Comerica Bank's Michigan Index Down Again in January
DALLAS, March 25, 2014 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index continued to decrease in January, down 1.6 percentage points to a level of 125.6. January's reading is 54 points, or 74 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. December's index reading was revised slightly up from 127.1 to 127.2.
"Our Michigan Index fell again in January, its third consecutive decline. Brutal weather has taken its toll on the Michigan economy this winter," said Robert Dye, Chief Economist at Comerica Bank. "Automobile assemblies dropped in January. This reflected both local weather conditions and the drag from weaker-than-expected auto sales nationally. Payroll employment for Michigan was essentially unchanged from June 2013 to January 2014. We expect U.S. auto sales to improve this spring and that will be a positive for Michigan. House prices are firming up statewide and that is also a broad support for the state's economy."
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