DALLAS, Nov. 30, 2016 /PRNewswire/ -- Comerica Bank's
California Economic Activity Index increased by 1.6 percentage
points in September to a level of 124.3. September's reading is 40
points, or 48 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. August's index reading
was 122.7.
"Our California Economic Activity Index increased in September,
indicating that the California
economy accelerated at the end of the third quarter. The California
Index has now increased for six consecutive months. Seven out of
eight index components improved in September. They were nonfarm
employment, state exports, claims for unemployment insurance
(inverted), defense spending, house prices, hotel occupancy and the
NASDAQ 100 Technology Stock index. Only housing starts dipped for
the month. The uptick in California economic activity is consistent
with solid third quarter U.S. GDP growth. We expect the state to
continue to show good momentum through the end of this year and
into early next year," said Robert
Dye, Chief Economist at Comerica Bank. "House prices were
stronger than expected in September. According to the Case-Shiller
data, Los Angeles house prices
increased by a solid 0.5 percent in September, after seasonal
adjustment. San Francisco prices
were up by 0.3 percent. San Diego
house prices also gained 0.3 percent for the month."
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 locations 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