DALLAS, July 2, 2015 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index eased again in April, decreasing 2.7 percentage points to a level of 98.5. April's reading is 26 points, or 36 percent, above the index cyclical low of 72.9. The index averaged 105.1 points for all of 2014, four and four-fifths points above the average for full-year 2013. March's index reading was 101.2.
"The Texas economy continues to feel the pull from lower oil prices. Our Texas Economic Activity Index has now declined for six consecutive months, beginning in November of 2014. Fortunately, oil prices have been relatively stable near $60 per barrel for the last two months. Concerns about ongoing strong global production and floating storage may weigh on prices this summer. But on the other hand, you have a greatly reduced U.S. rig count, depletion of existing wells and increased gasoline demand by more confident U.S. consumers, which are all supportive of oil prices," said Robert Dye, Chief Economist at Comerica Bank. "Job creation in Texas bounced back in May, but other indicators are showing the impact of reduced energy sector activity."
The Texas Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, sales tax revenues, home prices, and the Baker Hughes rotary rig count. 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 is a subsidiary of Comerica Incorporated (NYSE: CMA), the largest U.S. commercial bank headquartered in Texas, strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to 133 banking centers in Dallas/Fort Worth, Houston, Austin, San Antonio and Kerrville regions of Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. To find Comerica on Facebook, please visit www.facebook.com/ComericaCares.
SOURCE Comerica Bank