DALLAS, March 30, 2016 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index declined in January, decreasing 1.2 percentage points to a level of 126.5. January's reading is 52 points, or 71 percent, above the index cyclical low of 74.0. The index averaged 124.5 points for all of 2015, seven and one-tenths points above the index average for 2014. December's index reading was 127.6.
"Our Michigan Economic Activity Index eased in January, the first decline since February 2015. Even though the index has not dipped over the previous year, it also has not elevated much, indicating that the Michigan economy is losing some economic momentum. This would be consistent with peaking auto production and increasing headwinds for other parts of the state's vital manufacturing sector. In January, most index components declined, including state exports, initial claims for unemployment insurance (inverted), housing starts, auto production and hotel occupancy. Nonfarm payrolls, house prices and state sales tax revenues all increased for the month," said Robert Dye, Chief Economist at Comerica Bank. "We expect to see a pattern of modest gains to the index through the remainder of this year, driven by gains in nonmanufacturing industries in Michigan."
The Michigan Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, sales tax revenues, home prices, and auto production. All data are seasonally adjusted, 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 view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/comerica-banks-michigan-index-eases-on-mixed-components-300242875.html
SOURCE Comerica Bank