Comerica Incorporated - CMA STOCK NEWS

The Comerica California Economic Activity Index decreased by 4.3% annualized in the three months ending December, though it was up 3.1% year-over-year. In December, only three of nine components rose, with employment declining by 20,200 and rising unemployment claims indicating a softening labor market. Despite a stable unemployment rate of 4.1%, it remains higher than the national average. Key sectors, particularly tech, face challenges ahead. Housing starts fell by 13.5%, and house prices dropped for the seventh month, down 7.8% from the peak in May. The travel industry also struggled, with hotel occupancy rates declining. Overall, California's economy is projected to weaken further due to high interest rates and inflation, compounded by the tech slowdown.

The Comerica Texas Economic Activity Index recorded a 1.5% annualized rise in the last three months of December, up 4.6% year-over-year. Despite a solid increase in employment of 45,900, the job market shows mixed signals with unemployment claims exceeding 100,000 for the fourth month. Oil drilling rigs dropped 15% from August peaks. Housing starts declined by 9% in December, down about 22% year-on-year, affected by high mortgage rates and prices, leading to a slowdown in Texas's housing market. Conversely, Texas's GDP grew robustly by 7% annualized in Q4 2022, following an 8.2% increase in Q3. Headwinds such as high inflation and rising interest rates may keep overall growth below trend in 2023.

The Comerica Michigan Economic Activity Index decreased by 3.9% annualized in the three months ending December 2022, though it was up 0.5% year-over-year. Of the index's nine components, only three improved in December while five declined and one remained stable. Employment saw modest increases, but hiring rates significantly dropped in the latter half of the year. Auto assembly was slightly lower at 9.9 million units, marking a reduction after eight months of stability. Housing market indicators worsened with house prices down 1.9% from May and housing starts plummeting nearly 15% from November. The forecast for Michigan's economy suggests a slowdown in 2023 due to high interest rates impacting credit-related sectors.

The Detroit Tigers and Comerica Bank have launched Comerica Landing, a new fan zone at Comerica Park, enhancing the stadium experience for attendees this season. Set to debut on April 6, 2023, this area offers a vibrant atmosphere with table-top and cocktail seating, allowing fans to engage before games, including special events like "Party in the Park" Fridays. This initiative marks the 24th season of the Tigers at Comerica Park and is part of a long-term naming rights partnership that extends to 2034. Additional features include a VIP entrance for Comerica cardholders, sweepstakes for game tickets, and community engagement programs such as the Small Business of the Month recognition. Comerica Bank, a significant player in Michigan's banking sector, continues its commitment to community support and enhances the fan experience through these initiatives.

Comerica Bank is partnering with Iron Mountain to host a free document shredding event on April 15, 2023, from 8 a.m. to 4 p.m. at its Mangum Banking Center in Houston. This initiative aims to raise awareness about identity theft prevention while providing support for the Houston Food Bank, which will collect donations on-site. Since its inception in 2013, the event has securely shredded over 920,000 pounds of paper and provided 313,000 meals for the local community. Comerica Bank emphasizes its commitment to sustainability and community support through this event.

Comerica, in its fifth annual Prom Dress Drive, invites donations of dresses and accessories from April 3 to April 21 at 11 locations in Metro Detroit. This initiative, benefiting local nonprofit Jackets for Jobs, aims to support southeast Michigan students in need. Comerica will contribute donated dresses to help students attend prom, addressing clothing insecurity. Since 2017, the bank has provided over 5,300 dresses, including more than 900 last year. The partnership aims to empower local teens by providing them with professional attire for uplifting experiences.

On March 14, 2023, Comerica bolstered its Small Business Banking segment by appointing three new regional directors: Sandra Felegy, Brent Harraman, and Meghan Storey. This strategic move aims to enhance the bank's reach and effectiveness in small business communities across Texas, California, and Michigan. Additionally, Comerica plans to launch several digital solutions in 2023 that focus on streamlining payments and providing easier access to capital, including a new small business lending platform offering loans up to $100,000. The bank's investments in leadership and technology underline its commitment to supporting small businesses.