Comerica Bank’s Arizona Economic Activity Index declined in May, down 0.2 percentage points to a level of 109.2. May’s index reading is 32 points, or 42 percent, above the index cyclical low of 77.0. The index averaged 106.9 points for all of 2015, seven and one-fifth points above the average for full-year 2014. April’s index reading was 109.4.
“Our Arizona Economic Activity Index declined in May for the second month in a row. Only two of the eight index components were positive for the month, state exports and hotel occupancy. Negatives for the month were initial claims for unemployment insurance (inverted), housing starts, sales tax revenues and enplanements. Total employment and house prices were neutral for the month. We expect the Arizona economy to continue to expand faster than the national average pace through the second half of this year,” said Robert Dye, Chief Economist at Comerica Bank. “However, the rate of job growth has eased in the Phoenix MSA in recent months, weighing on statewide numbers.”
For a PDF version of the Arizona Economic Activity Index click here: ArizonaIndex_0716.