DALLAS, Dec. 2, 2015 /PRNewswire/ -- Comerica Bank's California Economic Activity Index declined in September, decreasing 0.2 percentage points to a level of 119.4. September's reading is 35 points, or 42 percent, above the index cyclical low of 84.1. The index averaged 113.7 points for all of 2014, seven and one-half points above the average for all of 2013. August's index reading was 119.6.
"Our California Economic Activity Index marked its third consecutive decline in September, losing a slight 0.2 percentage points. Most components of the index rebounded after a weak August. Only one component of the index, the tech sector stock index, was negative in September. Tech stocks saw significant weakening in September, but regained ground through October. Exports and home prices broke their three-month losing streaks in September and hotel occupancy saw its first increase since February," said Robert Dye, Chief Economist at Comerica Bank. "Job growth has remained solid in California, which will support personal income and real estate markets as the state economy continues to expand."
The California Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, national defense spending, home prices, and the NASDAQ-100-Technology Sector Index (NDXT). 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 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, 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.
SOURCE Comerica Bank