SAN JOSE, Calif., Sept. 2 /PRNewswire-FirstCall/ -- Comerica Bank today unveiled a new monthly economic index that tracks current trends in the California economy, the Comerica California Economic Activity Index.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO)
Dana Johnson, Chief Economist at Comerica Bank, said the new index increased for a fourth consecutive month in July, suggesting that the California economy is beginning to recover along with the national economy.
The Comerica California Economic Activity Index will be published monthly by Comerica Bank, and will be available free online. Johnson and his staff calculate the index from nine equally weighted, seasonally-adjusted indicators of economic activity in California. These indicators reflect activity in the manufacturing, tourism, travel and trade sectors, as well as job growth and consumer spending in the state.
"Our new Comerica California Index should be a valuable tool for monitoring emerging trends in economic activity in California," Johnson said. "This index will provide a monthly coincident measure of economic activity that fills in the long gaps between the annual releases of real GDP data for the state."
In developing this new Index, Johnson has computed Comerica California Economic Activity Index numbers back to 1997. Over the 12-year history, the Index closely parallels movements in the annual real Gross Domestic Product (GDP) data published by the U.S. Department of Commerce.
Johnson each January hosts an Economic Forecast Conference in the San Jose area.
"We are proud to announce this new monthly Comerica California Economic Activity Index, as a new, indispensable tool for business and public policy leaders," said J. Michael Fulton, president and CEO of Comerica Bank's Western Market.
"Nothing is more important in developing successful business strategies than accurate information, and this new index will provide answers on a monthly basis to the question on every Californian's mind: 'How are we doing?'" said Fulton.
To subscribe to the Comerica California Economic Activity Index every month, go to http://www.comerica.com/econsubscribe.
About Comerica Bank
Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a Dallas-based company strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people be successful. In addition to Arizona and California, Comerica Bank locations can be found in Florida, Michigan and Texas, with select businesses operating in several other states, Canada and Mexico. Comerica reported total assets of $63.6 billion at June 30, 2009. For more information, go to www.comerica.com.
Dana Johnson in the news - Fort Worth Business Press, Dec. 29, 2008:
"To me, the common denominator for the year has been an ongoing credit crunch that was bad at the beginning of the year, but intensified incredibly in the fall. So, what we're really looking at is just enormous losses related to house prices and the mortgages that were all created to finance those houses... What primarily is going on here is a reaction to all the weaknesses that have emerged in lending practices and in our financial markets more broadly."
About Dana Johnson
Dana Johnson has been Senior Vice President and Chief Economist at Comerica Incorporated since January 2005. He leads the bank's economics department and provides commentary and research vital to Comerica and its customers.
Johnson came to Comerica from Bank One in Chicago where he served as managing director and head of research for Banc One Capital Markets.
Johnson began his career at the Board of Governors of the Federal Reserve Board in Washington, D.C., where he served for eight years doing both nonfinancial and financial analysis.
He is a member of the National Association of Business Economists and the American Economic Association. Currently he is on the American Bankers Association Economic Advisory Committee. He earned a Bachelor of Arts degree from Wesleyan University and a Ph.D. in Economics from Northwestern University.
SOURCE Comerica Bank
Photo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Bank
Web site: http://www.comerica.com/
