DALLAS, March 16, 2011 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index rose one point in January, to a level of 87. January's level is two points above the average for all of 2010, and 15 points, or 23 percent, above the Index cyclical low of 71.
"After three months of drag, motor vehicle production contributed significantly to the January rise in our index," said Dana Johnson, Chief Economist at Comerica Bank. "Further gains in the motor vehicle sector are likely over the first half of 2011 given that the Michigan-based producers have boosted their production plans in reaction to stronger national sales. More broadly, the Michigan economy is poised to make modest gains in 2011, against a background of gradually accelerating national growth."
As of this release, seasonal factors of the index have been revised. A revised index history is available upon request.
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