DALLAS, July 2, 2015 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index grew in April, increasing 1.9 percentage points to reach a level of 121.6. April's reading is 48 points, or 64 percent, above the index cyclical low of 74.0. The index averaged 117.4 points for all of 2014, three and three-tenths points above the index average for 2013. March's index reading was 119.6.
"The Michigan economy is feeling the tailwind of a resurgent U.S. auto industry. Our Michigan Economic Activity Index improved in April after plateauing through the early months of 2015. Strong auto sales are supportive of the state's manufacturing sector and are buffering the negative impact of a strong dollar on export-oriented manufacturing. Job creation is on an upward trend in Michigan and real estate markets continue to firm up," said Robert Dye, Chief Economist at Comerica Bank. "Cheaper gasoline is a boost for the state's summer tourism industry, which will also benefit from more confident consumers who have a little more money to spend this summer."
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.
SOURCE Comerica Bank
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