DALLAS, Feb. 9 /PRNewswire-FirstCall/ -- Comerica Bank's California Economic Activity Index rose one point in December, reaching a new record high of 103. The December Index is up 12 points, or 13 percent, from the March cyclical low of 91. The Index average for all of 2009 is 98, two points below the average for 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO)
"As it has done consistently over the course of the last year-and-a-half, employment again contributed negatively to our Index," said Dana Johnson, Chief Economist at Comerica Bank. "Although our Index's other indicators are signaling growing strength in the California economy, employment remains the key missing ingredient to the expansion. Given encouraging growth trends emerging nationally and globally, however, California should still be set for a sustained expansion that begins creating jobs in 2010."
The California Economic Activity Index equally weights nine, seasonally-adjusted coincident indicators of real economic activity. These indicators reflect activity in the manufacturing, tourism, 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 Incorporated (NYSE: CMA) is 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. Comerica reported total assets of $59.2 billion as of December 31, 2009.
To receive this index directly to your email inbox, go to www.comerica.com/econsubscribe to subscribe.
SOURCE Comerica Bank
