DALLAS, Jan. 28, 2015 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index grew in November, increasing 0.3 percentage points to a level of 119.4. November's reading is 46 points, or 62 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. October's index reading was 119.1.
"Our Michigan Economic Activity Index increased in November after easing in October. U.S. economic conditions are strong, creating demand for Michigan manufactured goods. Gasoline prices are low, providing a lift to household finances and supporting increased discretionary spending for Michigan consumers. And house prices are up, helping Michigan homeowners to feel wealthier and more confident," said Robert Dye, Chief Economist at Comerica Bank. "Winter weather conditions appear to be less severe than last year and that is another supporting factor for the Michigan economy."
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