DALLAS, Sept. 23, 2014 /PRNewswire/ -- Comerica Bank's California Economic Activity Index dipped in July, falling 2.3 percentage points to a level of 111.0. July's reading is 39 points, or 53 percent, above the index cyclical low of 72.5. The index averaged 106 points for all of 2013, five points above the average for all of 2012. June's index reading was unchanged at 113.3.

"Our California Economic Activity Index eased in July, reflecting weaker state export data, a falling drilling rig count and weaker residential building permits following a surge in permits in April. However, payroll employment in California for both July and August increased and that is a very positive sign. The state continues to add jobs at an above average pace," said Robert Dye, Chief Economist at Comerica Bank. "Overall, the California economy is showing signs of ongoing growth, with normal month-to-month fluctuations. I expect our index to continue its upward trend this fall."

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 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 Management. Comerica focuses on relationships and helping businesses and people be successful. To find Comerica on Facebook, please visit www.facebook.com/ComericaCares.

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SOURCE Comerica Bank