DALLAS, July 12, 2011 /PRNewswire/ -- Comerica Bank's
California Economic Activity Index was unchanged in May, at a level
of 102. May's reading is one point below the 104 average for
all of 2010, and eight points, or 9 percent, above the index
cyclical low. Year-to-date the index has averaged 103.
April's reading was revised to 102 from a level of 104.
(Logo: http://photos.prnewswire.com/prnh/20010807/CMALOGO)
Following a revised one-point drop in April, the California
Economic Activity Index was flat in May. Job growth in the
state stalled for the first time in seven months, while production
factors were roughly flat on the month. High energy prices
and supply chain disruptions associated with the Japan earthquake and tsunami likely damped
growth in California over the
first two months of the second quarter. As these headwinds
dissipate, the local economy should begin showing strength against
a background of moderate national expansion over the second half of
the year.
The California Economic Activity Index equally weighs 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