DALLAS, May 10, 2011 /PRNewswire/ -- Comerica Bank's
California Economic Activity Index declined one point in March, to
a level of 103. March's reading is even with the 103 average
for all of 2010, and nine points, or 10 percent, above the index
cyclical low. Year-to-date the index has averaged 104.
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"After trending sideways in a two-point range from last August
through February, the index ticked down one point in March,
recording its lowest reading in nine months," said Dana Johnson, Chief Economist at Comerica Bank.
"Although job growth was solid in the first quarter, the
California activity index
continues to reflect a lackluster overall recovery. Higher
energy prices, falling housing prices, and the tragedy in
Japan dampened national growth,
and likely growth in California,
in the first quarter of the year. Looking ahead, as first quarter
headwinds dissipate, the local economy should begin showing more
strength against a background of gradually accelerating national
and global growth."
The California Economic Activity Index equally weights nine,
seasonally-adjusted coincident indicators of real economic
activity. These indicators reflect activity in the
manufacturing, travel and trade sectors, as well as job growth and
consumer outlays. The Index levels represent a three-month
moving average, used to smooth monthly volatility. The Index
is benchmarked so that 2008 equals 100.
Comerica Bank, with 104 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 & Institutional
Management. Comerica focuses on relationships and helping
businesses and people be successful.
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SOURCE Comerica Bank