Comerica Bank California Economic Activity Index: California Economic Recovery Gathering Momentum

Comerica Bank's California Economic Activity Index increased one point in September, to a level of 102, the company reported.

According to a release, September's reading marks the sixth consecutive monthly increase. It is now up 11 points, or 12 percent, cumulatively from its March cyclical low of 91.

The index also now exceeds its previous peak reached in January 2008.

"In September, the employment component of our Index again declined as it had in each of the previous 14 months," said Dana Johnson, Chief Economist at Comerica Bank. "Otherwise, our Index is showing broad-based improvement, with each of the other eight components contributing to the uptrend over the past six months. With the national economy now expanding, I expect employment in California will start trending higher in the first half of 2010."

The California Economic Activity Index equally weights nine seasonally-adjusted coincident indicators of real economic activity. These indicators reflect activity in the manufacturing, tourism, 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 historical series dating to 1997 is available upon request.

Comerica Inc. is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to 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. Comerica reported total assets of $59.6 billion as of September 30.

More information:

http://www.comerica.com/

((Comments on this story may be sent to newsdesk@closeupmedia.com))

Related terms: arizona, bank, business, california, canada, consumer, economy, employment, financial services, florida, index, mexico, michigan, texas, trade, travel