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Economics Dept.: Michigan Economy Surges in July

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Comerica Bank’s Michigan Economic Activity Index climbed three points in July, to a level of 87. July’s reading is up 16 points from the year-ago level, the largest year-on-year Index increase since December 2004. The July level is 23 percent above the Index’s cyclical low.

Year-to-date the Index is up nine points, or 13 percent from the average for all of 2009.

“After trending sideways in a two-point range for five consecutive months, our Index rose three points in July, to its highest level in more than two years,” said Dana Johnson, Chief Economist at Comerica Bank. “State motor vehicle and steel production were particularly strong in July, reflecting the absence of the normal summer retooling shutdowns at some of the auto companies. Looking ahead, the slower growth in the national economy that emerged in the second quarter could constrain growth in Michigan over the balance of the year.”

The Michigan Economic Activity Index equally weights nine, seasonally adjusted coincident indicators of real economic activity. These indicators reflect activity in the construction, manufacturing and service sectors as well as job growth and consumer outlays. A complete Index history is available upon request.

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