DALLAS, Oct. 4 /PRNewswire-FirstCall/ -- Comerica Bank's California Economic Activity Index was unchanged in August at 104, level with the October/ November 2009 Index high. August's reading is two points above the year-ago level, and five points above the average for all of 2009. Year-to-date, the Index has averaged 103 points, compared to 99 for all of 2009.
(Logo: http://photos.prnewswire.com/prnh/20010807/CMALOGO)
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO)
"Our August Index held steady, remaining level with the fourth quarter 2009 Index high," said Dana Johnson, Chief Economist at Comerica Bank. "Retail sales, tourism and port trade counteracted slight weakness in exports and nonfarm payrolls to hold the previous level of 104. Failure to pass a state budget remains a critical downside risk for the California economy. Recent national data, however, have not been as weak as expected, which should improve prospects for California companies that sell nationally."
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 three-month moving average, used to smooth monthly volatility. The Index is benchmarked so that 2008 equals 100.
Comerica Bank is the commercial banking subsidiary of Comerica Incorporated (NYSE: CMA), 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.
To receive this index directly to your email inbox, go to www.comerica.com/econsubscribe to subscribe.
SOURCE Comerica Bank
