Michigan Recovery Continues to Build in September, Reports Comerica Bank's
Michigan Economic Activity Index
DALLAS, Nov. 3 /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.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO)
"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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www.comerica.com/econsubscribe to subscribe.
SOURCE Comerica Bank
Media, Dana Johnson, Senior Vice President and Chief Economist,
+1-214-462-6839, djohnson@comerica.com, or Data, Meaghan Derrick, Research
Assistant, +1-214-462-6815, maderrick@comerica.com, both of Comerica Bank
