DALLAS, July 29, 2015 /PRNewswire/ -- Comerica Bank's California Economic Activity Index grew in May, increasing 0.8 percentage points to a level of 120.5. May's reading is 36 points, or 43 percent, above the index cyclical low of 84.0. The index averaged 113.7 points for all of 2014, seven and one-half points above the average for all of 2013. April's index reading was 119.7.
"The California economy continued to gain momentum in May after picking up speed in April. In May we see the second monthly increase in our California Economic Activity Index, reversing a three-month slide through the first quarter of this year. Job creation in the state remains well above the U.S. average. Through June, payroll job growth in California was up 3.0 percent over the previous 12 months, bringing the state unemployment rate down to 6.3 percent, the lowest it has been since February 2008," said Robert Dye, Chief Economist at Comerica Bank. "Real estate markets continue to firm up, supported by the strong performance of the IT sector."
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