DALLAS, Feb. 22, 2011 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index declined for a third successive month, falling one point in December, to a level of 85. The Index averaged 85 for all of 2010, up 11 points, or 15 percent, from the average for all of 2009. November's reading was revised from a level of 87 to 86.
"Motor vehicle production was a significant drag on our index in each of the last three months of 2010," said Dana Johnson, Chief Economist at Comerica Bank. "That weakness will reverse in the first quarter given that the Detroit Three have announced sizable increases in output for the first quarter. Looking beyond the rebound in auto assemblies, the Michigan economy in 2011 is poised to make modest gains, against a background of gradually accelerating national growth."
The Michigan Economic Activity Index equally weighs nine, seasonally-adjusted coincident indicators of real economic activity. These indicators reflect activity in the construction, manufacturing and service sectors as well as job growth and consumer outlays. A complete Index history is available upon request.
Comerica Bank is the commercial banking 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 & Institutional 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.
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SOURCE Comerica Bank