DETROIT, Nov. 4 /PRNewswire-FirstCall/ – Comerica Bank’s Michigan Economic Activity Index improved two points in September, to a level of 79. September’s reading marks the fourth consecutive monthly increase in the Index, which moved to its highest level since December 2008. Compared to its May low, the Index is now up 10 points, or 14.5 percent. August’s level was revised from 78 to 77.
“As expected, the Michigan car sales component of our Index declined sharply in September due to the expiration of the cash-for-clunkers program, however, surging auto and steel production fully offset the drop in vehicle sales,” said Dana Johnson, Chief Economist at Comerica Bank. “Overall, five components were up, two were unchanged, and two were down in September. Over the next several months, as other sectors of the Michigan economy are bolstered by improving national trends, our Index will likely continue to trend higher.”
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. Historical data is available upon request.
Comerica Incorporated (NYSE:CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $59.6 billion as of September 30, 2009.
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Source: Comerica Bank
CONTACT: Media, Dana Johnson, Senior Vice President and Chief Economist, +1-214-462-6839, firstname.lastname@example.org,
or Data, Meaghan Derrick, Research Assistant, +1-214-462-6815, email@example.com, both of Comerica Bank
Web Site: http://www.comerica.com