Michigan Economy Dips In August, Reports Comerica Bank's Michigan Economic
DALLAS, Oct. 29, 2012
DALLAS, Oct. 29, 2012 /PRNewswire/ -- Comerica Bank's Michigan Economic
Activity Index dipped in August, declining 1.2 points, to a level of 106.6.
The August index reading is 47 points, or 78 percent, above the index cyclical
low of 59.9. The index has averaged 104 points thus far in 2012, 13 points
above the index average for all of 2011.
"Following a rapid climb of nearly six points over the last three months, our
Michigan Economic Activity Index paid back some of its recent gains in August,
declining by 1.2 points," said Robert Dye, Chief Economist at Comerica Bank.
"Job creation and residential construction were flat in August, although both
have been on an overall upward trend since earlier in the year. August U.S.
vehicle sales were up to a 14.5 million unit rate, but vehicle production in
Michigan slid in August. We already know that September vehicle sales
increased to a 14.9 million unit rate, which is encouraging."
The Michigan Economic Activity Index consists of seven variables, as follows:
nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates,
continuing claims for unemployment insurance, building permits, and motor
vehicle production. All data are seasonally adjusted, as necessary, and
indexed to a base year of 2004. Nominal values have been converted to constant
dollar values. Index levels are expressed in terms of three-month moving
Comerica Bank, with 216 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. Follow Comerica Chief Economist Robert
Dye on Twitter at @Comerica_Econ.
To receive this Index directly to your email inbox, go to
www.comerica.com/econsubscribe to subscribe.
SOURCE Comerica Bank
Contact: Media, Robert Dye, +1-214-462-6839, firstname.lastname@example.org, or Data,
Meaghan Derrick, +1-214-462-6815, email@example.com
Press spacebar to pause and continue. Press esc to stop.