DALLAS, March 15, 2011 /PRNewswire/ -- Comerica Bank's California Economic Activity Index rose one point in January, to a level of 105. January marks the seventh consecutive month of index readings of 104 or 105. January's reading is two points above the 103 average for all of 2010, and 11 points, or 12 percent, above the index cyclical low.
"January's index reading continued the sideways trend that has emerged in the California economy over the past seven months," said Dana Johnson, Chief Economist at Comerica Bank. "After an uneven and unimpressive 2010 recovery, our Index has ticked up in January, but not broken out to the upside. Looking ahead, California again faces difficult budgetary funding decisions in 2011. Given a timely resolution to these issues, California is poised to make modest gains in 2011 against a background of gradually accelerating national growth."
As of this release, seasonal factors of the index have been revised. A revised index history is available upon request.
The California Economic Activity Index equally weights nine, seasonally-adjusted coincident indicators of real economic activity. These indicators reflect activity in the manufacturing, 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, with 104 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.
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SOURCE Comerica Bank