Comerica Bank’s California Economic Activity Index dipped 0.5 percentage points in September, declining to a level of 104.2. September’s reading is 31 points, or 42 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 dipped in the third quarter even though the state continues to add jobs at a moderate pace,” said Robert Dye, Chief Economist at Comerica Bank. “Exports eased in September and the drilling rig count has declined noticeably since mid-summer. 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_Nov12.