DALLAS, Dec. 28, 2010 /PRNewswire-FirstCall/ -- Comerica Bank's Texas Economic Activity Index rose one point in October on a seasonally adjusted basis, to a level of 92. For the past seven months, the Index has trended sideways, fluctuating between 90 and 92. Year-to-date the Index has averaged three points above the average for all of 2009. The October reading is seven points, or eight percent, above the Index cycle low of 85 reached in mid 2009. September's reading was revised from 92 to a level of 91.
"Following a five month surge at the beginning of the year, the Index has since trended sideways for the five months to October, a pattern broadly similar to the national recovery," said Dana Johnson, Chief Economist at Comerica Bank. "Looking ahead, I expect Texas to outperform the nation, as the state's low unemployment rate, moderate taxes and welcoming business environment attract companies and people from other parts of the country. If this view holds, it will be confirmed by an upside breakout in our Texas Economic Activity Index."
The Texas Economic Activity Index equally weights nine, seasonally-adjusted coincident indicators of real economic activity. These indicators reflect activity in the manufacturing, travel, and trade sectors, as well as job growth and consumer outlays. The Index levels represent a 3-month moving average, used to smooth monthly volatility. The Index is benchmarked so that 2008 equals 100. A complete historical series dating to 1997 is available upon request.
Comerica Bank is the commercial banking subsidiary of Comerica Incorporated (NYSE: CMA), the largest banking company headquartered in Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Dallas, Houston and Austin, 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.
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SOURCE Comerica Bank