Comerica Bank’s Michigan Economic Activity Index decreased in August, down 1.3 percentage points to a level of 125.4. August’s 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. July’s index reading was revised down from 126.8 to 126.7.
“Our Michigan Index ticked down in August even though the majority of the components of the index were positive for the month. Volatile residential construction data and sales tax data brought the index down. However, payroll job growth remains steady and vehicle assemblies have been strong,” said Robert Dye, Chief Economist at Comerica Bank. “Auto sales dipped in September after a strong August. I expect the trend in auto sales to continue to improve and that would be supportive of ongoing gains in payroll employment.”
Click here for a PDF version of the Michigan Economic Activity Index: Michigan1013.