DALLAS, Jan. 27, 2016 /PRNewswire/ -- Comerica Bank's California Economic Activity Index grew in November, increasing 1.0 percentage point to a level of 120.6. November's reading is 37 points, or 43 percent, above the index cyclical low of 84.1. The index averaged 113.7 points for all of 2014, seven and two-fifths points above the average for all of 2013. October's index reading was 119.6.
"Our California Economic Activity Index increased again in November after dipping from July through September. Two index components contributed to California's summer doldrums: housing starts and the tech stock index. Both of those components improved in November. Also in November, we see only one index component in decline, state exports, likely being weighed down by the strong dollar," said Robert Dye, Chief Economist at Comerica Bank. "Year-over-year job growth in California remains well above the U.S. average, registering a strong 2.9 percent in December while the U.S. as a whole gained 1.9 percent."
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