Comerica Bank's Michigan Index Rebounds in May
DALLAS, July 29, 2014 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index improved in May, increasing 4.3 percentage points to a level of 124.0. May's reading is 52 points, or 72 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. April's index reading was revised slightly down to 119.7.
"Our Michigan Index ended a six-month slide by rebounding in May, as all seven components improved for the month. Fortunately, the state has shown gains in payroll employment in May and also in June. (June date does not figure into our May index). The previously weak employment trend has been a source for concern about the state economy. If the state can consistently add jobs through the second half of the year, that would be a reassuring signal," said Robert Dye, Chief Economist at Comerica Bank. "In addition to employment, exports, sales tax, hotel occupancy, unemployment insurance claims, residential building permits and vehicle assemblies all showed signs of improvement in May."
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