DALLAS, Oct. 30 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Tourism Index remained unchanged at a level of 89 in the third quarter of 2009. Third quarter's reading is up two points from the Index's cyclical low of 87. The Index average for the first three quarters of 2009 is 89, three points below the average for all of 2008.
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"The modest rebound seen in the first half of 2009 appears to have stalled in the third quarter," said Dana Johnson, Chief Economist at Comerica Bank. "Looking ahead, as labor markets begin to stabilize and corporate profitability improves, personal and business travel should contribute positively to our Index, although likely at a gradual pace."
As of this release, the Michigan Tourism Index's seasonal factors have been re-estimated dating back to 1980. Revised Index levels associated with this adjustment are available upon request.
The Michigan Tourism Index is a quarterly summary of six equally weighted, seasonally adjusted travel, lodging and entertainment data series. These series serve as a proxy for statewide tourism activity.
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $59.6 billion as of September 30, 2009.
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