DALLAS, Dec. 8, 2010 /PRNewswire-FirstCall/ -- Comerica Bank's California Economic Activity Index declined one point in October to a level of 104. October marks the first dip in the Index since January. Year-to-date the Index has averaged 103 points, up four points from the average for all of 2009.
"After showing a strong uptrend over the course of 2009, our index has been much less consistent thus far in 2010," said Dana Johnson, Chief Economist at Comerica Bank. "The message of our index is that the recovery in California remains choppy and unimpressive. Looking ahead to 2011, I expect the California economy to make modest gains 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 103 banking centers in the key California markets of San Francisco and the East Bay, San Jose, Los Angeles, Orange County, San Diego, Fresno, Sacramento, and Santa Cruz/Monterey, 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. Comerica reported total assets of $55.0 billion at September 30, 2010.
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SOURCE Comerica Bank