DALLAS, July 1, 2016 /PRNewswire/ -- Comerica Bank's
Texas Economic Activity Index improved in April, up 0.2 percentage
points to a level of 92.1. April's reading is 19 points, or 27
percent, above the index cyclical low of 72.8. The index averaged
97.5 points for all of 2015, seven and three-fifths points below
the average for full-year 2014. March's index reading was 91.9.
"Our Texas Economic Activity Index increased slightly in April,
marking the first increase since September
2015. We view this as a positive sign for the Texas economy which is still weighed down by
the beleaguered energy sector. With oil prices firming near
$50 per barrel after bottoming out in
February, we are seeing the first signs of stability in the rig
count. The last four weekly rig count totals for Texas have increased modestly after the count
bottomed out for the week ending May
20th at just 173 active rigs. Despite the positive recent
news from the rig count, the overall Texas economy is still underperforming.
Payroll job growth appears to be trending down with only 11,900
jobs added in April and 200 jobs added statewide in May," said
Robert Dye, Chief Economist at
Comerica Bank. "Even with stronger oil prices, downward momentum in
the Texas economy may take some
months to dissipate."
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 131 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 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