DALLAS, July 29, 2015 /PRNewswire/ -- Comerica
Bank's Michigan Economic Activity Index continued to grow in May,
increasing 3.3 percentage points to reach a level of 124.8. May's
reading is 51 points, or 69 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. April's index
reading was 121.5.
"The 3.3 percent gain in our Michigan Economic Activity Index
for May was the strongest monthly gain since February 2005. May continued a strong run for the
Michigan economy, which began last
November, and was interrupted in February, primarily as a result of
very bad winter weather. The climate is better in Michigan now in more ways than one. The U.S.
auto industry is enjoying strong sales and solid profitability,
supported by an improving U.S. economy and low gasoline prices.
This is a tailwind for the state of Michigan, fostering broad-based economic
gains," said Robert Dye, Chief
Economist at Comerica Bank. "Seven out of eight components of our
Michigan Index increased in May, including labor market and
housing-related indicators."
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