Michigan economy edges down in June, reports Comerica Bank’s Michigan Economic Activity Index

Comerica Bank’s Michigan Economic Activity Index edged down one point in June, to a level of 86.  The June index level is 15 points, or 21 percent, above the cyclical index low of 71.  Year-to-date, the index has averaged 88 points, three points above the average for all of 2010.

“The Michigan index gave back the small gains it made over the first three months of the year, finishing the second quarter at the same level as 2010 year-end,” said Robert Dye, Chief Economist at Comerica Bank.  “Weak motor vehicle sales, and weak vehicle production in the wake of the Japan earthquake, along with weak growth in nonfarm payrolls, held the index down in June. A third quarter rebound in the state’s auto sector should provide lift to the index in coming months.  However, downside risk to the broader U.S. economy and to the Euro-Zone economies remains elevated. The rapid decline in consumer confidence in August is particularly threatening to the auto sector. The good news is that there is ample pent-up demand for new cars, which would be unleashed in the presence of moderate job creation, stable gasoline prices and low interest rates.”

Share 'Michigan economy edges down in June, reports Comerica Bank’s Michigan Economic Activity Index' on Delicious Share 'Michigan economy edges down in June, reports Comerica Bank’s Michigan Economic Activity Index' on Digg Share 'Michigan economy edges down in June, reports Comerica Bank’s Michigan Economic Activity Index' on Facebook Share 'Michigan economy edges down in June, reports Comerica Bank’s Michigan Economic Activity Index' on Google+ Share 'Michigan economy edges down in June, reports Comerica Bank’s Michigan Economic Activity Index' on LinkedIn Share 'Michigan economy edges down in June, reports Comerica Bank’s Michigan Economic Activity Index' on Pinterest Share 'Michigan economy edges down in June, reports Comerica Bank’s Michigan Economic Activity Index' on reddit Share 'Michigan economy edges down in June, reports Comerica Bank’s Michigan Economic Activity Index' on StumbleUpon Share 'Michigan economy edges down in June, reports Comerica Bank’s Michigan Economic Activity Index' on Twitter Share 'Michigan economy edges down in June, reports Comerica Bank’s Michigan Economic Activity Index' on Add to Bookmarks Share 'Michigan economy edges down in June, reports Comerica Bank’s Michigan Economic Activity Index' on Email Share 'Michigan economy edges down in June, reports Comerica Bank’s Michigan Economic Activity Index' on Print Friendly
This entry was posted in Economic Activity, Indices, Michigan. Bookmark the permalink.

Comments are closed.