Comerica Bank’s Michigan Economic Activity Index eased in July, down 0.7 percentage points to a level of 126.8. July’s reading is 55 points, or 76 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. June’s index reading was revised up from 127.4 to 127.5.
“Our Michigan Index ticked down in July reflecting a lower rate of auto assemblies for the month. Strong auto sales in late summer will lead to strong production this fall, and that will be supportive of both our Michigan Index and the Michigan economy,” said Robert Dye, Chief Economist at Comerica Bank. “Labor markets are firming up and house prices are improving, so there is broadening support for the Michigan economy. The City of Detroit’s financial crisis is a drag on southeast Michigan’s economy, but statewide conditions are improving.”
Click here for a PDF version of the Michigan Economic Activity Index: Michigan0913.