DALLAS, June 15, 2011 /PRNewswire/ -- Comerica Bank's California Economic Activity Index was unchanged in April, at a level of 104. April's reading is even with the 104 average for all of 2010, and 10 points, or 11 percent, above the index cyclical low. Year-to-date the index has averaged 105. March's reading was revised to a level of 104.
After falling two points from an index high in January, the California Economic Activity Index has trended sideways at a level of 104 for the last three months. Although job growth in California has been solid over the first four months of the year, the state's economic recovery remains lackluster more generally. Declining home prices, high energy prices and supply chain disruptions associated with the Japan earthquake and tsunami dampened growth in the national economy, and likely growth in California, over the first four months of the year. As these headwinds dissipate, the local economy should begin showing more strength against a background of moderate national expansion.
The California Economic Activity Index equally weighs 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.