DALLAS, April 2, 2015 /PRNewswire/ -- Comerica
Bank's Michigan Economic Activity Index increased in January,
growing 0.3 percentage points to a level of 120.6. January's
reading is 47 points, or 63 percent, above the index cyclical low
of 73.8. The index averaged 117.6 points for all of 2014, three and
three-tenths points above the index average for 2013. December's
index reading was 120.3.
"Our Michigan Economic Activity Index increased for the third
consecutive month in January, indicating ongoing gains to the
Michigan economy. Inputs to the
headline index were mixed, with 5 out of 8 components increasing
for the month, including payroll employment. We expect that the
push to the Michigan economy from
improving manufacturing conditions will ease in the months ahead as
auto production crests at a cyclical high, and manufactured exports
face increasing price competition due to a stronger dollar," said
Robert Dye, Chief Economist at
Comerica Bank. "We look for non-manufacturing industries to take a
larger share of new jobs 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 214 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 find Comerica on Facebook, please
visit www.facebook.com/ComericaCares.
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