Comerica Bank's Michigan Economic Activity
Index saw a bounce back in December, rising 1.7 points to a level of 102.7. The
December index reading is 43 points, or 71 percent, above the index cyclical low
of 59.9. The index averaged 103 for all of 2012, 12 points above the index
average for full-year 2011.
"Although the Michigan index saw an uptick in its December level, to 102.7, the index is still more than five points off of its recent July peak of 107.8. Index components for December were mostly weak, with only motor vehicle production and sales tax revenues notching positives for the month," said Robert Dye, Chief Economist at Comerica Bank. "Auto sales remained solid through January, even as other consumer spending suffered from increased federal taxes. Looking ahead, Michigan remains vulnerable to reduced federal spending, as well as slower growth in the manufacturing sector compared with earlier in the recovery cycle."
The Michigan Economic Activity Index consists of seven variables, as follows: 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 2004. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.
To receive this Index directly to your email inbox, go to www.comerica.com/econsubscribe to subscribe.
SOURCE Comerica Bank
Most Popular Stories
- Stop-Start Engines Save Gas, Reduce Emissions
- Shia LaBeouf Plea Deal, Alcoholism Treatment
- Ohio State Band Chief Fired After Probe
- Hispanic Leader Goes the Extra Mile
- World Tensions Don't Curb Enthusiasm for Stocks
- U.K. Economy Surpasses Pre-Crisis Peak
- Morgan Stanley Ponies Up $275 Million to Settle SEC Charges
- Ricky Martin Joins 'The Voice ... Mexico'
- Jennifer Lopez, Pitbull to Perform at Fashion Rocks
- Visa, Amazon Results Drag Down the Street