DALLAS, Sept. 24, 2013 /PRNewswire/ -- Comerica Bank's California Economic Activity Index eased in July, decreasing 1.6 percentage points to a level of 104.4. July's reading is 32 points, or 44 percent, above the index cyclical low of 72.7. The index averaged 101 points for all of 2012, three points above the average for all of 2011. June's index reading was revised up from 105.9 to 106.0.
"Our California Index declined again in July reflecting the mixed bag of factors contributing to improving, but uneven, growth in the California economy. The stock market index, based on prices for Silicon Valley companies, strengthened through the summer after dipping early in the year. This is contributing to ongoing economic growth in Northern California," said Robert Dye, Chief Economist at Comerica Bank. "Labor markets are generally improving and residential real estate prices are firming statewide, so conditions look favorable for ongoing moderate economic expansion."
The California Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits, Baker Hughes rotary rig count and the Silicon Valley 150 Index (SV150). All data are seasonally adjusted, as necessary, and indexed to a base year of 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.
Comerica Bank, with 105 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. To find Comerica on Facebook, please visit www.facebook.com/ComericaCares.