DALLAS, April 1, 2015 /PRNewswire/ -- Comerica
Bank's California Economic Activity Index grew again in January,
adding 0.8 percentage points to reach a level of 119.5. January's
reading is 36 points, or 43 percent, above the index cyclical low
of 83.8. The index averaged 113.7 points for all of 2014, seven and
one-half points above the average for all of 2013. December's index
reading was 118.7.
"Our California Economic Activity Index continues to show
favorable economic conditions for the Eureka State. Six out of
eight index components increased in January. Only exports and
federal defense spending dipped. Payroll job growth for the state
remains well above the U.S. average. Jobs in California increased by 3.2 percent for the 12
months ending in January while the U.S. as a whole gained 2.3
percent. The steady and strong performance of California has been a major benefit to the
U.S. economy," said Robert Dye,
Chief Economist at Comerica Bank. "Strong economic performance has
put pressure on housing markets in California. This is a two-edged sword.
Previously depressed communities are coming back, but low housing
affordability is a constraint in many areas."
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 104 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