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.
"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.
To receive this Index directly to your email inbox, go to www.comerica.com/econsubscribe to subscribe.
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