DALLAS, May 3 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Economic Activity Index was unchanged in March at a level of 84. March's reading is up 12 points, or 17 percent, from the same period a year ago, the largest 12-month Index increase since May 1984.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO)
"After two months of strong surges, our Index was level in March," said Dana Johnson, Chief Economist at Comerica Bank. "March's Index reflected strength in motor vehicle and steel production, offset by declines in motor vehicle sales, gas and electricity sales, and air travel. Reflecting the pattern of the national economy, Michigan has benefitted from an early recovery in manufacturing. Looking ahead, the state's economy will need to achieve gains in employment and stabilize its housing sector, in order to secure the dynamics of a sustainable 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. A complete Index history is available upon request.
Comerica Bank is Michigan's largest bank, based on deposits. It is a subsidiary of Comerica Incorporated (NYSE: CMA), 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 Michigan and Texas, Comerica Bank locations can be found in Arizona, California, and Florida, with select businesses operating in several other states, as well as in Canada and Mexico.
To receive this Index directly to your email inbox, go to www.comerica.com/econsubscribe to subscribe.
SOURCE Comerica Bank
