DALLAS, Oct. 28, 2015 /PRNewswire/ -- Comerica
Bank's Michigan Economic Activity Index grew in August, increasing
0.3 percentage points to reach a level of 127.4. August's reading
is 53 points, or 72 percent, above the index cyclical low of 74.0.
The index averaged 117.6 points for all of 2014, three and one-half
points above the index average for 2013. July's index reading was
127.2.
"Our Michigan Economic Activity Index increased again in August,
its fifth consecutive monthly gain. The U.S. auto industry
continues to generate impressive numbers. U.S. auto sales reached a
17.8 million unit rate in August, and then surged to an 18.2
million unit rate in September. Labor relations within the auto
industry remain favorable. The United Auto Workers ratified their
new contract with Chrysler on October
22. The UAW has reached a preliminary agreement with GM. GM
workers are expected to vote on the agreement soon. The UAW's talks
with Ford will begin after the GM agreement is ratified," said
Robert Dye, Chief Economist at
Comerica Bank. "A negative for the Michigan economy is the strong dollar, which
makes U.S. exports more expensive and increases competition with
foreign imports in U.S. markets."
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