Comerica Bank’s Michigan Economic Activity Index climbed 1.9 percentage points in April to a level of 129.1. April’s reading is 55 points, or 74 percent, above the index cyclical low of 74.0. The index averaged 124.5 points for all of 2015, six and seven-tenths points above the index average for 2014. March’s index reading was 127.2.
“Our Michigan Economic Activity Index increased in April after dipping in March. The state’s important auto sector is not expected to increase production significantly from current strong levels and so that boost to the Michigan economy will diminish going forward. We expect growth in the second half of this year to come from the household sector, supported by ongoing job creation in services and by firming real estate market conditions. Over the 12-month period ending in April, payroll jobs increased by 2.5 percent in Michigan, well above the U.S. average of 1.9 percent,” said Robert Dye, Chief Economist at Comerica Bank. “However, going forward, we expect Michigan job growth to ease back toward the U.S. average.”
For a PDF version of the Michigan Economic Activity Index click here: Michigan_0616.