DALLAS, Oct. 28, 2015 /PRNewswire/ -- Comerica
Bank's Texas Economic Activity Index eased in August, decreasing
0.4 percentage points to a level of 95.2. August's reading is 22
points, or 31 percent, above the index cyclical low of 72.8. The
index averaged 105.2 points for all of 2014, four and four-fifths
points above the average for full-year 2013. July's index reading
was 95.5.
"Our Texas Economic Activity Index declined again in August, its
10th consecutive monthly decline. The state economy is feeling the
drag from reduced oil field activity and we expect the oil business
to remain stressed through the remainder of this year. However,
increased economic diversity is also part of the story for
Texas, and we still see net
positive job creation for the state despite the drag from lower oil
prices. Housing starts and house prices are also holding up
statewide, although there are signs of weakness in some areas,"
said Robert Dye, Chief Economist at
Comerica Bank. "The rate of decline in our Texas Economic Activity
Index has clearly eased. We look for more stable conditions for the
state economy as we progress through 2016."
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