DALLAS, Sept. 23, 2014 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index grew in July, jumping 6.2 percentage points to a level of 133.7. July's reading is 62 points, or 87 percent, above the index cyclical low of 71.6. The index averaged 125 points for all of 2013, 11 points above the index average for 2012. June's index reading was revised slightly down to 127.5.
"Our Michigan Index is up for the third consecutive month, reversing a six-month slide that started in November of last year. However, payroll employment dipped in August, after increasing for May, June and July. These countervailing signals suggest that the Michigan economy is still expanding, but at a slower rate than we see in many other states. Payroll employment for Michigan was up 0.7 percent this August, compared to a year earlier, well below the U.S. average employment growth rate of 1.8 percent," said Robert Dye, Chief Economist at Comerica Bank. "U.S. auto sales hit a very strong 17.5 million unit rate in August. Vigorous auto sales are driving production increases that will support many other businesses in the state."
The Michigan 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 motor vehicle production. All data are seasonally adjusted, as necessary, and indexed to a base year of 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.
Comerica Bank, with 214 banking centers in Michigan, is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Michigan and Texas, Comerica Bank locations can be found in Arizona, California, and Florida, with select businesses operating in several other states, as well as in Canada and Mexico. To find Comerica on Facebook, please visit www.facebook.com/ComericaCares.
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SOURCE Comerica Bank
