Comerica Bank’s California Economic Activity Index was unchanged in October, maintaining a level of 119.5. October’s reading is 35 points, or 42 percent, above the index cyclical low of 84.1. The index averaged 113.7 points for all of 2014, seven and two-fifths points above the average for all of 2013. September’s index reading was 119.5.
“Our California Economic Activity Index stabilized in October after three consecutive months of declines from July through September. Four index components were positive in October, including payroll employment, unemployment insurance claims (inverted), house price index and hotel occupancy. State exports, housing starts, U.S. defense spending and the NASDAQ 100 tech stock index were negative factors in October,” said Robert Dye, Chief Economist at Comerica Bank. “A strong positive for the state is payroll employment which has increased every month since April 2011. Consistent job growth is a strong support to California households and to the state’s housing industry.”