DALLAS, Jan. 4, 2017 /PRNewswire/ -- Comerica Bank's
Michigan Economic Activity Index grew in October, up 1.0 percentage
point to a level of 128.4. October's reading is 54 points, or 73
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. September's index reading was 127.4.
"The Comerica Bank Michigan Economic Activity Index increased in
October, breaking a three-month slide that started last July. Gains
were visible across most indicators, with seven out of eight index
components either improving or staying even in October. The gainers
were nonfarm payrolls, state exports, unemployment insurance claims
(inverted), housing starts, auto production and hotel occupancy.
Home prices were unchanged, as they were in August and September.
Only state sales tax revenue declined in October. Ford Motor
Company announced that they are canceling plans to build a new
plant in Mexico; instead, they
will invest $700 million in the
Flat Rock assembly plant," said
Robert Dye, Chief Economist at
Comerica Bank. "Ford's decision will add support to Michigan's economy and increase their
employment base in Michigan by 700
workers."
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 one of the largest banking center networks
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