DALLAS, June 1, 2016 /PRNewswire/ -- Comerica Bank's
California Economic Activity Index was slightly up in March to a level of 119.8. March's reading is 36 points, or 42 percent,
above the index cyclical low of 84.1. The index averaged 119.8 points for all of 2015, six and two-fifths points above the
average for all of 2014. February's index reading was 119.7.
"Our California Economic Activity Index was little changed in March, as the drag from weak tech stock prices counteracted the
gain from payroll job growth. Five out of eight index components were up for the month, including payroll employment, exports,
housing starts, defense spending and house prices. Hotel occupancy was neutral. Initial claims for unemployment insurance
(inverted) weakened, as did the NASDAQ 100 stock price index. Our index shows that the leading edge of the California economy is cooling, while the base continues to show some momentum," said Robert Dye, Chief Economist at Comerica Bank. "We expect that overall job growth and house price appreciation
will keep the base of the California economy moving forward this year, barring a strong
contraction in the tech sector."
The California Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy
rates, continuing claims for unemployment insurance, housing starts, national defense spending, home prices, and the
NASDAQ-100-Technology Sector Index (NDXT). 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 102 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 subscribe to our publications or for questions, contact us at ComericaEcon@comerica.com. Archives are available at http://www.comerica.com/economics. Follow us on Twitter: @Comerica_Econ.
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SOURCE Comerica Bank