DALLAS, April 27, 2016 /PRNewswire/ -- Comerica Bank's
Michigan Economic Activity Index improved in February, increasing
0.5 percentage points to a level of 127.0. February's reading is 53
points, or 71 percent, above the index cyclical low of 74.0. The
index averaged 124.4 points for all of 2015, seven points above the
index average for 2014. January's index reading was 126.4.
"Our Michigan Economic Activity Index increased in February
after dipping in January. Six out of eight index components were
positive in February, including nonfarm employment, exports,
housing starts, house prices, auto production and hotel occupancy.
Only unemployment insurance claims (inverted) and state sales tax
revenues were drags in February. With the domestic auto sector near
its cyclical peak and international demand for Michigan's exports soft, the Michigan economy is in a new phase, where
growth will be driven by non-manufacturing industries," said
Robert Dye, Chief Economist at
Comerica Bank. "Steady gains in non-manufacturing employment and
improving real estate conditions will be the hallmarks of the
Michigan economy for the remainder
of the 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 213 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 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