Florida’s econ­omy up in Au­gust

The Pak Banker - - Front Page -


Comer­ica Bank’s Florida Eco­nomic Ac­tiv­ity In­dex rose 0.9 per­cent­age points in Au­gust, to a level of 108.5 The Au­gust in­dex read­ing is 28 points, or 35 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.

Al­though our In­dex in­creased in Au­gust, it has es­sen­tially trended side­ways for the last three months, mov­ing within a nar­row range, said Robert Dye, Chief Econ­o­mist at Comer­ica Bank.

Fol­low­ing a flat July, the Au­gust in­dex im­proved marginally, as most in­dex com­po­nents im­proved. How­ever, job growth re­mains weak, and many of the state’s real es­tate mar­kets have ex­po­sure to the slump­ing Euro­pean econ­omy. These head­winds could ham­per Florida’s eco­nomic growth over the re­main­der of the year. 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.

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