DALLAS, April 14, 2011 /PRNewswire/ -- Comerica Bank's California Economic Activity Index ticked down one point in February, to a level of 104. February marks the eighth consecutive month of index readings of 104 or 105. February's reading is one point above the 103 average for all of 2010, and 10 points, or 11 percent, above the index cyclical low.
"Despite some improvement in hiring, Comerica's California activity index continued to trend sideways in February," said Dana Johnson, Chief Economist at Comerica Bank. "With no suggestion of an upside breakout, our index continues to confirm that the recovery in California remains lackluster. In the near-term, higher energy prices and the tragedy in Japan are likely to extend the sideways trend in our index. However, later in 2011, the local economy should begin showing more strength against a background of gradually accelerating national and global 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 & Institutional Management. Comerica focuses on relationships and helping businesses and people be successful.