Comerica Bank’s Michigan Economic Activity Index increased in June, climbing 3.7 percentage points to a level of 127.8. June’s reading is 56 points, or 78 percent, above the index cyclical low of 71.9. The index averaged 125 points for all of 2013, 11 points above the index average for 2012. May’s index reading was revised slightly up to 124.1.
“Our Michigan Index kept its upward momentum in June after improving in May. Payroll job growth in Michigan increased in May, June and July, breaking out of an ominous stall pattern that extended through the end of 2013 into early 2014. National auto sales were strong through midsummer and that has spurred production increases for Michigan-based assembly plants and suppliers,” said Robert Dye, Chief Economist at Comerica Bank. “State sales tax revenues are trending up this year, showing that improved household finances and confidence are being felt at Michigan retailers.”
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 toMichigan 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.