DALLAS, Jan. 31, 2017 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index improved in November, up 1.3 percentage points to a level of 129.7. November's reading is 56 points, or 75 percent, above the index cyclical low of 74.1. The index averaged 123.6 points for all of 2015, five and four-fifths points above the index average for 2014. October's index reading was 128.4.
"The Comerica Bank Michigan Economic Activity Index increased for the second consecutive month in November. The state economy is showing broad-based gains, with six of the eight index components up for the month. Nonfarm employment, unemployment insurance claims (inverted), housing starts, home prices, sales tax revenues and hotel occupancy were all up in November. State exports eased, as did auto production. Year-over-year job growth for Michigan remains above the U.S. average, dipping slightly to 2.1 percent in November. The state's unemployment rate declined to about even with the national average by late 2015 and remains close. Many industries report very tight labor market conditions and this will keep upward pressure on wages through 2017," said Robert Dye, Chief Economist at Comerica Bank. "The Trump Administration is focused on keeping auto sector jobs in Michigan and this will help to extend the current positive business climate for the state."
The Michigan Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, sales tax revenues, home prices, and auto production. All data are seasonally adjusted, and indexed to a base year of 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.
Comerica Bank, with one of the largest banking center networks in Michigan, 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 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 view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/comerica-banks-michigan-index-continues-gains-300399780.html
SOURCE Comerica Bank