DALLAS, Nov. 18, 2010 /PRNewswire-FirstCall/ -- Comerica Bank's inaugural Texas Economic Activity Index rose one point in September on a seasonally adjusted basis, to a level of 92. In the six months from April through September, the Index has trended sideways, fluctuating between 90 and 92. Year-to-date the Index has averaged three points above the average for all of 2009. The September reading is seven points, or eight percent, above the Index cycle low of 85 reached in mid 2009.
"The sideways pattern traced out by our Index since April documents that the upturn in the Texas economy has slowed in a manner broadly similar to the national recovery," said Dana Johnson, Chief Economist at Comerica Bank. "Looking ahead, I expect the Texas economy will outperform the nation as it has done for the past five years, accelerating faster than the national economy over the balance of 2010 and into 2011. If that pattern emerges, our Texas Economic Activity Index should make an upside breakout in upcoming months."
The Texas 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 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 Bank is the commercial banking subsidiary of Comerica Incorporated (NYSE: CMA), the largest banking company headquartered in 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 Dallas, Houston and Austin, 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
