DALLAS, Aug. 30, 2017 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index increased 0.3 percentage points in June to a level of 132.5. June's reading is 58 points, or 79 percent, above the index cyclical low of 74.1. The index averaged 127.7 points for all of 2016, four and one-fifth points above the index average for 2015. May's index reading was 132.2.
"The Comerica Bank Michigan Economic Activity Index increased for the fourth consecutive month in June, and has now increased for eight out of the last nine months. Five out of eight sub-indexes were positive in June, including nonfarm payrolls, unemployment insurance claims (inverted), housing starts, house prices, and state sales tax revenue. State exports, auto production and hotel occupancy decreased in June. A moderately expanding U.S. economy combined with a globally synchronized economic expansion in the presence of a declining dollar is good news for the Michigan economy. The success of Michigan's manufacturing sector since the Great Recession has created positive conditions for the service sector. We expect Michigan's service sector to continue to expand through the second half of this year and drive job creation in the state," said Robert Dye, Chief Economist at Comerica Bank. "Michigan's manufacturing sector remains strong, but auto sales and auto production have both declined this year. We expect that trend to continue and weigh on state job growth late this year and into 2018."
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, house 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.
SOURCE Comerica Bank