DALLAS, Dec. 1, 2011 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index reversed a one point dip in August, rising to a level of 99 in September. September's reading is 16 points, or 19 percent, above the index cyclical low of 83. Year-to-date the index has averaged 97, seven percent above the average for all of 2010.
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"The third quarter of 2011 ended with an uptick in economic activity for Texas. However, when we take the last four data points together, we see signs that economic growth in Texas is easing after a two-year rebound from the Great Recession," said Robert Dye, Chief Economist at Comerica Bank. "Job creation in Texas cooled over the third quarter of 2011 and so far into the fourth quarter as well. Manufacturing activity in Texas dipped in November and expectations about future business activity are a little cooler as well. So far, the flattening out of our Texas Index looks similar to what we saw in the middle of 2010, a period that was followed by strong gains. Higher oil prices, now at about $100/barrel, are good news for the state, but weaker global economic conditions, increasingly visible in Europe, are a growing drag."
The Texas Economic Activity Index equally weighs eight, seasonally-adjusted coincident indicators of real economic activity. The eight 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. 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 U.S. banking company headquartered in Texas, strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Dallas/Fort Worth, Houston, Austin and the San Antonio region of 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
