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Sept. 26, 2012 /PRNewswire/ -- Comerica Bank's Florida Economic Activity Index declined for the second month, falling 0.6 points in July, to a level of 107.5. The July index reading is 27 points, or 33 percent, above the index cyclical low of 80.6. Year-to-date the index has averaged 108, nine points above the average for all of 2011.
"Following a moderate dip in June, the
Florida economy weakened further in July, by 0.6 points, according to our Florida Economic Activity Index," said
Robert Dye, Chief Economist at Comerica Bank. "The July drop in the index is worrisome in that all variables except housing permits declined or were flat for the month. Job growth through July remained weak, and below the national average. Residential construction and firming home prices, however, are bright spots in the state's economy."
The Florida Economic Activity Index consists of seven variables, as follows: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits, and airline passenger deplanements. 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.
In addition to
East Boca Raton,
Palm Beach Gardens, Singer Island,
Weston, Fla., Comerica locations can be found in its headquarters state of
Texas, as well as in
Michigan, with select businesses operating in several other states, as well as in
Mexico. To find Comerica on Facebook, please visit
www.facebook.com/ComericaCares. Follow Comerica Chief Economist
Robert Dye on Twitter at @Comerica_Econ.
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SOURCE Comerica Bank