DALLAS, Dec. 2, 2014 /PRNewswire/ -- Comerica Bank's California Economic Activity Index grew in September, climbing 0.7 percentage points to a level of 115.3. September's reading is 32 points, or 38 percent, above the index cyclical low of 83.8. The index averaged 106.2 points for all of 2013, five and one-half points above the average for all of 2012. August's index reading was 114.6.
"Our California Economic Activity Index increased in September, reflecting broad-based improvement to the state economy. Seven out of eight component series increased for the month and the house prices index for California was steady. The sixth consecutive monthly increase in our California Index shows that the state economy grew moderately through the second and third quarters of this year," said Robert Dye, Chief Economist at Comerica Bank. "Lower fuel prices will help both consumers and energy intensive industries at year end. Also, easing constraints on federal defense spending will be supportive of the California economy in 2015."
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 104 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.
SOURCE Comerica Bank
