DALLAS, Sept. 28, 2016 /PRNewswire/ -- Comerica
Bank's Michigan Economic Activity Index declined 0.4 percentage
points in July to a level of 129.4. July's reading is 55 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. June's index reading was
129.8.
"Our Michigan Economic Activity Index eased in July after
increasing in June. We have seen an overall upward trend in the
index, with a back-and-forth monthly pattern since late 2015. Job
growth in Michigan is looking
choppy. State payroll employment was up by 2.4 percent in July over
the previous 12 months, but the month-to-month pattern has been
jarred by net job losses in May and August. Ford Motor Company
announced that they will move all small car production to
Mexico over the next two-to-three
years. They will use Michigan
capacity for higher margin vehicles. Over time, we expect to see an
overall decline in auto production from Michigan," said Robert
Dye, Chief Economist at Comerica Bank. "Manufacturing
employment in Michigan has
levelled out this year. We look for growth in the service sector to
sustain the state's economic expansion through the remainder of
this 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 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