DALLAS, Dec. 2, 2014 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index grew in September, increasing 0.1 percentage points to a level of 120.5. September's reading is 47 points, or 63 percent, above the index cyclical low of 73.8. The index averaged 114.2 points for all of 2013, seven and one-tenth points above the index average for 2012. August's index reading was 120.4.
"Our Michigan Economic Activity Index improved in September, showing that the Michigan economy has expanded for six consecutive months. The components of our Michigan index were mixed, with unemployment insurance claims and residential construction activity improving. However, house prices, auto production, state exports, sales tax and hotel occupancy all declined. The slight improvement to our overall Michigan Index in September is consistent with a state economy that was expanding through the third quarter, but at a modest rate," said Robert Dye, Chief Economist at Comerica Bank. "With gasoline prices falling and consumer confidence firming up, we expect to see gains in U.S. auto sales through 2015, which will be supportive of the state economy."
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 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.
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SOURCE Comerica Bank