Texas Economy Edges Lower In August, Reports The Comerica Bank Texas Economic Activity Index

Texas Economy Edges Lower In August, Reports The Comerica Bank Texas Economic
                                Activity Index

PR Newswire

DALLAS, Oct. 25, 2012

DALLAS, Oct. 25, 2012 /PRNewswire/ -- Comerica Bank's Texas Economic Activity
Index dipped 0.3 points in August, to a level of 98.7. The August index
reading is 27 points, or 38 percent, above the index cyclical low of 71.7. The
index has averaged 98 points thus far in 2012, eight points above the index
average for all of 2011.

(Logo: http://photos.prnewswire.com/prnh/20010807/CMALOGO)

"Our Texas Economic Activity Index has been range bound for the last four
months, after climbing strongly in early 2012," said Robert Dye, Chief
Economist at Comerica Bank. "The majority of the components of our index
improved in August, including payroll jobs, exports, sales tax revenue, hotel
occupancy and residential building permits. However, unemployment insurance
claims increased and the drilling rig count decreased, and those two factors
were enough to neutralize the gain from the others. The rig count will likely
continue to ease through the rest of this year, due to very low natural gas
prices."

The Texas Economic Activity Index consists of seven variables, as follows:
nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates,
continuing claims for unemployment insurance, building permits and 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 the commercial banking subsidiary of Comerica Incorporated
(NYSE: CMA), the largest U.S. banking company 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 139 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. Follow Comerica Chief Economist Robert
Dye on Twitter at @Comerica_Econ.

To receive this index directly to your email inbox, go to
www.comerica.com/econsubscribe to subscribe.

SOURCE Comerica Bank

Website: http://www.comerica.com
Contact: Robert Dye, Media Contact,+1-214-462-6839, radye@comerica.com;
Meaghan Derrick, Data Contact, +1-214-462-6815, maderrick@comerica.com
 
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