DALLAS, July 1, 2016 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index climbed 1.9 percentage points in April to a level of 129.1. April's reading is 55 points, or 74 percent, above the index cyclical low of 74.0. The index averaged 124.5 points for all of 2015, six and seven-tenths points above the index average for 2014. March's index reading was 127.2.
"Our Michigan Economic Activity Index increased in April after dipping in March. The state's important auto sector is not expected to increase production significantly from current strong levels and so that boost to the Michigan economy will diminish going forward. We expect growth in the second half of this year to come from the household sector, supported by ongoing job creation in services and by firming real estate market conditions. Over the 12-month period ending in April, payroll jobs increased by 2.5 percent in Michigan, well above the U.S. average of 1.9 percent," said Robert Dye, Chief Economist at Comerica Bank. "However, going forward, we expect Michigan job growth to ease back toward the U.S. average."
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 more than 200 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.
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SOURCE Comerica Bank