Comerica Bank’s California Economic Activity Index dipped 0.5 percentage points in August, declining to a level of 104.7. August’s reading is 32 points, or 43 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 for August paid back some of the nearly two point gain from the previous month,” said Robert Dye, Chief Economist at Comerica Bank. “State payroll job growth has flattened recently, while manufacturing activity slowed through the summer. Oil and gas drilling activity has also eased. On the positive side, housing markets are looking firmer, particularly in Northern California, and this is providing broad-based support for the California economy.”
Click here for a PDF version of the California Economic Activity Index: CaliforniaIndex_Oct12.