Comerica Bank’s California Economic Activity Index declined 0.5 percentage points in October, falling to a level of 103.7. October’s reading is 31 points, or 42 percent, above the index cyclical low of 73.2. Year-to-date the index has averaged 103, four points above the average for all of 2011.
“Our California Economic Activity Index declined for the third straight month, even though payrolls continue to grow at a moderate pace,” said Robert Dye, Chief Economist at Comerica Bank. “October’s decline can be mostly attributed to a weakening drilling rig count and a reset in construction activity after a September surge. Overall, housing markets look firmer, particularly in Northern California, providing broad-based support for the California economy.”
Click here for a PDF version of the California Economic Activity Index: CaliforniaIndex_Dec12.