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SOURCE Comerica Bank
DALLAS, May 20, 2014 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index declined in March, falling 2.5 percentage points to a level of 120.9. March's reading is 49 points, or 68 percent, above the index cyclical low of 72.1. The index averaged 126 for all of 2013, 12 points above the index average for 2012. February's index reading was unchanged at 123.4.
"Our Michigan Index fell again in March, now its fifth consecutive decline. Payroll employment in Michigan was little changed over the 12 months ending in March. This is worrisome because stalled payroll employment levels in Michigan are most often followed by job losses. Even with expected gains in national auto sales into 2015, auto-related employment in Michigan may be topping out," said Robert Dye, Chief Economist at Comerica Bank. "We expect to see more residential construction activity in the months ahead, and this will help to support Michigan's economy."
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 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.
Comerica Bank, with 214 banking centers in Michigan, is a 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 find Comerica on Facebook, please visit www.facebook.com/ComericaCares.
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