Michigan Economy Flat In January, Reports Comerica Bank's Michigan Economic Activity Index
DALLAS, March 26, 2013 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index was essentially unchanged in January, up 0.1 points to a level of 103.0. The January index reading is 43 points, or 72 percent, above the index cyclical low of 59.9. The index averaged 103 for all of 2012, 12 points above the index average for full-year 2011. December's index reading was revised from 102.7 to 102.9.
"Following a strong December, our Michigan Index was mostly flat in January. The index components were mixed, with payrolls, hotel occupancy, construction and motor vehicle production stronger. Exports, sales tax revenues and claims were weaker," said Robert Dye, Chief Economist at Comerica Bank. "Auto sales have remained solid through the first two months of 2013, even as other consumer spending suffered from increased federal taxes. Looking ahead, Michigan remains vulnerable to reduced federal spending, as well as slower growth in the manufacturing sector compared with earlier in the recovery cycle."
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 2004. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.
Comerica Bank, with 216 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.
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SOURCE Comerica Incorporated