Comerica Bank's Michigan Index Declines for the Fourth Consecutive Month
DALLAS, April 23, 2014 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index dipped in February, falling 2.1 percentage points to a level of 123.4. February's reading is 51 points, or 71 percent, above the index cyclical low of 72.1. The index averaged 126 for all of 2013, 12 points above the index average for 2012. January's index reading was revised slightly down to 125.5.
"Our Michigan Index fell again in February, its fourth consecutive decline. Job growth in Michigan has essentially stalled out since last August. Some of that can be blamed on the very bad winter weather conditions that affected the state directly and also hurt national demand for the state's manufactured goods, including cars," said Robert Dye, Chief Economist at Comerica Bank. "Increased U.S. auto sales this spring will help the Michigan economy, but the auto sector's potential for job creation is limited as the industry approaches the cyclical peak in auto sales, perhaps by the end of next year."
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 214 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.
SOURCE Comerica Bank