DALLAS, July 26 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Tourism Index fell one point in the second quarter of 2010, to a level of 91. The second quarter reading is up two points from the year-ago level, and is up four points, or five percent, from the cyclical Index low of 87. The Index has averaged 92 over the first half of the year, up two points from the Index average for all of 2009. First quarter's reading was revised to 92, from the previously published level of 91.
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"Our Index ticked down in the second quarter, paralleling the broad-based slowdown in growth evidenced in the national recovery during the same period," said Dana Johnson, Chief Economist at Comerica Bank. "Air traffic and casino revenues were roughly flat, with sluggish museum activity accounting for the downtick in the Index. Although lackluster, the general improvement in the Index over the first half of the year should continue, as personal and business discretionary spending as well as confidence in the National recovery improve."
The Michigan Tourism Index is a quarterly summary of six equally weighted, seasonally adjusted travel, lodging and entertainment data series. These series serve as a proxy for statewide tourism activity.
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.
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SOURCE Comerica Bank
