DALLAS, July 27 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Economic Activity Index rose one point in June, to a level of 84. June's reading is up 13 points from the same period a year ago, marking the fifth consecutive double-digit increase in the Index, on a 12-month basis. Year-to-date, the Index is up nine points, or 12.4 percent, from the average for all of 2009. The May Index was unrevised from a level of 83.
"Our Index ticked up for the second month in a row, to a level that matches the March cyclical peak," said Dana Johnson, Chief Economist at Comerica Bank. "Continued strength in motor vehicle and steel production counteracted drags from housing and consumer spending. Paralleling the national recovery, production variables remain the key driver to the Michigan recovery, with housing and employment lagging. Broad-based moderate gains in the national economy over the second half of the year should help generate an increasingly widespread recovery in Michigan, including moderate job growth."
The Michigan Economic Activity Index equally weights 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 Michigan's largest bank, based on deposits. It 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 & 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