DALLAS, Jan. 8, 2015 /PRNewswire/ -- Comerica Bank's California Economic Activity Index grew in October, climbing 0.5 percentage points to a level of 115.9. October's reading is 32 points, or 38 percent, above the index cyclical low of 83.8. The index averaged 106.2 points for all of 2013, five and one-half points above the average for all of 2012. September's index reading was 115.4.
"Our California Economic Activity Index increased in October, for the seventh consecutive month, showing ongoing improvement to the U.S.'s largest state economy. Recent job growth has been stronger than the U.S. average and real estate markets remain tight. The state's unemployment rate is still higher than the U.S. average, but is trending down steadily, falling to 7.2 percent by November. Lower gasoline prices are a boon to California consumers and to the state's very important tourism industry," said Robert Dye, Chief Economist at Comerica Bank. "We expect to see positive momentum in the California economy through 2015."
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 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 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