Comerica Bank’s Michigan Economic Activity Index increased in April, up 1.3 points to a level of 122.4. The April index reading is 50 points, or 70 percent, above the index cyclical low of 72.1. The index averaged 114 for all of 2012, 11 points above the index average for 2011. March’s index reading was revised up from 119.9 to 121.1.
“Our Michigan Index has shown consistent gains over the first four months of 2013, reflecting improved labor market conditions, strong vehicle production and improved housing market conditions within the state,” said Robert Dye, Chief Economist at Comerica Bank. “The ongoing economic expansion within the U.S., accompanied by increasing consumer wealth and improving consumer confidence, points to favorable conditions for the state’s key auto industry for the remainder of the year.”