DALLAS, July 7, 2011 /PRNewswire/ -- Comerica Bank's
Michigan Economic Activity Index fell one point in May, ticking
down to a level of 87. The May index level is 16 points, or
23 percent, above the cyclical index low of 71. May's level
is three points above the average for all of 2010.
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Strong state payroll growth and increased auto production drove
the Michigan Economic Activity Index up over the first quarter of
2011. Michigan nonfarm payrolls declined in both April and
May. A combined significant monthly drop in April auto
production, likely due to Japanese disaster related supply-chain
disruptions, held the index down in April and May. As these
headwinds dissipate, the local economy should begin showing more
strength against a background of moderate national expansion.
The Michigan Economic Activity Index equally weighs nine,
seasonally-adjusted coincident indicators of real economic
activity. These indicators reflect activity in the
construction, manufacturing and service sectors as well as job
growth and consumer outlays. A complete Index history is
available upon request.
Comerica Bank is the commercial banking 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 & Institutional 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.
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www.comerica.com/econsubscribe to subscribe.
SOURCE Comerica Bank