Comerica Bank's Michigan Index Continues to Increase in June
DALLAS, Aug. 26, 2013 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index increased in June, up 2.6 percentage points to a level of 127.4. June's reading is 55 points, or 77 percent, above the index cyclical low of 72.1. The index averaged 114 for all of 2012, 11 points above the index average for 2011. May's index reading was revised down from 125.2 to 124.8.
"Our Michigan Index improved again in June, aided by a strengthening auto sector. Light vehicles sales in the U.S. had a break-out month in June, hitting a 15.9 million unit annual rate and that is good news for Michigan," said Robert Dye, Chief Economist at Comerica Bank. "Statewide employment strengthened in June and sales revenues are trending up. July employment levels were also up, but that is not reflected in our June index."
The Michigan Economic Activity Index consists of seven variables, as follows: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits, and motor vehicle production. All data are seasonally adjusted, as necessary, 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 215 banking centers 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 find Comerica on Facebook, please visit www.facebook.com/ComericaCares.
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SOURCE Comerica Bank