DALLAS, Oct. 2, 2015 /PRNewswire/ -- Comerica Bank's
California Economic Activity Index declined in July, decreasing 0.3
percentage points to a level of 120.9. July's reading is 37 points,
or 44 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. June's index reading was
121.2.
"Our California Economic Activity Index showed a small decline
in July. State exports weakened, reflecting tougher export
conditions for many industries as the dollar strengthens and global
demand cools. Housing starts, house prices and hotel occupancy were
all drags on the headline index in July. Stock market volatility
was also a negative factor, weighing on our tech sector indicator,"
said Robert Dye, Chief Economist at
Comerica Bank. "It is important to note, however, that the labor
market components for the California index are showing strength, and we
expect that to continue through the remainder of the year."
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