DALLAS, April 1, 2015 /PRNewswire/ -- Comerica
Bank's Texas Economic Activity Index continued to ease in January,
decreasing 0.9 percentage points to a level of 106.3. January's
reading is 34 points, or 46 percent, above the index cyclical low
of 72.6. The index averaged 105.1 points for all of 2014, four and
four-fifths points above the average for full-year 2013. December's
index reading was 107.2.
"Our Texas Economic Activity Index fell for the third
consecutive month in January. This is the first three-month drop in
the Texas Index since June 2009. Five
out of eight index components were down in January. These were
exports, initial claims for unemployment insurance (inverted),
housing starts, rig count and hotel occupancy. Payroll employment,
house prices and sales tax were still positives in January.
Obviously, the more than 50 percent drop in oil prices from
mid-year 2014 to present is a significant drag on the Texas economy," said Robert Dye, Chief Economist at Comerica Bank.
"We know the payroll job growth for the state has slowed through
February and the weekly rig count numbers have declined into March,
so we expect to see more evidence of a downshift in the
Texas economy in the months
ahead."
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 135 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