DALLAS, Oct. 25, 2011 /PRNewswire/ -- Comerica Bank's
Michigan Economic Activity Index ticked up one point in August, to
a level of 87. The August index level is 16 points, or 23
percent, above the index cyclical low of 71. Year-to-date the
index has averaged 87 points, two points above the average for all
of 2010.
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"The Michigan economy has held
on to the gains generated by the restructuring automotive
industry," said Robert Dye, Chief
Economist at Comerica Bank. "Auto sales firmed up in September to a
13 million unit pace nationwide. That helps to support recent
increases to auto production as U.S. automakers move past the
supply-chain bottlenecks that followed the Japan earthquake. Auto sales are expected to
increase through 2012, but impaired consumer confidence and tepid
job creation will keep sales gains confined to the weak-to-moderate
range. Construction activity in Michigan is likely to remain soft and will be
a leveling factor on the Michigan Economic Activity Index for some
time to come. The ongoing crisis in the euro-zone does add downside
risk to the global macroeconomic outlook."
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 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 receive this Index directly to your email inbox, go to
www.comerica.com/econsubscribe to subscribe.
SOURCE Comerica Bank