SAN FRANCISCO—California will grapple with surging unemployment and a huge budget deficit this year, the governor’s finance office said Thursday, sketching a grim forecast for one of many states reeling from a coronavirus-induced recession. With much economic activity ground to a halt due to stay-at-home orders meant to combat the coronavirus pandemic, tax revenue is plummeting in California and other states at the same time spending is climbing to cope with the fallout.

Source: Wall Street Journal May 07, 2020 15:01 UTC