Comerica Bank’s California Economic Activity Index eased in June, dropping one half of 1 percent to 105.9, the bank announced.
June’s reading is 33 points or 46 percent above the index cyclical low of 72.7. The index averaged 101 points for all of last year. That was 3 points above the 2011 average, the bank said.
The California index consists of eight variables: nonfarm payrolls, exports, sales tax revenue, hotel occupancy rates, continuing claims for unemployment insurance, building permits, a rig count, and the Silicon Valley 150 Index. All data are seasonally adjusted and indexed to a base year of 2008.
— SDBJ Staff Report