California Economy Drops In January, Reports Comerica Bank's California Economic Activity Index

   California Economy Drops In January, Reports Comerica Bank's California
                           Economic Activity Index

PR Newswire

DALLAS, March 28, 2013

DALLAS, March 28, 2013 /PRNewswire/ --Comerica Bank's California Economic
Activity Index dropped in January, falling 2.2 points to a level of 98.6.
January's reading is 25 points, or 35 percent, above the index cyclical low of
73.2. The index averaged a revised 103 points for all of 2012, four points
above the average for all of 2011. December's index reading was revised to


"Our California Index has declined for each of the last six months, down 6.7
points from its July 2012 peak," said Robert Dye, Chief Economist at Comerica
Bank. "Components of the index were mostly negative. Only payrolls and sales
tax receipts were up for January. Property markets appear to be firming up in
most areas, providing broad-based support to the state economy. However,
recent state income and sales tax increases add to the drag from federal-level
fiscal tightening."

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