DALLAS, Oct. 28, 2015 /PRNewswire/ -- Comerica
Bank's California Economic Activity Index declined in August,
decreasing 1.2 percentage points to a level of 119.6. August's
reading is 36 points, or 42 percent, above the index cyclical low
of 84.1. The index averaged 113.7 points for all of 2014, seven and
one-half points above the average for all of 2013. July's index
reading was 120.8.
"Our California Economic Activity Index ticked down again in
August, after a small decline in July. Six out of eight components
were negative for the month, including the tech sector stock market
index, state exports and housing starts. Much of the drag on the
headline index came from factors originating outside of the state.
U.S. stock market volatility increased in August with the sell-off
in China. Also, the strong dollar
is putting pressure on exports to international markets. House
prices were neutral in August. Nonfarm payroll employment was the
lone, but very important, positive contributor to our August
index," said Robert Dye, Chief
Economist at Comerica Bank. "Year-over-year job growth in
California, at 3.0 percent in
August, remains about a percentage point stronger than the U.S.
average."
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