DALLAS, Sept. 1 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Economic Activity Index improved two points in July, to a level of 75. Compared to its cyclical low, the Index is now up five points, or seven percent. Year-to-date, the Index averages 73, down 14 points from the 2008 average. June's preliminary reading remains unchanged at 73.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO)
"Our Index got a big boost from auto production in July," said Dana Johnson, Chief Economist at Comerica Bank. "In all likelihood, gains in auto production and auto sales will continue to push our Index higher in the next couple of months reflecting, in part, the highly successful cash-for-clunkers program. More generally, Michigan businesses should see stronger demands for their products as the national recovery takes hold."
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 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 $63.6 billion as of June 30, 2009.
To receive this index directly to your email inbox, go to www.comerica.com/econsubscribe to subscribe.
SOURCE Comerica Bank
Photo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Bank
Web site: http://www.comerica.com/econsubscribe/
