DALLAS, July 18, 2013 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index increased in May, up 3.0 percentage points to a level of 125.2. The May index reading is 53 points, or 74 percent, above the index cyclical low of 72.1. The index averaged 114 for all of 2012, 11 points above the index average for 2011. April's index reading was revised down from 122.4 to 122.2.
"Our Michigan Index continues to point toward improvement for the Michigan economy. Most index components increased for the month, including payroll employment," said Robert Dye, Chief Economist at Comerica Bank. "Strong U.S. auto sales for June are a positive factor for auto production and for the Michigan economy. We expect to see ongoing improvement to the Michigan economy through the second half of the year."
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 215 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.