California Economy Declines In November, Reports Comerica Bank's California Economic Activity Index

 California Economy Declines In November, Reports Comerica Bank's California
                           Economic Activity Index

PR Newswire

DALLAS, Jan. 24, 2013

DALLAS, Jan. 24, 2013 /PRNewswire/ -- Comerica Bank's California Economic
Activity Index fell 1.3 percentage points in November, declining to a level of
102.4. November's reading is 29 points, or 40 percent, above the index
cyclical low of 73.2. The index has averaged 103 points the eleven months
through November, four points above the average for all of 2011.


"After reaching its most recent peak of 105.2 in July, our index has declined
for each of the past four months ending in November. A declining drilling rig
count has been a strong drag on the index, and residential construction
indicators and Silicon Valley stock performance have recently been weaker, as
well," said Robert Dye, Chief Economist at Comerica Bank. "State sale and
income tax increases will help stabilize the state's fiscal condition in the
near term, but they also contribute to a high cost environment which could end
up being a drag on business formation down the road."

The California Economic Activity Index consists of eight variables, as
follows: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates,
continuing claims for unemployment insurance, building permits, Baker Hughes
rotary rig count and the Silicon Valley 150 Index (SV150). 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 105 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

To receive this index directly to your email inbox, go to to subscribe. Follow us on Twitter at

SOURCE Comerica Bank

Contact: media, Robert Dye, +1-214-462-6839,, or data,
Meaghan Derrick, +1-214-462-6815,
Press spacebar to pause and continue. Press esc to stop.