DALLAS, Dec. 29 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Economic Activity Index fell 4 points in November to a level of 75, its first decline in six months. Compared to the Index's May 2009 low, November's reading is up 9 percent. October's level was revised from 78 to 79.
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"The biggest drag to our index in November was natural gas, whose sales were sharply lower mainly due to milder than normal weather patterns," said Dana Johnson, Chief Economist at Comerica Bank. "After surging in the third quarter, auto and steel production fell in November, also contributing to our Index's decline. Although November's reading was disappointing, the improving pattern in place since June should continue. Looking ahead to 2010, our Index should get a boost from improving sales and output in the auto sector against a background of moderate national recovery."
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 $59.6 billion as of September 30, 2009.
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Web site: http://www.comerica.com/
