Comerica Bank’s Michigan Economic Activity Index increased in June, up 2.6 percentage points to a level of 127.4. June’s reading is 55 points, or 77 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. May’s index reading was revised down from 125.2 to 124.8.
“Our Michigan Index improved again in June, aided by a strengthening auto sector. Light vehicles sales in the U.S. had a break-out month in June, hitting a 15.9 million unit annual rate and that is good news for Michigan,” said Robert Dye, Chief Economist at Comerica Bank. “Statewide employment strengthened in June and sales revenues are trending up. July employment levels were also up, but that is not reflected in our June index.”
For a PDF version of the Michigan Economic Activity Index, click here: Michigan0813.