California Economy Ticks Up in February, Reports the Comerica Bank California Economic Activity Index

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Apr 05, 2010, 01:53 ET

DALLAS, April 5 /PRNewswire-FirstCall/ -- Comerica Bank's California Economic Activity Index rose one point in February to a level of 102. January's reading was revised from a level of 102 to 101. For the first two months of 2010, the Index average is up 8 percent from the comparable months of 2009 but down 1 percent from the fourth quarter average.

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"Our Index continued to reflect strong gains in manufacturing and exports in February," said Dana Johnson, Chief Economist at Comerica Bank. "Employment and travel indicators, however, held the Index down in February, giving a mixed overall view of the California recovery. So far, the upturn in California that began to emerge last summer has been unimpressive and choppy. However, California along with the nation is likely to experience a string of job increases in upcoming months. As that emerges, it will become much clearer that a sustained, private-sector expansion is taking hold."

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. Comerica reported total assets of $59.2 billion as of December 31, 2009.