DALLAS, Aug. 26, 2015 /PRNewswire/ -- Comerica
Bank's Texas Economic Activity Index eased in June, decreasing 0.6
percentage points to a level of 96.0. June's reading is 23 points,
or 32 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. May's index reading was
96.6.
"Our Texas Economic Activity Index declined moderately in June,
marking the eighth straight monthly drop. While it is obvious that
low oil prices are having an impact on the Texas economy, it is also noteworthy that
recent labor data shows that total payroll employment in the state
has so far declined in only one month this year, March. In April,
May, June and July, Texas saw net
job gains. Other components of our index are showing consistent
losses, including unemployment insurance claims (inverted), rig
count, sales tax and hotel occupancy. The data show the nuances in
Texas. The energy sector is a
major component of the Texas
economy, but oil is not the whole story. The state economy has
shown resiliency in the early days of the dramatic collapse of oil
prices," said Robert Dye, Chief
Economist at Comerica Bank. "That said, our June index does not
include the drop in oil prices to below $40 per barrel. This will undoubtedly increase
the stress on the Texas energy
sector, and the whole state economy."
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