Dallas-based Comerica Bank’s Texas Economic Activity Index was down just 0.1 point in August to a level of 90.3 points due to stability in oil prices, the bank announced Thursday.
August’s reading is 18 points, or 24 percent, above the index cyclical low of 72.8. The index averaged 97.5 points for all of 2015, 7.6 points below the average for full-year 2014. July’s index reading was 90.4.
“The Comerica Bank Texas Economic Activity Index was essentially unchanged in August, easing by one-tenth of a point. We expect the index to level out in the months ahead and then resume an improving track, reflecting signs of stability in oil field activity and ongoing job creation statewide,” said Robert Dye, chief economist at Comerica Bank.
The Texas Economic Activity Index consists of eight variables: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, sales tax revenues, home prices and the Baker Hughes rotary rig count.
Originally posted on My San Antonio