California’s economy (now the world's sixth-largest) picked up this spring, according to a new report from Comerica Bank.

The bank’s California Economic Activity Index rose slightly from 119.7 in March to 120.6 in April.

Comerica chief economist Robert Dye notes the primary driver behind the performance was payroll job growth. A muted performance by tech-sector stocks was providing some headwinds, however. “We believe that the state economy will continue to expand through the second half of this year at a moderate pace,” Robert says.

The California Economic Activity Index takes eight economic indicators into consideration: non-farm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, national defense spending, home prices and the Nasdaq 100 Technology Sector Index (NDXT).

The strength of San Francisco's economy has attracted much speculation. Despite recent dislocations in the equity markets and a pullback in VC funding, the unemployment rate continues to hold at record lows.