Comerica Bank's Michigan Index Declines for the Sixth Consecutive Month in April
DALLAS, June 24, 2014 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index eased in April, declining 0.3 percentage points to a level of 119.8. April's reading is 48 points, or 67 percent, above the index cyclical low of 71.9. The index averaged 125 for all of 2013, 11 points above the index average for 2012. March's index reading was revised down to 120.1.
"Our Michigan Index dipped slightly in April, extending its slide to the sixth consecutive month. The Michigan Economic Activity Index shows that the state economy is stagnating despite gains in U.S. auto sales, progress toward resolving the City of Detroit's financial problems, and some improvement to housing markets statewide. At a time when most other states are showing consistent job gains, payroll employment in Michigan has flat-lined over the past year," said Robert Dye, Chief Economist at Comerica Bank. "We expect to see gains for Michigan's marquis industries for the remainder of the year, but that may not translate into significant improvement in Michigan labor markets."
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