DALLAS, July 29, 2015 /PRNewswire/ -- Comerica
Bank's Texas Economic Activity Index eased again in May, decreasing
2.0 percentage points to a level of 96.6. May's reading is 24
points, or 32 percent, above the index cyclical low of 72.9. The
index averaged 105.2 points for all of 2014, four and nine-tenths
points above the average for full-year 2013. April's index reading
was 98.6.
"Our Texas Economic Activity Index declined again in May, for
the seventh consecutive month, showing the ongoing drag on the
state economy from lower oil prices. Our index data extends through
May, limited by the release of house price data. The recent drop in
the price of West Texas Intermediate crude oil from near
$60 per barrel in May and June, to
now approaching $47 per barrel, is
not reflected in our May Index. The drilling rig count for
Texas stabilized in June and
picked up slightly in early July, as drillers felt more confident
that $60 oil was profitable," said
Robert Dye, Chief Economist at
Comerica Bank. "Now with oil prices taking another leg down, we
expect the drilling rig count to fall further and consolidation in
the state's energy sector to continue."
The Texas Economic Activity Index consists of eight variables,
as follows: nonfarm payrolls, exports, hotel occupancy rates,
continuing claims for unemployment insurance, housing starts, sales
tax revenues, home prices, and the Baker Hughes rotary rig count.
All data are seasonally adjusted, as necessary, and indexed to a
base year of 2008. Nominal values have been converted to constant
dollar values. Index levels are expressed in terms of three-month
moving averages.
Comerica Bank is a subsidiary of Comerica Incorporated (NYSE:
CMA), the largest U.S. commercial bank headquartered in
Texas, strategically aligned by
three business segments: The Business Bank, The Retail Bank, and
Wealth Management. Comerica focuses on relationships, and helping
people and businesses be successful. In addition to 133 banking
centers in Dallas/Fort Worth,
Houston, Austin, San
Antonio and Kerrville
regions of Texas, Comerica Bank
locations can be found in Arizona,
California, Florida and Michigan, with select businesses operating in
several other states, as well as in Canada and Mexico. To find Comerica on Facebook, please
visit www.facebook.com/ComericaCares.
To subscribe to our publications or for questions, contact us at
ComericaEcon@comerica.com. Archives are available at
http://www.comerica.com/economics. Follow us on Twitter:
@Comerica_Econ.
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SOURCE Comerica Bank