Comerica Bank’s Michigan Economic Activity Index increased in June, climbing 3.7 percentage points to a level of 127.8. June’s reading is 56 points, or 78 percent, above the index cyclical low of 71.9. The index averaged 125 points for all of 2013, 11 points above the index average for 2012. May’s index reading was revised slightly up to 124.1.
“Our Michigan Index kept its upward momentum in June after improving in May. Payroll job growth in Michigan increased in May, June and July, breaking out of an ominous stall pattern that extended through the end of 2013 into early 2014. National auto sales were strong through midsummer and that has spurred production increases for Michigan-based assembly plants and suppliers,” said Robert Dye, Chief Economist at Comerica Bank. “State sales tax revenues are trending up this year, showing that improved household finances and confidence are being felt at Michigan retailers.”
For a PDF version of the Michigan Economic Activity Index click here: Michigan0814.