DALLAS, Jan. 4, 2017 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index grew in October, up 1.0 percentage point to a level of 128.4. October's reading is 54 points, or 73 percent, above the index cyclical low of 74.1. The index averaged 123.6 points for all of 2015, five and four-fifths points above the index average for 2014. September's index reading was 127.4.
"The Comerica Bank Michigan Economic Activity Index increased in October, breaking a three-month slide that started last July. Gains were visible across most indicators, with seven out of eight index components either improving or staying even in October. The gainers were nonfarm payrolls, state exports, unemployment insurance claims (inverted), housing starts, auto production and hotel occupancy. Home prices were unchanged, as they were in August and September. Only state sales tax revenue declined in October. Ford Motor Company announced that they are canceling plans to build a new plant in Mexico; instead, they will invest $700 million in the Flat Rock assembly plant," said Robert Dye, Chief Economist at Comerica Bank. "Ford's decision will add support to Michigan's economy and increase their employment base in Michigan by 700 workers."
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 one of the largest banking center networks 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