DALLAS, July 29, 2015 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index continued to grow in May, increasing 3.3 percentage points to reach a level of 124.8. May's reading is 51 points, or 69 percent, above the index cyclical low of 74.0. The index averaged 117.4 points for all of 2014, three and three-tenths points above the index average for 2013. April's index reading was 121.5.
"The 3.3 percent gain in our Michigan Economic Activity Index for May was the strongest monthly gain since February 2005. May continued a strong run for the Michigan economy, which began last November, and was interrupted in February, primarily as a result of very bad winter weather. The climate is better in Michigan now in more ways than one. The U.S. auto industry is enjoying strong sales and solid profitability, supported by an improving U.S. economy and low gasoline prices. This is a tailwind for the state of Michigan, fostering broad-based economic gains," said Robert Dye, Chief Economist at Comerica Bank. "Seven out of eight components of our Michigan Index increased in May, including labor market and housing-related indicators."
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