Comerica Bank’s Arizona Economic Activity Index eased in August, decreasing 0.2 percentage points to a level of 106.6. August’s index reading is 30 points, or 39 percent, above the index cyclical low of 77.0. The index averaged 99.7 points for all of 2014, four and one-fifth points above the average for full-year 2013. July’s index reading was 106.8.
“Our Arizona Economic Activity Index moved sideways again in August, little changed over the course of this year. Even though the state economy is not contracting, it compares unfavorably to many other states, including nearby California. Most components of our Arizona index were positive in August, including nonfarm payrolls, housing starts, house prices, state sales tax, hotel occupancy and enplanements. However, state exports dipped significantly and initial claims for unemployment insurance increased moderately,” said Robert Dye, Chief Economist at Comerica Bank. “Year-over-year job growth is about on par with the national average; however, Arizona’s unemployment rate increased to 6.3 percent in August, after bottoming out at 5.8 percent in May.”
For a PDF version of the Arizona Economic Activity Index click here: ArizonaIndex_1015.