California Economy Remains Stalled in March, Reports the Comerica Bank California Economic Activity Index

DALLAS, May 5 /PRNewswire-FirstCall/ -- Comerica Bank's California Economic Activity Index was unchanged in March, at a level of 101.  March's reading is nine points above the year ago level and three points above the average for all of 2009.  The average for first quarter 2010 is 101, two percent below the fourth quarter 2009 average.  February's reading was revised from 102 to a level of 101.

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"After surging over the second half of last year, our Index has stalled during the first quarter of 2010," said Dana Johnson, Chief Economist at Comerica Bank.  "March, however, marks the first month of employment growth in the Index since August 2007, as well as repeated gains in manufacturing.  As the year progresses, California, like the rest of the nation, should see continued job growth to support a sustained recovery in the private sector."

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 Index history is available upon request.

Comerica Incorporated (NYSE: CMA) 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.

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SOURCE Comerica Bank