Comerica Bank’s Michigan Economic Activity Index decreased in December, down 4.3 percentage points to a level of 127.1. December’s reading is 55 points, or 76 percent, above the index cyclical low of 72.1. The index averaged 126 for all of 2013, 12 points above the index average for 2012. November’s index reading was unchanged at 131.4.
“Our Michigan Index fell again in December after dipping in November. Some of the December drag may be attributable to the very bad winter weather that Michigan is still enduring. Payroll employment for the state was essentially unchanged from September through December of last year. Also, sales tax data was soft at the end of last year,” said Robert Dye, Chief Economist at Comerica Bank. “Auto sales nationwide were hurt by the severe winter weather, pushing light vehicle sales down to a 15.2 million unit rate in January. Fortunately, it does look like auto sales in February will improve, and this is supportive of the increase in assembly line activity that we saw through 2013.”
Click here for a PDF version of the Michigan Economic Activity Index: Michigan0214.