Comerica Bank’s Michigan Economic Activity Index dipped lower in October, dropping 2.7 points, to a level of 100.6. The October index reading is 41 points, or 68 percent, above the index cyclical low of 59.9. The index has averaged 103 points thus far in 2012, 12 points above the index average for all of 2011.
“In October the Michigan Economic Activity Index dropped to its lowest point since last January, weighed down by weakening job growth,” said Robert Dye, Chief Economist at Comerica Bank. “Other data for October was more positive, as motor vehicle production rose and home construction indicators picked up. Vehicle sales surged in November, as vehicles destroyed by Hurricane Sandy were replaced. 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: MichiganDec2012.