DALLAS, June 4, 2019 /PRNewswire/ -- Comerica Bank's
Michigan Economic Activity Index increased 0.1 percent in March to
a level of 117.6. March's reading is 20 points, or 20 percent,
above the index cyclical low of 97.9. The index averaged 118.4
points for all of 2018, 0.1 points above the index average for
2017. February's index reading was 117.5.
Comerica Bank's Michigan Economic Activity Index increased again
in March after breaking a three-month decline in February. Despite
the recent two-month gain, the Michigan Index still shows little
upward momentum. Over the year ending in March, the Michigan Index
is down by 0.8 percent. In March, five out of nine index components
were positive. They were nonfarm employment, housing starts, house
prices, total state trade, and hotel occupancy. The three negative
components were unemployment insurance claims (inverted),
industrial electricity demand and light vehicle production. State
sales tax revenues were neutral for March. Continuing claims for
unemployment insurance in Michigan
increased for the three months ending in March. The April data, not
included in the March index shows a welcome decrease. The other
labor market indicator, nonfarm payrolls, has been positive for the
seven consecutive months from last October through April. However,
momentum in that series appears to be slowing. For the year ending
in March, nonfarm payrolls in Michigan were up by just 0.6 percent. That was
the weakest 12-month percent gain this side of the Great
Recession. We expect the Michigan
economy to keep expanding this year, but at a weak pace, consistent
with the flat trend in our Michigan Index.
The Michigan Economic Activity Index consists of nine variables,
as follows: nonfarm payroll employment, continuing claims for
unemployment insurance, housing starts, house price index,
industrial electricity sales, auto assemblies, total trade, hotel
occupancy and sales tax revenue. All data are seasonally adjusted.
Nominal values have been converted to constant dollar values. Index
levels are expressed in terms of three-month moving averages.
Comerica Bank, with one of the largest banking center networks
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 subscribe to our publications or for questions, contact us at
ComericaEcon@comerica.com. Archives are available at
http://www.comerica.com/insights. Follow us on Twitter:
@Comerica_Econ.
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SOURCE Comerica Bank