DALLAS, Jan. 6 /PRNewswire-FirstCall/ -- Comerica Bank's California Economic Activity Index was unchanged in November, at a level of 102. The Index in November remains up 11 points, or 12 percent, cumulatively from its March cyclical low of 91. November's reading is up four points over the same month in 2008, the largest 12-month increase in the Index since June 2005.
"Employment continues to be the only component of our Index that is consistently negative," said Dana Johnson, Chief Economist at Comerica Bank. "Initial claims for unemployment insurance in California using seasonal factors estimated at Comerica have fallen about 10 percent since peaking in mid-2008, suggesting that job growth in the state should begin to emerge later in 2010. I remain optimistic that a self-sustaining expansion will develop in California this year, given the stronger growth trends that are emerging both nationally and globally."
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 3-month moving average, used to smooth monthly volatility. The Index is benchmarked so that 2008 equals 100. A complete historical series dating to 1997 is available upon request.
Comerica Incorporated is 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. Comerica reported total assets of $59.6 billion as of September 30, 2009.
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SOURCE Comerica Bank