DALLAS, April 29, 2015 /PRNewswire/ -- Comerica
Bank's Michigan Economic Activity Index decreased in February,
losing 1.9 percentage points to reach a level of 118.7. February's
reading is 45 points, or 61 percent, above the index cyclical low
of 73.8. The index averaged 117.6 points for all of 2014, three and
three-tenths points above the index average for 2013. January's
index reading was 120.6.
"Our Michigan Economic Activity Index eased in February as
severe winter weather gripped the Midwest and Northeast. Four
components of our Michigan Index that were negative factors for
February are weather-sensitive. These are unemployment insurance
claims, housing starts, auto production (depressed by weaker sales)
and sales tax revenue. Fortunately, U.S. auto sales bounced back in
March to a 17.2 million unit pace after slumping through the
winter. Also, we expect home sales and residential
construction activity to improve this spring," said Robert Dye, Chief Economist at Comerica Bank.
"With auto industry output nearing a cyclical peak, and other
manufacturing industries feeling the headwinds of a weaker energy
sector and a stronger dollar, we expect Michigan's non-manufacturing industries to
account for a bigger portion of new business for the state this
year."
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.
To subscribe to our publications or for questions, contact us at
ComericaEcon@comerica.com. Archives are available at
http://www.comerica.com/economics. Follow us on Twitter:
@Comerica_Econ.
Logo - http://photos.prnewswire.com/prnh/20010807/CMALOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/comerica-banks-michigan-index-slips-on-weather-300074431.html
SOURCE Comerica Bank