DALLAS, Oct. 2, 2015 /PRNewswire/ -- Comerica Bank's
Michigan Economic Activity Index grew in July, increasing 0.8
percentage points to reach a level of 127.4. July's reading is 53
points, or 72 percent, above the index cyclical low of 74.0. The
index averaged 117.4 points for all of 2014, three and one-third
points above the index average for 2013. June's index reading was
126.7.
"Our Michigan Economic Activity Index increased for the fourth
consecutive month in July, again fueled by the auto industry, as
auto production climbed through mid-summer. The labor market
components of the index continue to reflect improving conditions,
as hiring increased in a broad range of industries, including
professional and business services. Exports, house prices and
housing starts were minor drags on the index in July," said
Robert Dye, Chief Economist at
Comerica Bank. "Low gasoline prices are a plus for Michigan's economy. However, the strengthening
dollar is a growing headwind for the manufacturing sector."
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