Comerica Bank’s Michigan Economic Activity Index eased in April, declining 0.3 percentage points to a level of 119.8. April’s reading is 48 points, or 67 percent, above the index cyclical low of 71.9. The index averaged 125 for all of 2013, 11 points above the index average for 2012. March’s index reading was revised down to 120.1.
“Our Michigan Index dipped slightly in April, extending its slide to the sixth consecutive month. The Michigan Economic Activity Index shows that the state economy is stagnating despite gains in U.S. auto sales, progress toward resolving the City of Detroit’s financial problems, and some improvement to housing markets statewide. At a time when most other states are showing consistent job gains, payroll employment in Michigan has flat-lined over the past year,” said Robert Dye, Chief Economist at Comerica Bank. “We expect to see gains for Michigan’s marquis industries for the remainder of the year, but that may not translate into significant improvement in Michigan labor markets.”
For a PDF version of the Michigan Economic Activity Index click here: Michigan0614.