Comerica Bank's California Index Improved in August
DALLAS, Oct. 21, 2013
DALLAS, Oct. 21, 2013 /PRNewswire/ --Comerica Bank's California Economic
Activity Index grew in August, increasing 0.6 percentage points to a level of
104.6*. August's reading is 32 points, or 44 percent, above the index cyclical
low of 72.7. The index averaged 101 points for all of 2012, three points above
the average for all of 2011. July's index reading was revised down from 104.4
"Our California Index improved in August, as five of the eight component
series increased. However, there is a technical factor worth noting that
impacts our California Index. Unemployment insurance claims in California have
been underreported in recent weeks due to problems with the state's computer
systems. We expect to see a worsening of the state's unemployment insurance
claims as the technical problems are fixed and this could be a drag on our
index in coming months," said Robert Dye, Chief Economist at Comerica Bank.
"Other labor market indicators for California continue to improve, supported
by firming real estate markets."
*State level exports data have not been reported for August due to the federal
government shut-down. We estimated an August export number in order to
calculate the total index.
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
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SOURCE Comerica Bank
Contact: Media, Robert Dye, (214) 462-6839, email@example.com, or Data
Contact, Daniel Sanabria, (214) 462-6789, firstname.lastname@example.org
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