DALLAS, Feb. 17, 2011 /PRNewswire/ -- Comerica Bank's California Economic Activity Index was unchanged in December, at a level of 105 for the fourth time in five months. The Index averaged a level of 104 for all of 2010, up five points from the average for all of 2009. November's reading was unrevised.
"Our Index's December reading continued to illustrate the stalled pattern of growth in the California economy over the second half of 2010," said Dana Johnson, Chief Economist at Comerica Bank. "The state's recovery over the course of 2010 was uneven and inconsistent, showing an unimpressive acceleration of growth compared to 2009. Looking ahead, California is poised to make modest gains in 2011 against a background of gradually accelerating national growth."
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