DALLAS, Nov. 3, 2010 /PRNewswire-FirstCall/ -- Comerica Bank's California Economic Activity Index was unchanged in September at 105, sustaining the index high reached in August. The Index for August was preliminarily reported as 104, but was revised up to 105 based on more complete data. The September reading is only two points above the year-ago level and six points above the average for all of 2009. Year-to-date, the Index has averaged 103 points, up four points from the 2009 Index average of 99.
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"Strong trade data, as well as favorable retail sales offset weak employment growth to hold the Index steady at a level of 105," said Dana Johnson, Chief Economist at Comerica Bank. "Over the first three-quarters of the year, our Index has trended gradually higher, reflecting a restrained recovery in the California economy over 2009. Looking ahead, I expect the California economy to continue to make modest gains, against a background of sustained but mediocre national growth."
The California Economic Activity Index equally weights nine, seasonally-adjusted coincident indicators of real economic activity. These indicators reflect activity in the manufacturing, 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.
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SOURCE Comerica Bank
