Comerica Bank's Michigan Index Up Again in April
DETROIT -- Comerica Bank's Michigan Economic Activity Index increased in April, up 1.3 points to a level of 122.4.
The April index reading is 50 points, or 70 percent, above the index cyclical low of 72.1, reached at the bottom of the last recession.
The index averaged 114 for all of 2012, 11 points above the index average for 2011. March's index reading was revised up from 119.9 to 121.1.
"Our Michigan Index has shown consistent gains over the first four months of 2013, reflecting improved labor market conditions, strong vehicle production and improved housing market conditions within the state," said Robert Dye, Chief Economist at Comerica Bank. "The ongoing economic expansion within the U.S., accompanied by increasing consumer wealth and improving consumer confidence, points to favorable conditions for the state's key auto industry for the remainder of the year."
The Michigan Economic Activity Index consists of seven variables: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits, and motor vehicle production. All data are seasonally adjusted, as necessary, and indexed to a base year of 2008 -- meaning that year's economic activity is equal to 100 on the index. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.
Comerica Bank, with 215 banking centers in Michigan, is a subsidiary of Comerica Inc. (NYSE: CMA), a financial services company headquartered in Dallas, Texas.
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