Comerica Bank’s Michigan Economic Activity Index decreased in March, losing 0.8 percentage points to reach a level of 117.8. March’s reading is 44 points, or 60 percent, above the index cyclical low of 73.8. The index averaged 117.6 points for all of 2014, three and three-tenths points above the index average for 2013. February’s index reading was 118.6.
“Our Michigan Economic Activity Index declined again in March, showing the impact of a lingering bad winter on the state economy. Residential construction activity in particular was delayed due to weather. Also, auto production ticked down as sales were hampered nationally by bad weather in February. The good news is that job creation continues to match the U.S. average, and that will support increasing consumer spending for Michigan households,” said Robert Dye, Chief Economist at Comerica Bank. “So far in this business cycle the state’s manufacturing sector has added jobs at a steady rate. We expect those gains to taper as the business cycle matures, with more jobs coming from nonmanufacturing industries.”
For a PDF version of the Michigan Economic Activity Index click here: Michigan_0515.