Comerica Bank’s Michigan Economic Activity Index declined in April, falling 0.9 points to a level of 102.0. The April index reading is 43 points, or 72 percent, above the index cyclical low of 59.9. The index has averaged 101 points in 2012, 10 points above the index average for all of 2011. The March index reading was revised to 102.9.
“Following three months of sharp increases, our Michigan Economic Activity Index paid back some of its gains in April,” said Robert Dye, Chief Economist at Comerica Bank. “A downshift in U.S. economic momentum, visible beginning in March, may take a little steam out of auto sales and production over the summer months, but this will not be enough to roll back recent gains to the Michigan economy.”