DALLAS, Aug. 25, 2011 /PRNewswire/ -- Comerica Bank's
Texas Economic Activity Index rose one point in June, to a level of
99. June marks the fourth straight month of increases in the
index, with the index flat or increasing for every reading since
September 2010. June's reading
is 16 points, or 19 percent, above the index cyclical low of 83.
Year-to-date the index has averaged 96, six points above the
average for all of 2010. May's level was revised up one
point, to a level of 98.
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"The Texas Economic Activity Index has shown consistent, strong
performance over the first half of 2011," said Robert Dye, Chief Economist at Comerica Bank.
"Job growth, increased drilling activity, firm trade and
retail sales have contributed to a solid three quarters of economic
growth in Texas. Even with oil
prices now down in the range of $85 a
barrel, I expect to see continued solid drilling activity. Ongoing
job growth is key to a healthy economy and Texas is a job growth leader. Total employment
for the state is now approaching its pre-recession peak. However,
there is increasing potential for slower growth outside of
Texas to begin to exert a drag on
the state economy. We remain on alert for signs of recession in the
U.S. economy and in Europe."
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 Management. Comerica focuses on
relationships, and helping people and businesses be successful. In
addition to Dallas, Houston, Austin, San
Antonio and Kerrville,
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