DALLAS, July 29 /PRNewswire-FirstCall/ -- Comerica Bank's California Economic Activity Index was unchanged in June, at a level of 103. June's reading is up five points from the year-ago level and four points above the average for all of 2009. Year-to-date the Index has averaged 102 compared to 99 for all of 2009.
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"Our Index has chopped sideways in a two point range for 11 months, reflecting the lackluster recovery underway in California," said Dana Johnson, Chief Economist at Comerica Bank. "June's reading was bolstered by continued employment growth, as well as positive trends in trade and travel, but was held down by declining sales taxes and oil production. Although our Index has strengthened slightly in recent months, the risk is that it could start declining again if the state legislature is unable to swiftly negotiate a balanced state budget. The lull in the national economy that has emerged at midyear also is likely to constrain growth in California."
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.
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.
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SOURCE Comerica Bank
