DALLAS, Dec. 2, 2015 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index was flat in September, maintaining a level of 127.5. September's reading is 53 points, or 72 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. August's index reading was 127.5.
"Our Michigan Economic Activity Index was unchanged in September, after growing for the previous five months. Four of the components of the index saw declines: nonfarm payrolls, exports, housing starts and house prices. U.S. vehicles sales were robust at an 18.2 million unit sales rate for September and October. The UAW has reached agreements with all Big Three auto manufacturers, allowing for more manufacturing flexibility. We expect auto sector employment to crest in Michigan by early 2016 and then gradually recede," said Robert Dye, Chief Economist at Comerica Bank. "The strong U.S. dollar is a contributing factor to the announced shift in production of small cars to Mexico. Automakers will keep the production of higher-cost, higher-margin vehicles stateside."
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