DALLAS, Nov. 30, 2016 /PRNewswire/ -- Comerica Bank's
Michigan Economic Activity Index fell in September, down 0.9
percentage points to a level of 128.1. September's reading is 54
points, or 73 percent, above the index cyclical low of 74.1. The
index averaged 123.6 points for all of 2015, five and four-fifths
points above the index average for 2014. August's index reading was
129.0.
"The Comerica Bank Michigan Economic Activity Index declined in
September, for the third consecutive month. A reset in housing
starts in late summer, after surging earlier in the year, was a
persistent weight on the Michigan Index through the third quarter.
In September only three out of eight index components were
positive. They were nonfarm payrolls, state exports and hotel
occupancy. Claims for unemployment insurance (inverted), housing
starts, house prices, auto production and state sales tax revenues
all declined for the month. We look for only modest momentum in the
Michigan economy through early
next year as auto production starts to ease in the state," said
Robert Dye, Chief Economist at
Comerica Bank. "Most major auto makers expect slight declines in
U.S. auto sales through 2017, and small car production is being
shifted out of the state, so manufacturing employment is expected
to be a drag on the state economy next year."
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 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/economics. Follow us on Twitter:
@Comerica_Econ.
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SOURCE Comerica Bank