DALLAS, July 29, 2015 /PRNewswire/ -- Comerica Bank's
California Economic Activity Index grew in May, increasing 0.8
percentage points to a level of 120.5. May's reading is 36 points,
or 43 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. April's index reading was
119.7.
"The California economy
continued to gain momentum in May after picking up speed in April.
In May we see the second monthly increase in our California
Economic Activity Index, reversing a three-month slide through the
first quarter of this year. Job creation in the state remains well
above the U.S. average. Through June, payroll job growth in
California was up 3.0 percent over
the previous 12 months, bringing the state unemployment rate down
to 6.3 percent, the lowest it has been since February 2008," said Robert Dye, Chief Economist at Comerica Bank.
"Real estate markets continue to firm up, supported by the strong
performance of the IT 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