DALLAS, Aug. 30 /PRNewswire-FirstCall/ -- Comerica Bank's California Economic Activity Index rose one point in July to a level of 104, matching the high marked in October and November 2009. July's reading is up three points from the year-ago level, and five points above the average for all of 2009. Year-to-date, the Index has averaged 103 points, compared to 99 for all of 2009.
(Logo: http://photos.prnewswire.com/prnh/20010807/CMALOGO)
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO)
"After chopping in a two-point range for 11 months, our Index has matched levels not seen since fourth quarter 2009," said Dana Johnson, Chief Economist at Comerica Bank. "Retail sales, exports and travel helped boost July's reading, while manufacturing and production factors provided some traction to the Index. Amid recent improvement in our Index, the unbalanced California state budget is a significant downside risk. The worrisome slowdown in the national economy that emerged this summer also is likely to constrain growth in California over the balance of the year."
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 Bank is the commercial banking subsidiary of Comerica Incorporated (NYSE: CMA), 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.
To receive this index directly to your email inbox, go to www.comerica.com/econsubscribe to subscribe.
SOURCE Comerica Bank
