DALLAS, May 27, 2015 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index decreased in March, losing 0.8 percentage points to reach a level of 117.8. March's reading is 44 points, or 60 percent, above the index cyclical low of 73.8. The index averaged 117.6 points for all of 2014, three and three-tenths points above the index average for 2013. February's index reading was 118.6.
"Our Michigan Economic Activity Index declined again in March, showing the impact of a lingering bad winter on the state economy. Residential construction activity in particular was delayed due to weather. Also, auto production ticked down as sales were hampered nationally by bad weather in February. The good news is that job creation continues to match the U.S. average, and that will support increasing consumer spending for Michigan households," said Robert Dye, Chief Economist at Comerica Bank. "So far in this business cycle the state's manufacturing sector has added jobs at a steady rate. We expect those gains to taper as the business cycle matures, with more jobs coming from nonmanufacturing industries."
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