Comerica Bank’s Michigan Economic Activity Index surged ahead by 2.0 points in July, rising to a level of 107.9. The July index reading is 48 points, or 88 percent, above the index cyclical low of 59.9. 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. July marks the highest reading for the Michigan economy since November 2002,” said Robert Dye, Chief Economist at Comerica Bank. “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.”
Click here for a PDF version of the Michigan Economic Activity Index: MichiganSep2012.