DALLAS, May 11, 2011 /PRNewswire/ -- Comerica Bank's
Texas Economic Activity Index dropped two points in March, to a
level of 94. Year-to-date the index has averaged 95, five
percent above the average for all of 2010. The March reading
is up 11 points, or 13 percent, above the index cyclical low of 83.
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"After reaching its highest level in more than two years, the
Texas Economic Activity Index declined by two points in March,"
said Dana Johnson, Chief Economist
at Comerica Bank. "Air travel, hotel occupancy and the index
proxy for vehicle travel suffered in March—likely due to the same
spike in energy prices that aided drilling activity and nonfarm
payroll growth in the state. Looking ahead, Texas is well-positioned to outperform the
national economy in 2011, which should be confirmed by moderate
gains in the index over the course of the year."
The Texas Economic Activity Index equally weights eight,
seasonally-adjusted coincident indicators of real economic
activity. The eight 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. A complete, revised
historical series dating to 1997 is available upon request.
Comerica Bank is the commercial banking subsidiary of Comerica
Incorporated (NYSE: CMA), the largest U.S. banking company
headquartered in Texas, and is
strategically aligned by three business segments: The Business
Bank, The Retail Bank, and Wealth & Institutional Management.
Comerica focuses on relationships, and helping people and
businesses be successful. In addition to Dallas, Houston and Austin,
Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in
several other states, as well as in Canada and Mexico.
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SOURCE Comerica Bank