Comerica Bank’s Michigan Economic Activity Index was unchanged in August at a level of 87. However, on the bright side, that’s up 14 points from August 2009.
The August level is 23 percent above the Index’s cyclical low. Year to date, the index has averaged 10 points, or 13 percent, above the Index average for all of 2009.
“Following a three point surge in July, our index held steady in August, matching its highest level in more than two years,” said Dana Johnson, chief economist at Comerica Bank. “Although August showed no increase in our Index, the underlying variables all contributed positively, with the exception of steel production. Against a background of sluggish national growth, I expect our Michigan Index to trend modestly higher over the balance of 2010.”
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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