The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from PR Newswire

Michigan Economy Ticks Up in September, Reports Comerica Bank's Michigan Economic Activity Index

Monday, December 05, 2011

Michigan Economy Ticks Up in September, Reports Comerica Bank's Michigan Economic Activity Index09:00 EST Monday, December 05, 2011DALLAS, Dec. 5, 2011 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index rose one point in September, to a level of 88.  The September index level is 17 points, or 24 percent, above the index cyclical low of 71.  Year-to-date the index has averaged 87 points, two points above the average for all of 2010. (Logo:  http://photos.prnewswire.com/prnh/20010807/CMALOGO) "Michigan is benefitting from increasing auto sales and vehicle production. U.S. auto sales increased to a 13.6 million unit rate in November and that is good news for the state," said Robert Dye, Chief Economist at Comerica Bank. "The climb out of the depths of the recession still looks very uneven though as hard hit areas within Michigan are stuck with very high unemployment rates. Moreover, where we have seen declines in regional unemployment rates, the declines are due not just to job growth, but also due to declines in the labor force, reflecting lower labor force participation rates. Housing markets in Michigan and elsewhere are still a drag to economic growth and will likely be soft through 2012."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. Comerica Bank is the commercial banking subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Michigan and Texas, Comerica Bank locations can be found in Arizona, California, and Florida, with select businesses operating in several other states, as well as in Canada and Mexico. To receive this Index directly to your email inbox, go to www.comerica.com/econsubscribe to subscribe.SOURCE Comerica BankFor further information: Media, Robert Dye, +1-214-462-6839, radye@comerica.com, or Data Contact, Meaghan Derrick, +1-214-462-6815, maderrick@comerica.com