DALLAS, Jan. 8, 2015 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index slipped slightly in October, decreasing 1.5 percentage points to a level of 119.2. October's reading is 45 points, or 61 percent, above the index cyclical low of 73.8. The index averaged 114.2 points for all of 2013, seven and one-tenth points above the index average for 2012. September's index reading was 120.7.
"Our Michigan Economic Activity Index eased in October, breaking a string of six consecutive monthly gains. Payroll job creation has been inconsistent in Michigan through 2014 despite significant gains in U.S. auto sales through the year. October auto sales were solid at a 16.5 million unit pace, and November and December improved from that base, bringing the fourth quarter average sales rate up to 16.9 million units. Lower gasoline prices and solid job growth nationwide are supporting strong auto sales, which are now near the top of the cycle," said Robert Dye, Chief Economist at Comerica Bank. "We expect to see ongoing modest-to-moderate growth for Michigan in 2015, supported by a strong manufacturing sector and improving real estate markets."
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 214 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.
SOURCE Comerica Bank