DALLAS, May 2, 2019 /PRNewswire/ -- Comerica Bank's
Michigan Economic Activity Index increased 0.1 percent in February
to a level of 117.5. February's reading is 20 points, or 20
percent, above the index cyclical low of 97.9. The index averaged
118.4 points for all of 2018, 0.1 points above the index average
for 2017. January's index reading was revised to 117.4.
Comerica Bank's Michigan Economic Activity Index inched up by
0.1 percent in February, putting the brakes on a three-month slide.
Over the year ending in February, the Michigan Index is down by 0.8
percent. Despite the overall gain in February, only three out of
nine index components were positive for the month. They were
nonfarm employment, housing starts and house prices. The negatives
were unemployment insurance claims (inverted), industrial
electricity demand, light vehicle production, total state trade,
hotel occupancy and state sales tax revenues. The February gain in
housing starts was strong after a three-month slide, pushing the
overall index barely into positive territory for the month. The
February 2019 Michigan Index level of
117.5 was first reached in April
2016. So it is fair to say that the Michigan economy has shown little momentum
over the past three years, despite the fact that state-wide payroll
employment increased by about 3,600 over that time period. A key
drag has been the housing market. Total housing starts in
February 2019 were down 19 percent
from April 2016. Light vehicle
production was also down over that time period, as was industrial
electricity demand. U.S. economic data has generally improved in
March and April after a winter soft patch and that will help to
support the Michigan economy this
spring.
The Michigan Economic Activity Index consists of nine variables,
as follows: nonfarm payroll employment, continuing claims for
unemployment insurance, housing starts, house price index,
industrial electricity sales, auto assemblies, total trade, hotel
occupancy and sales tax revenue. All data are seasonally adjusted.
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/insights. Follow us on Twitter:
@Comerica_Econ.
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SOURCE Comerica Bank