DALLAS, July 1, 2016 /PRNewswire/ -- Comerica Bank's
Michigan Economic Activity Index climbed 1.9 percentage points in
April to a level of 129.1. April's reading is 55 points, or 74
percent, above the index cyclical low of 74.0. The index averaged
124.5 points for all of 2015, six and seven-tenths points above the
index average for 2014. March's index reading was 127.2.
"Our Michigan Economic Activity Index increased in April after
dipping in March. The state's important auto sector is not expected
to increase production significantly from current strong levels and
so that boost to the Michigan
economy will diminish going forward. We expect growth in the second
half of this year to come from the household sector, supported by
ongoing job creation in services and by firming real estate market
conditions. Over the 12-month period ending in April, payroll jobs
increased by 2.5 percent in Michigan, well above the U.S. average of 1.9
percent," said Robert Dye, Chief
Economist at Comerica Bank. "However, going forward, we expect
Michigan job growth to ease back toward the U.S. average."
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 more than 200 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