DALLAS, May 27, 2015 /PRNewswire/ -- Comerica Bank's
Michigan Economic Activity Index decreased in March, losing 0.8
percentage points to reach a level of 117.8. March's reading is 44
points, or 60 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. February's index reading
was 118.6.
"Our Michigan Economic Activity Index declined again in March,
showing the impact of a lingering bad winter on the state economy.
Residential construction activity in particular was delayed due to
weather. Also, auto production ticked down as sales were hampered
nationally by bad weather in February. The good news is that job
creation continues to match the U.S. average, and that will support
increasing consumer spending for Michigan households," said Robert Dye, Chief Economist at Comerica Bank.
"So far in this business cycle the state's manufacturing sector has
added jobs at a steady rate. We expect those gains to taper as the
business cycle matures, with more jobs coming from nonmanufacturing
industries."
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