Comerica Bank’s California Economic Activity Index grew in June, advancing 0.4 percent to a level of 113.3.
The index averaged 106 points for all of 2013, five points above the average for all of 2012. May’s index reading was unchanged at 112.9. June’s reading is 41 points, or 56 percent, above the index cyclical low of 72.6.
“Our California Economic Activity Index resumed its upward track in June, consistent with steady gains in state payroll employment since February,” said Robert Dye, chief economist at Comerica Bank. “Overall, our California index has been mixed through 2014, declining in four out of the first six months of this year. However … the level of the index has been trending up, indicating an overall improving economic climate for California. We expect to see ongoing gains for the California economy through the second half of 2014.”
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. All data are seasonally adjusted, as necessary, and indexed to a base year of 2008.
Comerica Bank, with 104 banking centers in the key California markets is a subsidiary of Comerica Incorporated. Comerica is a financial services company headquartered in Dallas, and aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth Management.
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