Comerica Bank’s Michigan Economic Activity Index held flat in November, at a level of 87 for the fourth time in five months.
November’s level was up 16 points, or 23 percent, above the cycle low of 71 reached in July 2009.
Year-to-date the Index averaged a level of 85, up 11 points, or 15 percent, from the average for all of 2009.
“Our November Index reading reinforced the flat trend that has emerged in the Michigan economy over the past five months,” said Dana Johnson, chief economist at Comerica Bank. “Growth in Michigan over the 11 months to November has been sluggish and uneven. Looking ahead to 2011, the Michigan economy is poised to make modest gains, fueled by increases in auto production and sales, and against a background of gradually accelerating national growth.”
The Michigan Economic Activity Index equally weighs 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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