DALLAS, Aug. 31, 2016 /PRNewswire/ -- Comerica
Bank's Michigan Economic Activity Index increased 1.9 percentage
points in June to a level of 129.8. June's reading is 56 points, or
75 percent, above the index cyclical low of 74.1. The index
averaged 123.6 points for all of 2015, five and four-fifths points
above the index average for 2014. May's index reading was
127.9.
"Our Michigan Economic Activity Index climbed in June after
dipping in May. The index is on an upward trajectory so far in
2016, but it has been somewhat inconsistent, not showing
back-to-back gains since mid-year 2015. Six subcomponents were
positive in June, including state exports, initial claims for
unemployment insurance, housing starts, auto production, sales tax
revenues and hotel occupancy. House prices eased while nonfarm
employment was unchanged," said Robert
Dye, Chief Economist at Comerica Bank. "U.S. auto sales
surged in July to a 17.9 million unit sales rate, but we expect
sales to gradually ease from that strong pace, allowing U.S. auto
production to ease as well."
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