DALLAS, Jan. 27, 2016 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index improved in November, increasing 0.6 percentage points to a level of 127.9. November's reading is 54 points, or 73 percent, above the index cyclical low of 74.1. The index averaged 117.4 points for all of 2014, three and three-tenths points above the index average for 2013. October's index reading was 127.2.
"Our Michigan Economic Activity Index increased again in November, marking two consecutive monthly gains after flat lining from July through September. Job growth, while still a positive factor for the Michigan economy, appears to be easing with year-over-year growth of 1.9 percent in December, converging to the U.S. average. Most index components were positive in November, including unemployment insurance claims (inverted), housing starts, house prices, sales tax revenue and hotel occupancy. State exports and auto production were negatives in November," said Robert Dye, Chief Economist at Comerica Bank. "We expect strong consumer demand for new automobiles to continue through 2016, however, auto production and auto-related employment is likely near its cyclical peak, so the boost to the state economy from the resurgent auto industry will diminish going forward."
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