DALLAS, Oct. 2, 2015 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index eased in July, decreasing 0.3 percentage points to a level of 95.8. July's reading is 23 points, or 31 percent, above the index cyclical low of 72.9. The index averaged 105.1 points for all of 2014, four and four-fifths points above the average for full-year 2013. June's index reading was 96.0.

"Our Texas Economic Activity Index continued to decline in July, the ninth consecutive drop in the index since late last year. The drilling rig count has decreased and unemployment insurance claims have increased, putting consistent downward pressure on the index this year. State payroll employment growth has downshifted as the energy sector sheds jobs and other employers grow more cautious in their hiring," said Robert Dye, Chief Economist at Comerica Bank. "We expect the drag from low oil prices to continue into 2016, hitting the large Houston economy particularly hard."

The Texas Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, sales tax revenues, home prices, and the Baker Hughes rotary rig count. 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 is a subsidiary of Comerica Incorporated (NYSE: CMA), the largest U.S. commercial bank headquartered in Texas, 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 133 banking centers in Dallas/Fort Worth, Houston, Austin, San Antonio and Kerrville regions of 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. To find Comerica on Facebook, please visit www.facebook.com/ComericaCares.

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SOURCE Comerica Bank