DALLAS, Aug. 31, 2016 /PRNewswire/ -- Comerica
Bank's California Economic Activity Index improved by 0.5
percentage points in June to a level of 121.0. June's reading is 37
points, or 44 percent, above the index cyclical low of 84.1. The
index averaged 119.8 points for all of 2015, six and two-fifths
points above the average for all of 2014. May's index reading was
120.5.
"The Comerica Bank California Economic Activity Index improved
in June, breaking out of the range established in June 2015. Performance was strong across most
components. Nonfarm payrolls, state exports, initial claims for
unemployment insurance (inverted), housing starts, defense spending
and the NASDAQ 100 Technology Sector stock index all improved in
June. House prices eased, reflecting cooler real estate conditions
in Northern California. Hotel
occupancy eased in June as well. Recent job growth has been close
to the average of about 35,000 net new jobs per month since 2012,"
said Robert Dye, Chief Economist at
Comerica Bank. "We look for the resumption of an upward trajectory
in our California Index through the second half of this year,
indicating an ongoing expansion for the state economy."
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 102 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 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