DALLAS, Oct. 5 /PRNewswire-FirstCall/ -- Comerica Bank's California Economic Activity Index rose one point in August to a level of 101. August's reading is up 10 points, or 11 percent, cumulatively from the Index's cyclical low of 91 reached in March. August marks the fifth consecutive monthly increase in the Index. The Index in August was unchanged from its level 12 months earlier.
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"Our Index continues to show a welcome strengthening of the California economy, with seven of the nine components of our Index contributing positively in August," said Dana Johnson, Chief Economist at Comerica Bank. "The key missing ingredient to a sustained and healthy rebound continues to be job growth. It is the only component of our index that has not contributed positively since it bottomed five months ago in March."
The California Economic Activity Index equally weights nine, seasonally-adjusted coincident indicators of real economic activity. These indicators reflect activity in the manufacturing, tourism, travel and trade sectors, as well as job growth and consumer outlays. The Index levels represent a 3-month moving average, used to smooth monthly volatility. The Index is benchmarked so that 2008 equals 100. A complete historical series dating to 1997 is available upon request.
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to 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. Comerica reported total assets of $63.6 billion as of June 30, 2009.
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SOURCE Comerica Incorporated
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