DALLAS, Feb. 2 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Economic Activity Index rose 4 points in December, fully reversing the decline in November. The fourth quarter 2009 average was up 2.3 percent from the third quarter and up 9 percent compared to the second quarter, which was the cyclical low. The Index averaged 74 for all of 2009, 13 points below the 2008 average.
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"The broad-based improvement evidenced in our Index since May surfaced again in December, with seven out of nine variables contributing positively to the Index," said Dana Johnson, Chief Economist at Comerica Bank. "Bolstered by a rise in steel production, as well as more favorable auto sales, December's Index erased November's dip, the only decline in the Index since its May 2009 low. Looking to 2010, our Index should continue to trend higher as a rebound in the state's auto sector evolves into a more broadly-based 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 $59.3 billion as of December 31, 2009.
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