Michigan Economy Softens in April, Reports Comerica Bank's Michigan Economic Activity Index

Jun 07, 2010, 16:37 ET from Comerica Bank

DALLAS, June 7 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Economic Activity Index fell two points in April, to a level of 82.  April's reading is up 11 points from the same period a year ago, marking the third consecutive double-digit increase in the Index on a 12-month basis.  April marks the first monthly dip in the Index since March of 2009.  Year-to-date, the Index is up nine points, or 12 percent, from the average for all of 2009.  The March Index was unrevised from a level of 84.

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"Following an impressive increase over the first quarter of 2010, our Index softened a bit in April," said Dana Johnson, Chief Economist at Comerica Bank.  "April's Index was driven lower by weak energy sales, steel production and housing activity.  The upward trend in motor vehicle production remained strong in April, as did car sales, reflecting the consumer demand and production dynamics that have thus far driven the recovery both nationally and in Michigan. Looking ahead, persistent and broad-based gains in the national economy are highly likely to result in sustained moderate job growth in Michigan and an increasingly widespread recovery."  

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