Press release from PR Newswire
Texas Economy Regains Employment Peak, Reports the Comerica Bank Texas Economic Activity Index
Thursday, February 02, 2012
DALLAS, Feb. 2, 2012 /PRNewswire/ -- Comerica Bank's Texas Economic Activity Index rose one point in November, to a level of 100. November's reading is the highest index level since September 2008, and is 17 points, or 20 percent, above the index cyclical low of 83. Year-to-date the index has averaged 97, eight percent above the average for all of 2010.
"Our Texas Economic Activity Index ticked up again in November showing that statewide economic conditions remain positive and Texas has regained what was lost due to the Great Recession of 2008-2009. As of December, total payroll employment in Texas passed the previous pre-recession peak from August 2008," said Robert Dye, Chief Economist at Comerica Bank. "Oil prices have been stable near $100 per barrel and drilling rig activity remains high. Downside risks are visible, however. These include the potential for lower energy prices, economic drag from a European recession, expected reductions in federal defense spending, and the risk of job losses from American Airlines. Despite these risks, I expect the Texas economy to remain strong in 2012."
The Texas Economic Activity Index equally weighs eight, seasonally-adjusted coincident indicators of real economic activity. The eight indicators reflect activity in the manufacturing, 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 Bank is the commercial banking subsidiary of Comerica Incorporated (NYSE: CMA), the largest U.S. banking company headquartered in Texas, strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Dallas/Fort Worth, Houston, Austin and the San Antonio region of 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
For further information: Data, Meaghan Derrick, +1-214-462-6815, email@example.com, or Media, Wayne Mielke, +1-214-462-4463, firstname.lastname@example.org, both of Comerica