DETROIT ? Comerica Bank reports that economic activity increased again in December, keeping the Michigan Index pointed up and to the right, after a one-month decline in October.
December?s reading is 46 points, or 62 percent, above the index cyclical low of 73.8. The index averaged 117.3 points for all of 2014, three and one-tenth points above the index average for 2013. November?s index reading was 119.6.
?Going forward we anticipate only limited gains from auto production driving the Michigan economy in 2015,? said Robert Dye, Comerica Chief Economist, in a press release. ?However, we expect to see more improvement in housing markets, both in terms of residential construction and also in terms of house price gains in 2015. Labor market conditions will continue to improve in 2015, providing a broadening base of support for the Michigan economy.?
The Michigan Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, sales tax revenues, home prices, and auto production. All data are seasonally adjusted, 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.
