DALLAS, Oct. 27, 2016 /PRNewswire/ -- Comerica Bank's
Michigan Economic Activity Index declined 0.2 percentage points in
August to a level of 129.3. August's reading is 55 points, or 74
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. July's index reading was 129.5.
"The Comerica Bank Michigan Economic Activity Index dipped again
in August, after declining in July. In the 13 months ending in
August, the Michigan Index has declined eight times and increased
five times. Overall, the recent trend still looks positive, but not
overwhelmingly so. Only three out of eight index components
increased in August. They were nonfarm employment, state exports
and auto production. Initial claims for unemployment insurance
(inverted), housing starts, house price index, and hotel occupancy
all deteriorated in August, while state sales tax revenues were
unchanged," said Robert Dye, Chief
Economist at Comerica Bank. "We expect to see an ongoing economic
expansion in Michigan through the
first half of next year, but the rate of expansion will ease as the
auto sector adjusts to stabilizing sales nationwide and small car
production begins to migrate out of the state."
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