DETROIT – Comerica Bank?s Michigan Economic Activity Index declined in March, falling 2.5 percentage points to 120.9, the fifth straight consecutive decline.
?Payroll employment in Michigan was little changed over the 12 months ending in March,? said Robert Dye, Comerica Bank Chief Economist.
?This is worrisome because stalled payroll employment levels in Michigan are most often followed by job losses,? he said. ?Even with expected gains in national auto sales into 2015, auto-related employment in Michigan may be topping out. 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.
