Comerica Bank’s Michigan Economic Activity Index declined in September, dropping 3.3 points, to a level of 103.3. The September index reading is 43 points, or 72 percent, above the index cyclical low of 59.9. The index has averaged 104 points thus far in 2012, 13 points above the index average for all of 2011.
“After a swift three-month climb, our Michigan Index gave back some of its recent gains in August and September, declining a combined 4.5 points the last two months,” said Robert Dye, Chief Economist at Comerica Bank. “Job growth eased and exports fell in September. Motor vehicle production slid in September, even as vehicle sales surged to a 14.9 million unit rate. We know that October’s vehicle sales dropped to a 14.2 million unit annual rate, but much of that decline is attributable to Hurricane Sandy. We expect auto sales to continue to improve through 2013 as long as we avoid a Fiscal-Cliff-induced recession in early 2013.”
Click here for a PDF version of the Michigan Economic Activity Index: MichiganNov2012.