Michigan Economy Stable In November, Reports Comerica Bank's Michigan Economic Activity Index

Michigan Economy Stable In November, Reports Comerica Bank's Michigan Economic
                                Activity Index

PR Newswire

DALLAS, Jan. 23, 2013

DALLAS, Jan. 23, 2013 /PRNewswire/ -- Comerica Bank's Michigan Economic
Activity Index stabilized in November, rising 0.4 percentage points to a level
of 101.0. The November index reading is 41 points, or 69 percent, above the
index cyclical low of 59.9. The index has averaged 103 through the eleven
months of 2012 to November, 12 points above the index average for all of 2011.

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"After reaching a recent July peak of 107.8, our Michigan Index declined for
three months before stabilizing in November. We see broad-based improvement in
the index components for the month, with the exception of a slight decrease in
seasonally-adjusted tax revenues," said Robert Dye, Chief Economist at
Comerica Bank. "November auto sales were strong, at a 15.5 million unit rate,
and dipped only slightly in December. Auto sales may decrease from these
levels in the first quarter of 2013, as growth in consumer spending eases in
reaction to increased federal taxes, and the effects of Hurricane Sandy on
vehicle replacement dissipate."

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.

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SOURCE Comerica Bank

Website: http://www.comerica.com
Contact: Media, Robert Dye, +1-214-462-6839, radye@comerica.com, or Data
Contact, Meaghan Derrick, +1-214-462-6815, maderrick@comerica.com
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