DALLAS – Comerica Bank’s Michigan Economic Activity Index surged ahead by 2 points in July, rising to 107.9, 88 percent above the index cyclical low of 59.9 during the recession.
The index has averaged 103 points so far in 2012, 12 points above the index average for all of 2011.
“The Michigan economy accelerated rapidly this summer, driving our Michigan Economic Activity Index up a total of 5.9 points from May through July,? said Robert Dye, Comerica Bank Chief Economist.
“Job creation picked up again in July, while housing markets are showing signs of improvement with sales and prices increasing. August U.S. vehicle sales picked back up to a 14.5 million unit rate and that is encouraging,” Dye said.
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.
