Comerica Bank's Michigan Index Eased in November
DALLAS, Jan. 21, 2014
DALLAS, Jan. 21, 2014 /PRNewswire/ --Comerica Bank's Michigan Economic
Activity Index decreased slightly in November, down 0.2 percentage point to a
level of 131.4. November's reading is 59 points, or 82 percent, above the
index cyclical low of 72.1. The index averaged 114 for all of 2012, 11 points
above the index average for 2011. October's index reading was 131.6.
"Our Michigan Index eased in November as residential building permits dipped
following a September surge. Job growth is a positive factor for the state,
but it is beginning to fall below the U.S. average. In November, Michigan
payrolls were up 1.5 percent over the previous 12 months while the U.S average
gain was 1.7 percent," said Robert Dye, Chief Economist at Comerica Bank.
"Auto sales bounced through the fourth quarter; weaker in October, stronger in
November and then weaker again in December. We expect auto sales to continue
to increase moderately in 2014, supporting the Michigan economy, but the lift
to the state economy from the recovery in the auto industry is easing as
vehicle sales inch closer to their eventual upper limit."
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 2008. Nominal values have been converted to constant
dollar values. Index levels are expressed in terms of three-month moving
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
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SOURCE Comerica Bank
Contact: Media, Robert Dye, +1-214-462-6839, firstname.lastname@example.org, or Data,
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