DALLAS, Dec. 9 /PRNewswire-FirstCall/ -- After four consecutive monthly increases, Comerica Bank's Michigan Economic Activity Index was unchanged in October at a level of 78. October's reading is up 9 points, or 13 percent, compared to the Index's May 2009 low. September's level was revised from 79 to 78.
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"Michigan car sales declined again in October, continuing the payback for the August surge attributable to the cash-for-clunkers program," said Dana Johnson, Chief Economist at Comerica Bank. "After surging in September, auto production also declined moderately in October. However, in contrast to the declines in auto sales and production, the other components of our Index continued to show broad-based strengthening in the Michigan economy. As the national recovery accelerates in the months ahead, our Index likely will trend higher, signaling the emergence of a moderate recovery in Michigan in 2010."
The Michigan Economic Activity Index equally weights nine, seasonally-adjusted coincident indicators of real economic activity. These indicators reflect activity in the construction, manufacturing and service sectors as well as job growth and consumer outlays. Historical data is available upon request.
Comerica Incorporated (NYSE: CMA) 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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