DALLAS, Sept. 23, 2013 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index eased in July, down 0.7 percentage points to a level of 126.8. July's reading is 55 points, or 76 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. June's index reading was revised up from 127.4 to 127.5.
"Our Michigan Index ticked down in July reflecting a lower rate of auto assemblies for the month. Strong auto sales in late summer will lead to strong production this fall, and that will be supportive of both our Michigan Index and the Michigan economy," said Robert Dye, Chief Economist at Comerica Bank. "Labor markets are firming up and house prices are improving, so there is broadening support for the Michigan economy. The City of Detroit's financial crisis is a drag on southeast Michigan's economy, but statewide conditions are improving."
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