DALLAS, July 27, 2016 /PRNewswire/ -- Comerica Bank's
Michigan Economic Activity Index was down 0.6 percentage points in
May to a level of 128.3. May's reading is 54 points, or 73 percent,
above the index cyclical low of 74.0. The index averaged 123.7
points for all of 2015, five and four-fifths points above the index
average for 2014. April's index reading was 128.9.
"Our Michigan Economic Activity Index dipped in May after
increasing in April. Only two out of eight index components
increased for the month. They were initial claims for unemployment
insurance (inverted) and the house price index. Auto production,
state exports, housing starts, sales tax and hotel occupancy all
eased. The push to the Michigan
economy from the post-recession rebound in the auto industry is
dissipating. Also, the strong dollar and soft global demand are
still headwinds for U.S. exports," said Robert Dye, Chief Economist at Comerica Bank.
"We expect the Bank of Japan to
take more steps to weaken the value of the yen relative to the
dollar and the euro, which will help the Japanese auto industry
globally at the expense of U.S. and European automakers."
The Michigan Economic Activity Index consists of eight
variables, as follows: nonfarm payrolls, exports, hotel occupancy
rates, continuing claims for unemployment insurance, housing
starts, sales tax revenues, home prices, and auto production. All
data are seasonally adjusted, 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 more than 200 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 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.
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SOURCE Comerica Bank