Comerica Bank's Michigan Index Eased in November
DALLAS, Jan. 21, 2014 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index decreased slightly in November, down 0.2 percentage point to a level of 131.4. November's reading is 59 points, or 82 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. October's index reading was 131.6.
"Our Michigan Index eased in November as residential building permits dipped following a September surge. Job growth is a positive factor for the state, but it is beginning to fall below the U.S. average. In November, Michigan payrolls were up 1.5 percent over the previous 12 months while the U.S average gain was 1.7 percent," said Robert Dye, Chief Economist at Comerica Bank. "Auto sales bounced through the fourth quarter; weaker in October, stronger in November and then weaker again in December. We expect auto sales to continue to increase moderately in 2014, supporting the Michigan economy, but the lift to the state economy from the recovery in the auto industry is easing as vehicle sales inch closer to their eventual upper limit."
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