Comerica Bank's California Index Declines in February
DALLAS, April 23, 2014
DALLAS, April 23, 2014 /PRNewswire/ --Comerica Bank's California Economic
Activity Index declined in February, down 1.1 percentage points to a level of
109.0. February's reading is 36 points, or 50 percent, above the index
cyclical low of 72.7. The index averaged 106 points for all of 2013, five
points above the average for all of 2012. January's index reading was
unchanged at 110.1.
"Our California Economic Activity Index declined in February, reflecting the
hangover from softer economic conditions this winter. Most components of the
index were positive for February, indicating that the overall series will turn
north again soon. Drought conditions are hurting the agricultural sector, and
the state's important defense industry is feeling the drag from federal
spending cuts. However, most other sectors of the California economy are on a
moderate improvement track supported by a strong high-tech sector and climbing
house prices," said Robert Dye, Chief Economist at Comerica Bank. "We continue
to expect the California economy to improve through 2014."
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 Contact: Robert Dye, (214) 462-6839, firstname.lastname@example.org, or
Data Contact: Daniel Sanabria, (214) 462-6789, email@example.com
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