California economy sees uptick in July
• Fourth monthly increase seen by Comerica
• “The California economy has begun to rebound”
California’s economy rebounded in July compared to June, according to a report Wednesday from Comerica Bank.
Its “California Economic Activity Index” shows a three point rise in July, to a level of 99. July’s reading is up eight points cumulatively from its March low of 91, marking the fourth consecutive monthly increase, the bank says.
“The California economy has begun to rebound over the last several months with six of the nine components of our Index contributing positively,” says Dana Johnson, chief economist at Comerica Bank. “Sales tax revenues, which so far have been the biggest contributor to the rebound in our index, may flatten out in upcoming months, thereby reversing some of the recent strength. I will become much more confident that a sustainable recovery is underway once I begin to see employment gains also contributing to the rise of our index.”
