DALLAS, Aug. 26, 2015 /PRNewswire/ -- Comerica
Bank's California Economic Activity Index grew in June, increasing
0.4 percentage points to a level of 121.1. June's reading is 37
points, or 44 percent, above the index cyclical low of 84.0. The
index averaged 113.7 points for all of 2014, seven and one-half
points above the average for all of 2013. May's index reading was
120.6.
"Our California Economic Activity Index increased again in June,
showing a consistent recovery from a slight dip last March. Most
components of the index were positive in June, including payroll
employment, unemployment insurance claims, housing starts, defense
spending and the Nasdaq 100. We did see a little give back in the
house price index and in hotel occupancy for June, but the bulk of
the data show positive conditions for the state economy. The recent
global stock market correction will show up in our tech sector
indicator – the Nasdaq 100 – but we believe that the correction
will not be a fundamental drag on the state economy," said
Robert Dye, Chief Economist at
Comerica Bank. "Solid job creation and cheaper gasoline prices are
supportive of the state's large consumer sector."
The California Economic Activity Index consists of eight
variables, as follows: nonfarm payrolls, exports, hotel occupancy
rates, continuing claims for unemployment insurance, housing
starts, national defense spending, home prices, and the
NASDAQ-100-Technology Sector Index (NDXT). 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, with 103 banking centers in the key California markets of San Francisco and the East Bay, San Jose, Los
Angeles, Orange County,
San Diego, Fresno, Sacramento, Santa
Cruz/Monterey, and the
Inland Empire, is a subsidiary of Comerica Incorporated (NYSE:
CMA). Comerica is a financial services company headquartered in
Dallas, Texas, and strategically
aligned into three major business segments: the Business Bank, the
Retail Bank, and Wealth Management. Comerica focuses on
relationships and helping businesses and people be successful. 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