DALLAS, Jan. 5, 2016 /PRNewswire/ -- Comerica Bank's California Economic Activity Index was unchanged in October, maintaining a level of 119.5. October's reading is 35 points, or 42 percent, above the index cyclical low of 84.1. The index averaged 113.7 points for all of 2014, seven and two-fifths points above the average for all of 2013. September's index reading was 119.5.
"Our California Economic Activity Index stabilized in October after three consecutive months of declines from July through September. Four index components were positive in October, including payroll employment, unemployment insurance claims (inverted), house price index and hotel occupancy. State exports, housing starts, U.S. defense spending and the NASDAQ 100 tech stock index were negative factors in October," said Robert Dye, Chief Economist at Comerica Bank. "A strong positive for the state is payroll employment which has increased every month since April 2011. Consistent job growth is a strong support to California households and to the state's housing industry."
The California Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, national defense spending, home prices, and the NASDAQ-100-Technology Sector Index (NDXT). 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 103 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.
SOURCE Comerica Bank