DALLAS, Sept. 28 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Economic Activity Index improved five points in August to 78, the highest reading since December 2008. Compared to its recent low reached in May, the Index is now up eight points, or 11 percent. Year-to-date, the Index averages 73, down 14 points from the 2008 average.
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"A surge in Michigan auto sales related to the cash-for-clunkers incentives accounted for about half of the rise in our index in August," said Dana Johnson, Chief Economist at Comerica Bank. "Although car sales will undoubtedly be much weaker in coming months, the decline in our index due to that component will be at least partially offset by rising light vehicle production. Our index may not rise in September, but it looks increasingly likely that it will trend higher over the balance of the year as a gradually accelerating national recovery boosts the auto sector and other components of the Michigan economy."
Seasonal factors for the Index have been re-estimated back to 2001, resulting in a revised Index history. A complete historical time series of Index values is available upon request.
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.
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 $63.6 billion as of June 30, 2009.
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SOURCE Comerica Bank
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