Comerica Bank’s California Economic Activity Index declined in March, decreasing 0.6 percentage points to a level of 118.8. March’s reading is 35 points, or 42 percent, above the index cyclical low of 83.8. The index averaged 113.7 points for all of 2014, seven and one-half points above the average for all of 2013. February’s index reading was 119.4.
“Our California Economic Activity Index dipped in March after holding steady in February. Losses were not broad-based. Four out of the eight index components fell in March. They were state exports, housing starts, defense spending, and the tech stock index. Some of the weakness in the export data may be related to the now-resolved labor issues at California ports. The most important component of the index, payroll job growth, was positive in March,” said Robert Dye, Chief Economist at Comerica Bank. “We expect our California Index to resume its upward track soon, as the state economy expands through the summer.”
For a PDF version of the California Economic Activity Index click here: CaliforniaIndex_0515.