Comerica Bank's Michigan Index Dips in August
DALLAS, Oct. 22, 2013 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index decreased in August, down 1.3 percentage points to a level of 125.4. August's reading is 53 points, or 74 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. July's index reading was revised down from 126.8 to 126.7.
"Our Michigan Index ticked down in August even though the majority of the components of the index were positive for the month. Volatile residential construction data and sales tax data brought the index down. However, payroll job growth remains steady and vehicle assemblies have been strong," said Robert Dye, Chief Economist at Comerica Bank. "Auto sales dipped in September after a strong August. I expect the trend in auto sales to continue to improve and that would be supportive of ongoing gains in payroll employment."
*State level exports data have not been reported for August due to the federal government shut-down. We estimated an August export number in order to calculate the total 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