DALLAS, July 2, 2015 /PRNewswire/ -- Comerica Bank's
Texas Economic Activity Index eased again in April, decreasing 2.7
percentage points to a level of 98.5. April's reading is 26 points,
or 36 percent, above the index cyclical low of 72.9. The index
averaged 105.1 points for all of 2014, four and four-fifths points
above the average for full-year 2013. March's index reading was
101.2.
"The Texas economy continues to
feel the pull from lower oil prices. Our Texas Economic Activity
Index has now declined for six consecutive months, beginning in
November of 2014. Fortunately, oil prices have been relatively
stable near $60 per barrel for the
last two months. Concerns about ongoing strong global production
and floating storage may weigh on prices this summer. But on the
other hand, you have a greatly reduced U.S. rig count, depletion of
existing wells and increased gasoline demand by more confident U.S.
consumers, which are all supportive of oil prices," said
Robert Dye, Chief Economist at
Comerica Bank. "Job creation in Texas bounced back in May, but other
indicators are showing the impact of reduced energy sector
activity."
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