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
to 125.5.
"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 averages.
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
visit www.facebook.com/ComericaCares.
To subscribe to our publications or for questions, contact us at
ComericaEcon@comerica.com. Archives are available at
http://www.comerica.com/economics. Follow us on Twitter:
@Comerica_Econ.
Logo -
http://photos.prnewswire.com/prnh/20010807/CMALOGO
SOURCE Comerica Bank