DALLAS, Jan. 31, 2017 /PRNewswire/ -- Comerica Bank's
Michigan Economic Activity Index improved in November, up 1.3
percentage points to a level of 129.7. November'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. October's index reading
was 128.4.
"The Comerica Bank Michigan Economic Activity Index increased
for the second consecutive month in November. The state economy is
showing broad-based gains, with six of the eight index components
up for the month. Nonfarm employment, unemployment insurance claims
(inverted), housing starts, home prices, sales tax revenues and
hotel occupancy were all up in November. State exports eased, as
did auto production. Year-over-year job growth for Michigan remains above the U.S. average,
dipping slightly to 2.1 percent in November. The state's
unemployment rate declined to about even with the national average
by late 2015 and remains close. Many industries report very tight
labor market conditions and this will keep upward pressure on wages
through 2017," said Robert Dye,
Chief Economist at Comerica Bank. "The Trump Administration is
focused on keeping auto sector jobs in Michigan and this will help to extend the
current positive business climate for 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 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/comerica-banks-michigan-index-continues-gains-300399780.html
SOURCE Comerica Bank