Comerica Bank’s Michigan Economic Activity Index dipped in February, falling 2.1 percentage points to a level of 123.4. February’s reading is 51 points, or 71 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. January’s index reading was revised slightly down to 125.5.
“Our Michigan Index fell again in February, its fourth consecutive decline. Job growth in Michigan has essentially stalled out since last August. Some of that can be blamed on the very bad winter weather conditions that affected the state directly and also hurt national demand for the state’s manufactured goods, including cars,” said Robert Dye, Chief Economist at Comerica Bank. “Increased U.S. auto sales this spring will help the Michigan economy, but the auto sector’s potential for job creation is limited as the industry approaches the cyclical peak in auto sales, perhaps by the end of next year.”
For a PDF version of the Michigan Economic Activity Index click here: Michigan0414.