Comerica Bank said it’s monthly index of California economic activity grew in October for the seventh straight month, showing “positive momentum” in the Golden State’s economy.
The index increased by half a percentage point to a level of 115.9, which is 32 points, or 38 percent, above the low of 83.8 during the Great Recession.
“Our California Economic Activity Index increased in October, for the seventh consecutive month, showing ongoing improvement to the U.S.’s largest state economy,” said Robert Dye, chief economist at Comerica Bank. “We expect to see positive momentum in the California economy through 2015.
“Recent job growth has been stronger than the U.S. average and real estate markets remain tight. The state’s unemployment rate is still higher than the U.S. average, but is trending down steadily, falling to 7.2 percent by November. Lower gasoline prices are a boon to California consumers and to the state’s very important tourism industry,”
Comerica Bank has 104 banking centers in the key California markets of San Francisco and the East Bay, San Jose, Los Angeles, Orange County, San Diego, Fresno, Sacramento, Santa Cruz/Monterey, and the Inland Empire.
