DALLAS, Aug. 31, 2016 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index increased 1.9 percentage points in June to a level of 129.8. June's reading is 56 points, or 75 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. May's index reading was 127.9.
"Our Michigan Economic Activity Index climbed in June after dipping in May. The index is on an upward trajectory so far in 2016, but it has been somewhat inconsistent, not showing back-to-back gains since mid-year 2015. Six subcomponents were positive in June, including state exports, initial claims for unemployment insurance, housing starts, auto production, sales tax revenues and hotel occupancy. House prices eased while nonfarm employment was unchanged," said Robert Dye, Chief Economist at Comerica Bank. "U.S. auto sales surged in July to a 17.9 million unit sales rate, but we expect sales to gradually ease from that strong pace, allowing U.S. auto production to ease as well."
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.
SOURCE Comerica Bank