DALLAS, Oct. 2, 2015 /PRNewswire/ -- Comerica Bank's
Texas Economic Activity Index eased in July, decreasing 0.3
percentage points to a level of 95.8. July's reading is 23 points,
or 31 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. June's index reading was
96.0.
"Our Texas Economic Activity Index continued to decline in July,
the ninth consecutive drop in the index since late last year. The
drilling rig count has decreased and unemployment insurance claims
have increased, putting consistent downward pressure on the index
this year. State payroll employment growth has downshifted as the
energy sector sheds jobs and other employers grow more cautious in
their hiring," said Robert Dye,
Chief Economist at Comerica Bank. "We expect the drag from low oil
prices to continue into 2016, hitting the large Houston economy particularly hard."
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