Comerica Bank's Texas Index Down Slightly in April
DALLAS, June 18, 2013 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index fell slightly in April, declining 0.2 percentage points to a level of 103.7. The April reading is 32 points, or 45 percent, above the index cyclical low of 71.5. The index averaged 102 points for all of 2012, 10 points above the average for full-year 2011. March's index was revised down from a previously reported 104.2 to 103.9.
"Our Texas Index is down slightly for the month of April, but index components suggest that the headline number is leveling out. The stall in the index is consistent with expected cooler overall economic growth for the U.S. as a whole for the second and third quarters of this year," said Robert Dye, Chief Economist at Comerica Bank. "We continue to see job creation in Texas, despite a flat pattern in other components of the index, and that is good news for the state."
The Texas Economic Activity Index consists of seven variables, as follows: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits and Baker Hughes rotary rig count. 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 is the commercial banking subsidiary of Comerica Incorporated (NYSE: CMA), the largest commercial bank headquartered in Texas, strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to 136 banking centers in Dallas/Fort Worth, Houston, Austin, San Antonio and Kerrville regions of 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 find Comerica on Facebook, please visit www.facebook.com/ComericaCares.
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SOURCE Comerica Bank