Bank index shows fall economic decline

By Comerica Bank
From page A1 | 3 Comments

Comerica Bank’s California Economic Activity Index dipped 0.5 percentage points in September, declining to a level of 104.2, the bank reported in early December. September’s reading is 31 points, or 42 percent, above the index cyclical low of 73.2. Year-to-date the index has averaged 102, three points above the average for all of 2011.

“Our California Economic Activity Index dipped in the third quarter even though the state continues to add jobs at a moderate pace,” said Robert Dye, chief economist at Comerica Bank. “Exports eased in September and the drilling rig count has declined noticeably since mid-summer. On the positive side, housing markets are looking firmer, particularly in Northern California, and this is providing broad-based support for the California economy.”

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 105 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 Inc. (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 Bank

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Discussion | 3 comments

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EvelynDecember 12, 2012 - 10:54 am
AMERICANS WHO VOTED FOR OBAMA NOW SEEING WEEKLY JOB HOURS SLASHED BELOW 30 AS OBAMACARE KICKS IN: Every employer in America is right now asking himself these three questions in order to stay above water and not go bankrupt: #1) How can we slash workers to under 30 hours a week? #2) How can we offshore jobs to India or other countries? #3) How can we cut our total number of employees to under fifty? ********** @ http://www.naturalnews.com/038319_Obamacare_unemployment_work_hours.html
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arnold langeDecember 13, 2012 - 12:06 pm
went to your website evelyn, here is a wacky sample of some of the baseless paranoia being propagated.... http://www.naturalnews.com/037622_Presidential_elections_riots_preparations.html still waiting for the riots and mass round ups.
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EvelynDecember 13, 2012 - 2:16 pm
Arnold: Agreed, crystal ball reading & alarmism make for a tricky coupling. Any thoughts, though, on the article I linked?
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