Comerica Bank's Michigan Index Declines for the Fourth Consecutive Month
DALLAS, April 23, 2014
DALLAS, April 23, 2014 /PRNewswire/ -- Comerica Bank's Michigan Economic
Activity Index dipped in February, falling 2.1 percentage points to a level of
123.4. February's reading is 51 points, or 71 percent, above the index
cyclical low of 72.1. The index averaged 126 for all of 2013, 12 points above
the index average for 2012. January's index reading was revised slightly down
"Our Michigan Index fell again in February, its fourth consecutive decline.
Job growth in Michigan has essentially stalled out since last August. Some of
that can be blamed on the very bad winter weather conditions that affected the
state directly and also hurt national demand for the state's manufactured
goods, including cars," said Robert Dye, Chief Economist at Comerica Bank.
"Increased U.S. auto sales this spring will help the Michigan economy, but the
auto sector's potential for job creation is limited as the industry approaches
the cyclical peak in auto sales, perhaps by the end of next year."
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 Contact, Robert Dye, (214) 462-6839, firstname.lastname@example.org, or
Data Contact, Daniel Sanabria, (214) 462-6789, email@example.com
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