DALLAS, May 9, 2011 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index rose one point in March, to a level of 88. The March index level is 17 points, or 24 percent, above the cyclical index low of 71. March's level is two points, or three percent, above the average for all of 2010.
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"As expected, increased motor vehicle production in the first quarter of 2011 contributed significantly to the improvement in the index from year-end 2010," said Dana Johnson, Chief Economist at Comerica Bank. "Economic headwinds from high oil prices, the disaster in Japan, and a struggling housing market, however, likely took some air out of Michigan's recovery, as was the case nationally. Looking ahead, the Michigan economy is more broadly poised to make modest gains in 2011 against the background of a moderate national expansion."
The Michigan Economic Activity Index equally weighs 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 the commercial banking 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.
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SOURCE Comerica Bank
