Florida Economy Weakens In July, Reports Comerica Bank's Florida Economic Activity Index
DALLAS, Sept. 26, 2012 /PRNewswire/ -- Comerica Bank's Florida Economic Activity Index declined for the second month, falling 0.6 points in July, to a level of 107.5. The July index reading is 27 points, or 33 percent, above the index cyclical low of 80.6. Year-to-date the index has averaged 108, nine points above the average for all of 2011.
"Following a moderate dip in June, the Florida economy weakened further in July, by 0.6 points, according to our Florida Economic Activity Index," said Robert Dye, Chief Economist at Comerica Bank. "The July drop in the index is worrisome in that all variables except housing permits declined or were flat for the month. Job growth through July remained weak, and below the national average. Residential construction and firming home prices, however, are bright spots in the state's economy."
The Florida 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 airline passenger deplanements. 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.
In addition to Boca Raton, East Boca Raton, Fort Lauderdale, Naples, Palm Beach Gardens, Singer Island, Sarasota, Stuart, Wellington and Weston, Fla., Comerica locations can be found in its headquarters state of Texas, as well as in Arizona, California 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. Follow Comerica Chief Economist Robert Dye on Twitter at @Comerica_Econ.
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SOURCE Comerica Bank