Comerica Bank's California Economic Activity Index climbed in April, gaining 2.2 points to a level of 106.6.
According to a release, April's reading is 34 points, or 47 percent, above the index cyclical low of 72.6. The index averaged 101 points for all of 2012, three points above the average for all of 2011. March's index reading was revised slightly down from 104.5 to 104.4.
"Our California Index points to ongoing economic expansion for this key state. The coincident improvement in labor markets and in housing markets is expected to continue for the remainder of the year," said Robert Dye, Chief Economist at Comerica Bank. "Changes to the California tax code have introduced some volatility into the sales tax component of our index, but most other index components are consistent with ongoing economic growth."
The California Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits, Baker Hughes rotary rig count and the Silicon Valley 150 Index (SV150). All data are seasonally adjusted, as necessary, and indexed to a base year of 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.
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