DALLAS, May 20, 2014 /PRNewswire/ -- Comerica Bank's California Economic Activity Index was essentially unchanged in March, down just 0.1 percentage points to a level of 108.8. March's reading is 36 points, or 50 percent, above the index cyclical low of 72.7. The index averaged 106 points for all of 2013, five points above the average for all of 2012. February's index reading was revised down to 108.9.
"Our California Economic Activity Index ticked down very slightly in March, essentially unchanged for the month. Three out of eight components were negative, including state exports, hotel occupancy and the Silicon Valley 150 stock market index. Also, residential building permits are improving, but remain below the high rates of the fourth quarter of last year. On the plus side, payroll job growth ticked up and state sales tax receipts improved in March," said Robert Dye, Chief Economist at Comerica Bank. "We expect our California Index to continue its upward trend through the remainder of this year, consistent with an expanding state economy."
The California Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits, Baker Hughes rotary rig count and the Silicon Valley 150 Index (SV150). All data are seasonally adjusted, as necessary, and indexed to a base year of 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.
Comerica Bank, with 105 banking centers in the key California markets of San Francisco and the East Bay, San Jose, Los Angeles, Orange County, San Diego, Fresno, Sacramento, Santa Cruz/Monterey, and the Inland Empire, is a subsidiary of Comerica Incorporated (NYSE: CMA). Comerica is a financial services company headquartered in Dallas, Texas, and strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth Management. Comerica focuses on relationships and helping businesses and people be successful. To find Comerica on Facebook, please visit www.facebook.com/ComericaCares.
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SOURCE Comerica Bank
