DALLAS, May 10, 2011 /PRNewswire/ -- Comerica Bank's California Economic Activity Index declined one point in March, to a level of 103. March's reading is even with the 103 average for all of 2010, and nine points, or 10 percent, above the index cyclical low. Year-to-date the index has averaged 104.
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"After trending sideways in a two-point range from last August through February, the index ticked down one point in March, recording its lowest reading in nine months," said Dana Johnson, Chief Economist at Comerica Bank. "Although job growth was solid in the first quarter, the California activity index continues to reflect a lackluster overall recovery. Higher energy prices, falling housing prices, and the tragedy in Japan dampened national growth, and likely growth in California, in the first quarter of the year. Looking ahead, as first quarter headwinds dissipate, the local economy should begin showing more strength against a background of gradually accelerating national and global growth."
The California Economic Activity Index equally weights 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
