased to combined 9.6 percent.
January 7 Prime rate raised from 6-¾ percent to 7 percent.
January 24 FHA interest rate raised from 6-¾ percent to 7-½ percent.
March 17 Prime rate raised from 7 percent to 7-½ percent.
April 3 Discount rate raised from 5-½ percent to 6 percent; reserve requirement raised.
June 9 Prime rate raised from 7-½ percent to 8-½ percent.
June 12 Required liquidity reserves of savings and loan associations lowered from 6-½ percent to 6 percent.
October 27 – February 1970 General Electric strike.
1968
January 1 Wage base for social security contributions raised form $6,600 to $7,800.
January 5-February 25 San Francisco newspaper strike.
February 1 Minimum wage increased to $1.60 from $1.40 per hour.
March 1 Increase in social security benefit payments, averaging 13 percent.
March 15 Discount rate raised from 4-½ percent to 5 percent. San Francisco increase effective March 18; New York up March 22. Highest level since 1929.
March 15 – April 1 Trading in London gold market suspended. Two-price system for gold effective March 18 by London gold pool countries.
April 1 Personal income tax surcharge. See June 28.
April 1 – June 13 San Francisco area machinists and electrical workers strike.
April 19 Discount rate raised to 5-½ percent. Prime rate increased from 6 percent to 6-½ percent.
April 19 – May 6 Telephone strike strike by Communications Workers of America.
May 7 FHA interest rate raised from 6 percent to 6-¾ percent.
May 16 UAW suspended from AFL-CIO.
June 8 Stock margin requirements raised from 70 percent to 80 percent.
June 28 Tax surcharge and $6 billion federal spending cut legislation signed by President Johnson. 10 percent surcharge retroactive to April 1 for individuals, January 1 for corporations.
July 15 Increased personal income tax withholding in effect.
August 16 – 29 Federal reserve discount rate lowered from 5-½ percent to 5-¼ percent.
September 25 Prime rate lowered from 6-½ percent to 6 percent by Chase Manhattan. (Subsequent reduction by other banks to 6-¼ percent. Chase Manhattan rate raised to 6-¼ percent effective November 13.)
December 2 Prime rate raised from 6-¼ percent to 6-½ percent.
December 18 Federal reserve discount rate raised from 5-¼ percent to 5-½ percent. Prime rate raised from 6-½ percent to 6-¾ percent.
1967
January 26 Prime rate lowered from 6 percent to 5-½ percent.
January 27 Apollo fire and death of three astronauts.
February 1 Minimum wage increased to $1.40 from $1.25 per hour.
March 9 Investment tax credit and accelerated depreciation allowance reinstated.
April 7 Discount rate lowered from 4-½ percent to 4 percent.
April 29 SST program given Presidential approval.
April 21 – July 26 Rubber strike.
July 15 – March 20, 1968 Copper strike.
August 30 Steel price rises announced.
September 6 – October 25 UAW strike against Ford.
November 20 Discount rate raised from 4 percent to 4-½ percent. Prime rate increased from 5-½ percent to 6 percent.
December 15 Los Angeles (Herald Examiner) newspaper strike.
December 27 Increase of ½ percent in reserve requirements announced. Effective in two stages during January 1968.
1966
January 1 Increased social security taxes in effect.
February 8 FHA interest rate raised form 5-º percent to 5-½ percent, no change in ½ percent loan insurance rate.
March 11 Prime rate raised from 5 percent to 5-½ percent in Eastern financial markets.
March 16 Auto excise tax raised from 6 percent to 7 percent.
April 1 Telephone excise tax of 10 percent reinstated.
April 12 FHA interest rate increased from 5-½ percent to 5-¾ percent.
May 1 Increased withholding tax rates in effect.
June 30 Prime rate raised from 5-½ percent to 5-¾ percent in New York, Chicago.
July 8 – August 20 Airline strike.
August 16 Prime rate up to 6 percent, Eastern cities.
October 3 FHA interest rate raised from 5-¾ percent to 6 percent.
October 10 Suspension of 7 percent investment credit and accelerated depreciation allowance.
1965
March 1 – 23 Strike by steel workers at American and continental can companies.
June 16 – August 7 Northern California construction strikes.
June 17 – July 19 Southern California construction strike.
August 11 – 17 Los Angeles riots, Watts area.
December 6 Discount rate raised from 4 percent to 4-½ percent.
December 13 Permitted interest savings accounts raised from 4-½ percent to 5-½ percent under Regulation Q.
1964
February 26 Federal income tax cut measure signed into law. Reflected in withholding rates effective March 5. Individual tax rates cut form 20 percent-91 percent range to 14 percent-70 percent range. Corporation reduction to 48 percent from 52 percent.
September 25 – November 8 UAW strike against GM.
November 23 Discount rate increased from 3-½ percent to 4 percent.
December 22 – 24 Northern California floods.
1963
June 5 Silver backing for Treasury silver certificates removed to ease pressure on silver prices. Sale of silver from Treasury stockpile started September 12.
July 17 Discount rate raised from 3 percent to 3-½ percent.
November 5 Stock margin requirements raised form 50 percent to 70 percent.
November 22 President Kennedy assassinated.
1962
January 1 Federal Reserve Board and Federal Deposit Insurance Corporation authorize commercial banks to raise interest rates to 3-½ percent on all savings and time deposits to 6 months or longer, and to 4 percent on deposits of 1 year or more.
March 16 – April 11 West Coast maritime strike.
May 1 – June 26 Northern California construction strike. Southern California strike, June 18-27. San Diego strike, June 21-July 10.
May 28 “Blue Monday.” Dow Jones industrial average down 34.95 points, sharpest drop since October 28, 1929. Week of May 21-25: average down 38.82, largest one-week decline on record.
July 10 Stock margin requirements cut from 70 percent to 50 percent.
July 11 Revision of depreciation schedules announced by Treasury.
October 18 Commercial bank reserve requirements against time deposits reduced from 5 percent to 4 percent.
1961
February 17 – 23 National airline strike.
March 9 – 13 California dock strike by Teamsters.
May 5 Minimum wage legislation signed: $1.15 for 2 years, $1.25 thereafter.
June 16 – July 4 National maritime strike. Strike resumed September 28-October 12 against owners of 1/3 West Coast merchant fleet.
August 11 Duty exemption for U.S. travelers returning from abroad cut from $500 to $100.
August 26 American Motors Corporation-UAW profit-sharing pact announced.
September 6 – 24 UAW-GM strike.
October 3 – 15 UAW-Ford strike.
1960
June 3 Discount rate lowered form 4 percent to 3-½ percent.
June 17 – 23 Longshoremen’s strike, Los Angeles-Long Beach Harbor. Continued August 13-27, 1960.
July 28 Stock margin requirements cut from 90 percent to 70 percent.
August 12 Discount rate lowered from 3-½ percent to 3 percent.
September 1 Commercial bank reserve requirements against demand deposits cut by ½ percent to 17-½ percent. Further reduction December 1 to 16-½ percent.
1959
March 6 Discount rate raised from 2-½ percent to 3 percent.
May 29 Discount rate raised form 3 percent to 3-½ percent.
July 15 – November 7 116-day steel strike. Kaiser contract signed October 26. Taft-Hartley injunction invoked November 7.
August 7 – September 1 Teamster strike. SF-Bay Area.
August 24 – October 22 West Coast shipyard strike.
September 11 Discount rate raised from 3-½ percent to 4 percent.
1958
January 15 Stock margin requirements cut from 70 percent to 50 percent.
January 21 Discount rate reduced from 3 percent to 2-¾ percent.
February 27 Commercial bank reserve requirements reduced by ½ percent to 19-½ percent of net demand deposits. Further cuts in 1958:
March 20: ½ percent to 19 percent;
April 17: ½ percent to 18-½ percent;
April 24: ½ percent to 18 percent.
March 6 Discount rate cut from 2-¾ percent to 2-¼ percent. Lowest rate since November 1955.
April 18 Discount rate lowered from 2-¼ percent to 1-¾ percent.
August 5 Stock margin requirements raised from 50 percent to 70 percent.
August 11 – September 17 Teamster strike, 11 western states.
August 15 Discount rate increased from 1-¾ percent to 2 percent.
September 17 – 29 UAW-Ford strike.
October 2 – 28 UAW-GM strike.
October 16 Stock margin requirements raised from 70 percent to 90 percent, highest level in 11 years.
October 24 Discount rate raised from 2 percent to 2-½ percent.
November 21 – December 7 Airline strikes. One-third passenger aircraft in U.S. grounded November 24.
1957
January 1 Commercial banks authorized to increase interest rate on savings accounts from 2-½ percent to 3 percent.
August 5 FHA down payments required on FHA-insured home mortgages decreased. Maximum interest rates up from 5 percent to 5-¼ percent.
August 3 – 23 Discount rate raised from 3 percent to 3-½ percent. Highest rate since 1934.
November 15 Discount rate cut from 3-½ percent to 3 percent.
1956
April 13 Discount rate raised from 2-½ percent to 2-¾ percent.
June 1 Guaranteed annual wage plan put into effect for GM, Ford, Chrysler workers.
July 1 – 27 Steel strike. Settled by 3-year, no-strike contract.
August 24 Discount rate raised from 2-¾ percent to 3 percent.
December 4 FHA interest rate on insured mortgages up from 4-½ percent to 5 percent.