Comerica Bank’s Michigan Economic Activity Index increased in May, up 3.0 percentage points to a level of 125.2. The May index reading is 53 points, or 74 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. April’s index reading was revised down from 122.4 to 122.2.
“Our Michigan Index continues to point toward improvement for the Michigan economy. Most index components increased for the month, including payroll employment,” said Robert Dye, Chief Economist at Comerica Bank. “Strong U.S. auto sales for June are a positive factor for auto production and for the Michigan economy. We expect to see ongoing improvement to the Michigan economy through the second half of the year.”
Click here for a PDF version of the Michigan Economic Activity Index:Michigan0713