Comerica Bank’s California Economic Activity Index dropped in January, falling 2.2 points to a level of 98.6. January’s reading is 25 points, or 35 percent, above the index cyclical low of 73.2. The index averaged a revised 103 points for all of 2012, four points above the average for all of 2011. December’s index reading was revised to 100.8.
“Our California Index has declined for each of the last six months, down 6.7 points from its July 2012 peak,” said Robert Dye, Chief Economist at Comerica Bank. “Components of the index were mostly negative. Only payrolls and sales tax receipts were up for January. Property markets appear to be firming up in most areas, providing broad-based support to the state economy. However, recent state income and sales tax increases add to the drag from federal-level fiscal tightening.”
Click here for a PDF version of the California Economic Activity Index: CaliforniaIndex_0313.