DALLAS, July 2, 2015 /PRNewswire/ -- Comerica Bank's
Michigan Economic Activity Index grew in April, increasing 1.9
percentage points to reach a level of 121.6. April's reading is 48
points, or 64 percent, above the index cyclical low of 74.0. The
index averaged 117.4 points for all of 2014, three and three-tenths
points above the index average for 2013. March's index reading was
119.6.
"The Michigan economy is
feeling the tailwind of a resurgent U.S. auto industry. Our
Michigan Economic Activity Index improved in April after plateauing
through the early months of 2015. Strong auto sales are supportive
of the state's manufacturing sector and are buffering the negative
impact of a strong dollar on export-oriented manufacturing. Job
creation is on an upward trend in Michigan and real estate markets continue to
firm up," said Robert Dye, Chief
Economist at Comerica Bank. "Cheaper gasoline is a boost for the
state's summer tourism industry, which will also benefit from more
confident consumers who have a little more money to spend this
summer."
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.
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SOURCE Comerica Bank