Comerica Bank’s Florida Index Looks Cooler

Comerica Bank’s Florida Economic Activity Index dipped by 0.9 percentage points in August to a level of 154.1. August’s index reading is 76 points, or 97 percent, above the index cyclical low of 78.1. The index averaged 138.2 in 2015, twenty and seven-tenths points above the average for all of 2014. July’s index reading was 155.0.

“The Comerica Bank Florida Economic Activity Index eased in August after treading water in July. After increasing for 26 out of 27 months, from May 2014 through June 2016, the Florida index looks a bit cooler over last summer. In August, four index components increased, including nonfarm payrolls, house prices index, state sales tax revenues and hotel occupancy. Four components decreased, including state exports, initial claims for unemployment insurance (inverted), housing starts and enplanements. Recent damage from Hurricane Matthew was less than feared in Florida. On October 7, the storm caused a peak surge of 9.88 feet above normal at Fernandina Beach, Florida. Some retail establishments lost business, and others gained as Floridians prepared for the storm. We expect to see little measurable and lasting impact on the Florida economy from the storm,” said Robert Dye, Chief Economist at Comerica Bank. “We look for the Florida Index to resume its upward climb this fall, reflecting ongoing economic expansion for the state.”

FLStateIndex.10.16

For a PDF version of the Florida Economic Activity Index click here: FloridaIndex_1016.

 

Posted in Florida, General, Indices | Tagged , | Comments Off on Comerica Bank’s Florida Index Looks Cooler

Comerica Economic Weekly

U.S. economic data this week was consistent with our expectation for ongoing moderate economic growth through the third quarter. We will see if that actually happened when the first estimate of Q3 GDP is released next Friday morning, October 28.

Consumer inflation increased about as expected, up 0.3 percent in September as energy prices firmed up. The energy prices sub-index gained 2.9 percent for the month with both gasoline and natural gas prices increasing. Consumer food prices were unchanged for the month, as they have been since July. The core CPI (less food and energy) was up a little less than expected, 0.1 percent for the month. Over the last 12 months, core CPI was up by 2.2 percent. Headline CPI was up by 1.5 percent over the past 12 months.

Industrial production increased by 0.1 percent in September, a little less than expected. Manufacturing output was up by 0.2 percent, supported by a small gain in vehicle production. Utility output fell by 1.0 percent.

The Federal Reserve Bank of Philadelphia’s manufacturing index showed improving conditions there in October. The New York Fed’s Empire State showed worsening conditions farther up I-95.

The National Association of Home Builders’ Housing Market Index dipped in early October to 63 from September’s 65. There is still an overall improving trend in the index. Housing starts unexpectedly fell by 9.0 percent in September, to a 1,047,000 unit annual rate, due to a sharp contraction in multifamily projects. The large drop in multifamily building in September is a statistical outlier, but it is not unprecedented. Permits for new residential construction increased by a strong 6.3 percent in September to a 1,225,000 unit rate as multifamily permits surged.

Existing home sales increased by 3.2 percent in September, to a 5.47 million unit annual rate. Months’ supply of available existing homes for sale dipped to a tight 4.5 months’ worth. The median sales prices of a existing home was up by 5.6 percent in September over the previous 12 months.

The Conference Board’s Leading Economic Index flipped back to the positive, gaining 0.2 percent after declining by 0.2 percent in August. Both the coincident and the lagging indexes also gained 0.2 percent in September.

Initial claims for unemployment insurance increased by 13,000 for the week ending October 15, to hit 260,000, still a very low number. Continuing claims increased by 7,000 for the week ending October 8, to reach 2,057,000, also still a very low number.

For a PDF version of the Comerica Economic Weekly, including forecast tables and the variables calendar, click here:  CMAEconWeekly 10-21-2016.

 

Posted in General, United States, Weekly | Tagged , | Comments Off on Comerica Economic Weekly

September Residential Construction

Starts Stop, Permits Perk Up

  • September Housing Starts unexpectedly fell by 9.0 percent to a 1,047,000 unit annual rate.
  • Permits for new residential construction gained 6.3 percent to a 1,225,000 unit pace in September.

Housing starts unexpectedly fell by 9.0 percent in September, to a 1,047,000 unit annual rate due to a sharp contraction in multifamily projects. Housing starts for structures with five or more units fell by 38.9 percent in September. The biggest part of that drop was concentrated in the Northeast, where total housing starts fell by 36.0 percent in September. The Midwest saw a decline of 14.1 percent. The South lost 5.3 percent and the West was unchanged for the month. The large drop in multifamily construction in September is a statistical outlier, but it is not unprecedented. It is the most dramatic monthly decline (on a percent change basis) in multifamily starts since February 2011. Also, it is worth noting that the 90 percent confidence interval around the 9.0 percent September dip in housing starts is plus or minus 9.2 percent. This could be the one time out of 10 that reported numbers do not reflect the overall population of housing starts. Other parts of today’s residential construction report are pointing north while multifamily starts point south. Nationwide, single-family housing starts in September increased by 8.1 percent to a 783,000 unit annual rate. Permits for new residential construction also tell a different story than the multifamily starts numbers. Overall, permits increased by a strong 6.3 percent in September to a 1,225,000 unit rate as multifamily permits surged. So we will view the September housing starts data with healthy skepticism. Most of today’s residential construction report was positive.

Mortgage applications for the week ending October 14 increased, as the Mortgage Bankers Association’s purchase index gained 3.0 percent for the week. The refi index dropped by 0.8 percent after a hefty 8.0 percent decline the week before. The composite rate for a 30-year fixed rate mortgage ticked up 5 basis points to 3.73 percent, the highest it has been since the end of June.

Market Reaction: Stocks opened with losses but have reversed. The yield on 10-Year Treasury bonds is up to 1.75 percent. NYMEX crude oil is up to $51.84/barrel. Natural gas futures are up to $3.58/mmbtu.

HousingStarts.10.19.16

For a PDF version of this Comerica Economic Alert click here: Housing Starts 101916.

Posted in Daily, General, United States | Tagged , , | Comments Off on September Residential Construction

September Consumer Prices, Industrial Production, October NAHB Survey

Higher Energy Prices Warm Up the CPI

  • The September Consumer Price Index increased by 0.3 percent as energy prices climbed.
  • The September Core CPI increased by 0.1 percent, and was up 2.2 percent over the previous 12 months.
  • September Industrial Production increased by just 0.1 percent, as manufacturing output increased.
  • The National Association of Home Builders’ Survey for October fell to 63, down from 65 in September.

Consumer inflation increased about as we expected, up 0.3 percent in September as energy prices firmed up. The energy prices sub-index gained 2.9 percent for the month with both gasoline and natural gas prices increasing. As of today the national average price of unleaded regular is $2.24 per gallon, up 4 pennies from a month ago, but still down 4 cents from a year ago. Today, the front-month futures price for natural gas is up to $3.63 per million BTUs, up about 16 percent from a year ago. Consumer food prices were unchanged for the month, as they have been since July. The core CPI (less food and energy) was up a little less than expected, 0.1 percent for the month. Easing vehicle and apparel prices held the core CPI down for the month. Shelter (the housing component of consumer prices for services) was up by 0.4 percent for the month, and 3.4 percent for the year. Over the last 12 months, core CPI is up by 2.2 percent. Headline CPI is up by 1.5 percent over the past 12 months. We expect the year-over-year change in the headline CPI to gradually catch up to the core rate by mid-2017. The Federal Reserve will be watching inflation indicators carefully in the weeks ahead as it prepares for the last two FOMC meetings of the year, over November 1 and 2 and December 13 and 14. We expect no change in the fed funds rate at the upcoming meeting in November, but we expect to see a strong indication that the fed will lift the funds rate range in December by 25 basis points. As of today, the fed funds futures market shows an implied probability of 7.2 percent for a November rate hike, and 69.2 percent for at least one rate hike by mid-December.

Industrial production increased by just 0.1 percent in September, a little less than we expected. Manufacturing output was up by 0.2 percent, supported by a small increase in vehicle production. Utility output fell by 1.0 percent. Overall capacity utilization has flat-lined, with September registering 75.4 percent, about even with last June.

The National Association of Home Builders’ Housing Market Index dipped in early October to 63 from September’s 65. There is still an overall improving trend in the index, which we expect to be reflected in the housing starts and new home sales data this fall.

Market Reaction: Equity markets opened with gains. The 10-Year Treasury bond yield is down to 1.75 percent. NYMEX crude oil is up to $50.07/barrel. Natural gas futures are up to $3.63/mmbtu.

CPI.10.18.16

For a PDF version of this Comerica Economic Alert click here: CPI 10-18-16.

Posted in Daily, General, United States | Tagged , , , | Comments Off on September Consumer Prices, Industrial Production, October NAHB Survey

Comerica Economic Weekly

The fourth quarter of 2016 started with no big surprises from U.S. economic data. We expect to see a moderate uptick in U.S. real GDP growth in the third and fourth quarter, following weak gains through the first half of the year. The first estimate of third quarter GDP is due out on Friday, October 28.

Labor data at the start of October continues to look good. Initial claims for unemployment insurance remained unchanged at 246,000 for the week ending October 8. Continuing claims decreased by 16,000 to hit 2,046,000 for the week ending October 1. We expect October payroll gains to moderately surpass September’s net gain of 156,000, reaching around 190,000 to 200,000.

Retail sales for September increased by 0.6 percent, boosted by stronger-than-expected auto sales. Ex-autos, retail sales gained 0.5 percent for the month. We look for auto sales to ease in the fourth quarter, from September’s 17.8 million unit rate.

Producer prices for final demand gained 0.3 percent as energy prices increased. Over the previous 12 months, the PPI for final demand is up by just 0.7 percent. The core PPI for final demand (less food and energy) ticked up by 0.2 percent for the month and is up by 1.2 percent over the year.

The National Federation of Independent Business’s Index of Small Business Optimism dipped by 0.3 points to 94.1 in September. Fifty-eight percent of small businesses reported that they were hiring or trying to hire through the month. However, 48 percent reported few or no qualified applicants for their positions. Sales expectations improved for the month.

The minutes from the September 20/21 Federal Open Market Committee show a divergence of opinions within the Fed about labor market conditions. One group of FOMC participants held the view that labor markets could continue to absorb excess slack without stoking inflation. The other camp argued that labor market conditions could tighten well beyond normal levels, leading to inflationary wage gains and potentially requiring a more abrupt increase in the fed funds rate. The minutes reminded us that there were three dissenting voters against the policy announcement of keeping the fed funds rate range unchanged at the September meeting.

We continue to expect that the FOMC will once again vote to keep the fed funds rate steady at their upcoming November 1/2 meeting. There is no rule against raising rates then, but common sense argues for waiting until after the election.

By the December 13/14 FOMC meeting, the Fed will have the benefit of the October and November employment reports, plus two more months of inflation and other economic data.

We have two fed funds rate hikes built into our forecast for 2017, one occurring in June and the other in the following December. This is broadly consistent with the Fed’s “dot plot” of September 21.

For a PDF version of the Comerica Economic Weekly, including forecast tables and the variables calendar, click here: CMAEconWeekly 10-14-2016.

Posted in General, United States, Weekly | Tagged , | Comments Off on Comerica Economic Weekly

October 2016, Comerica Economic Outlook

Firmer U.S. Forecast Ahead of an Interesting End of the Year

By the end of the year we know that we will have a new president-elect, and we think we will have higher interest rates courtesy of the Federal Reserve. We also think that we will see stronger real GDP growth for the second half of the year after lackluster growth through the first half of 2016. A key lever on GDP in 2016H2 will be inventories. The GDP component graph on page 2 shows that inventories have been a drag on GDP growth for the previous four quarters (the recently completed third quarter is still a forecast quarter until the Q3 GDP data is released at the end of this month). We expect the reduction in manufacturing inventories that we saw in the first half of 2016 to ease in H2, reducing or eliminating the drag from overall inventory accumulation. Also, international trade looks like it will be more of a positive in Q3, helping to support stronger GDP growth. After a surge in consumer spending in Q2 we look for less growth from consumer activity in Q3, stepping down a little more in Q4. But it will be growth nonetheless, and with a little help from inventories and trade, real GDP growth improves to about 3 percent for the next few quarters. One thing to keep in mind however, is the approach of the dreaded first quarter. Since 2010, real GDP growth for the first quarter of the year has been weaker than the previous quarter six out of seven times even after accounting for seasonality.

With GDP growth improving, we expect job creation to remain reasonably strong through year-end, eventually bringing the unemployment rate lower to around 4.7 percent by the end of 2017, putting more upward pressure on wages. U.S. nonfarm payrolls increased by a net 156,000 jobs in September, a little below expectations. The unemployment rate ticked up from 4.9 percent to 5.0 percent in September. A surge in the labor force in September of 444,000 workers allowed the unemployment rate to tick back up to 5.0 percent, the highest it has been since last April. The strong expansion of the labor force over the summer is a positive for the U.S. economy and should counter concern about the small increase in the headline unemployment rate. In September, average hourly earnings gained a moderate 0.2 percent, and are up by 2.6 percent over the previous 12 months. We expect to see gradually stronger wage growth through next year. This will get the Fed’s attention and keep them on the path of gradually firmer interest rates.

We still expect to see one fed funds rate hike this year, most likely coming at the December 13/14 FOMC meeting. Loretta Mester, President of the Federal Reserve Bank of Cleveland, has voiced her support for a rate hike at the upcoming November 1/2 FOMC meeting. However, a rate hike coming a week before the general election could put the Fed in the middle of a political minefield. We expect the Fed to step gingerly in November and keep the fed funds rate range unchanged until December. The fed funds futures market shows implied odds of only 8 percent for a November rate hike. That increases to 65 percent for December. We have two fed funds rate hikes in the forecast for 2017, one in June and one in December. More pressure on wages and stronger-than-expected overall inflation could accelerate that schedule. However, given the very cautious nature of the Yellen Fed, and their ongoing mantra of data-dependency, weaker-than-expected economic data next year, from either inside or outside of the U.S., could result in an even shallower trajectory for fed funds lift-off.

For a PDF version of the complete Comerica U.S. Monthly with additional commentary, tables, and charts, click here: USEconomicOutlook1016.

 

Posted in General, Monthly, United States | Tagged , | Comments Off on October 2016, Comerica Economic Outlook

Comerica Economic Weekly

It was a data-filled week that showed the U.S. economy finished the third quarter with moderate momentum. We expect this momentum to be sustained through the end of the year. Still-extraordinary Federal Reserve Monetary policy pulls all data through the prism of the Fed. The cumulative effect of this week’s data is to keep the Fed on track for a 25 basis point increase in the fed funds rate range at their December 13/14 FOMC meeting. The upcoming November 1/2 FOMC meeting falls a week before the general election, putting it in the middle of a political mine field. We expect the Fed to step cautiously in November, keeping policy unchanged until election histrionics begin to fade.

Payroll employment for September was a little weaker than expected, increasing by 156,000 jobs. Strong gains in the labor force from June through September pushed the unemployment rate back up to 5.0 percent. The labor force has increased by 1.9 percent over the 12 months ending in September, and that is a positive signal for the U.S. economy. Earnings increased by 0.2 percent for the month and hours worked ticked up a tenth. Fed Governor Stanley Fischer called the September jobs report a Goldilocks report. We are not so sanguine, but Fischer’s comments speak to the Fed’s growing consensus of increasing the fed funds rate by the end of this year.

The ISM Non-Manufacturing Index for September jumped to a healthy 57.1 from August’s 51.4. Business activity, new orders and employment all improved. The ISM Manufacturing Index for September got back into expansion territory, improving to 51.5 from August’s 49.4.

Auto sales swelled in September to a 17.8 million unit rate. Strong sales in July and September may have stopped a declining trend in auto sales from late last year through June. We still view last fall as the high water mark in auto sales for this cycle, with sales just cresting the 18 million unit mark.

The U.S. international trade balance widened a bit in August to -$40.7 billion. Imports increased more than exports. The inflation adjusted real balance of trade in goods for August remained below the second quarter average. This suggests that trade will be a net positive for Q3 real GDP growth.

Construction spending for August decreased by 0.7 percent. The value of private residential construction dipped by 0.3 percent, consistent with the decrease in housing starts for the month. Over the previous 12 months, the value of public construction projects is down 8.8 percent, showing the wind-down from fiscal stimulus.

After this morning’s release of the September jobs report, the implied odds of a fed funds rate hike in November fell to 10.3 percent. Expectations are focusing on December, with odds of at least one 25 basis point rate hike by then increasing to 70.2 percent.

The price of WTI crude oil is back above $50, by a hair. The 10-Year Treasury Bond yield is up to 1.75 percent. The British pound fell sharply against the dollar.

For a PDF version of the Comerica Economic Weekly, including forecast tables and the variables calendar, click here: CMAEconWeekly 10-07-2016.

 

Posted in General, United States, Weekly | Tagged , | Comments Off on Comerica Economic Weekly

September U.S. Employment

 Mildly Disappointing Data Will Quickly Lose Relevancy

  • Payroll Employment increased by 156,000 jobs in September, continuing a slight downward trend.
  • The Unemployment Rate for September ticked up to 5.0 percent.
  • Average Hourly Earnings increased by a moderate 0.2 percent.
  • Average Weekly Hours increased back to 34.4 in September.

U.S. nonfarm payrolls increased by a net 156,000 jobs in September, below the near-170,000 consensus. The unemployment rate ticked up from 4.9 percent to 5.0 percent in September. Average hourly earnings gained a moderate 0.2 percent. If it is not viewed through the prism of Fed rate hike implications, the slightly disappointing September jobs report is easily shrugged off. However, it’s all about the Fed, and the lukewarm jobs report will probably not resolve the growing schism within the Fed over the timing of the next fed funds rate hike. We still expect the Fed to keep the fed funds rate unchanged in November. The fed funds futures market shows reduced odds of 8.3 percent for a November 2 rate hike. Between now and the December 13-14 FOMC meeting, the Fed will see another two jobs reports, for October and November. Also, by December we will be on the other side of the presidential election. So today’s slightly disappointing jobs report will quickly lose relevancy. The household employment survey showed a strong gain of 354,000 jobs for the month, while the labor force expanded even more, by 444,000 workers. The strong expansion of the labor force in September allowed the unemployment rate to tick back up to 5.0 percent, the highest it has been since last April. The strong expansion of the labor force over the summer is a positive for the U.S. economy, countering concern about the small increase in the headline unemployment rate. Average hourly earnings ticked up by 0.2 percent for the month and are up by 2.6 percent over the previous 12 months. The yearly gain in average hourly earnings is running well ahead of the yearly change in the consumer price index of 1.1 percent in August, so workers are seeing real gains. The average work week ticked back up to 34.4 hours.

The details of the September establishment employment survey are mixed. Mining industries, including oil drilling, added no new jobs on net in September. Construction employment increased by a respectable 23,000. Manufacturing shed 13,000 jobs, mostly in durable goods industries. Wholesale trade added 9,700 jobs while retail added 22,000. Transportation and warehousing industries lost 9,000 as one sub-category, transit and ground passenger transportation, fell by 14,100 jobs. Absent those losses, the establishment report would have hit the consensus expectation. Information industries added just 1,000 jobs in September. Finance added 6,000 jobs. Professional and business services gained a strong 67,000 jobs. Education and healthcare employment increased by 29,000. Leisure and hospitality employment increased by a pleasant 15,000 workers. Government employment dipped by 11,000, held down by a 14,300 dip in local government education, maybe due to seasonal adjustment issues. There are enough quirks in the details to say that the September establishment data is simply muddy and probably does not represent a shift in the quality of the overall labor market.

Market Reaction: U.S. equity markets opened with losses. The 10-Year T-bond yield is up to 1.74 percent. NYMEX crude oil is down to $50.37/barrel. Natural gas futures are up to $3.09/mmbtu.

Employment.10.7.16

For a PDF version of this Comerica Economic Alert click here: Employment 10-07-16.

Posted in Daily, General, United States | Tagged , , | Comments Off on September U.S. Employment

September ISM Manufacturing, August Construction Spending

  Firmer Manufacturing Data, Maybe

  • The ISM Manufacturing Index for September increased to an expansive 51.5 percent.
  • Construction Spending decreased by 0.7 percent in August with broad-based declines.

The ISM Manufacturing Index for September ticked back up above the break-even 50 mark to 51.5 percent, from August’s 49.4. This is not a universally strong report, however. Four out of ten sub-indexes are still below 50, including employment, inventories, backlog of orders and imports. The 49.7 reading for the employment sub-index is consistent with the slight decline in U.S. manufacturing employment visible over the last six months. We expect that trend to continue. Still, the production sub-index snapped back in September, from 49.6 percent in August, up to 52.8. The new orders sub-index also snapped back, from 49.1 up to 55.1. This is not consistent with the soft durable goods orders and shipments data that we saw for August. The ISM report does not tell us where their reported gain in new orders is coming from. However, there were favorable anecdotal comments about chemicals, fabricated metals, machinery and furniture. Even with the improvement in the headline index, only seven out of 18 industries reported growth in September. So the headline for the report is positive, but it falls short of indicating a broad-based turnaround for manufacturing.

Construction spending for August decreased by 0.7 percent. The value of private residential construction dipped by 0.3 percent, consistent with the dip in both housing starts and permits for the month. Over the past 12 months, the value of private residential construction is up by just 1.4 percent, highlighting the slow-motion recovery in housing. The value of private non-residential construction eased by 0.4 percent in August as losses in power, manufacturing and commercial construction counteracted gains in office and lodging projects. Over the 12 month period, the value of private non-residential projects is up by 4.2 percent. The value of public construction projects eased by 2.0 percent in August. Over the last year, public construction is down 8.8 percent, showing the wind-down from fiscal stimulus.

Market Reaction: U.S. equity markets are down. The yield on 10-Year Treasury bonds is up to 1.62 percent. NYMEX crude oil is up to $48.49/barrel. Natural gas futures are down to $2.90/mmbtu.

ISM.10.3.16

For a PDF version of this Comerica Economic Alert click here: ISM-MF 10-03-16.

Posted in Daily, General, United States | Tagged , , | Comments Off on September ISM Manufacturing, August Construction Spending

Comerica Economic Weekly

U.S. economic data released this week are consistent with a modest increase in economic activity through the third quarter. “Modest” is as important of a descriptor as “increase,” as this is still a U.S. economy that is fundamentally challenged in its ability to sustain real GDP growth above about 2.5 percent.

Second quarter real GDP growth was revised up to a 1.4 percent annualized rate with revisions to net exports and non-residential investment adding slightly to the headline number. Consumer spending is still the key to Q2 growth, adding 2.9 percent to the headline growth rate. Inventories are still the major drag for the quarter, subtracting 1.2 percent from headline growth. We expect real GDP growth from the now-complete third quarter to register around 2.5 percent.

Nominal personal income increased in August by 0.2 percent. Wages and salaries, which account for about half of total income, were flattish, gaining only 0.1 percent for the month, after four consecutive strong monthly increases. Rental income increased by a strong 0.7 percent in August, consistent with higher rents across both residential and non-residential real estate markets.

Nominal personal consumption was unchanged in August, reflecting a drop in durable goods purchases, including cars. Inflation, as measured by the PCE price index, was weak for the third consecutive month, up in August by just 0.1 percent. Over the previous 12 months, the PCE price index was up by 1.0 percent. The core PCE price index (ex-food and energy) was up by 1.7 percent.

Initial claims for unemployment insurance ticked up by 3,000 for the week ending September 24, to hit 259,000. Continuing claims fell by 46,000, to hit a very low 2,062,000. Favorable September UI claims data suggests that hiring continued at a good pace. We expect to see about 180,000 payroll jobs added to the U.S. economy, on net, in September. This will keep labor market conditions tight and put upward pressure on wages.

New orders for durable goods were unchanged in August, reinforcing our view that the U.S. manufacturing sector is feeling little momentum. Core orders (nondefense capital goods excluding aircraft) gained 0.6 percent for the month.

However, U.S. consumer confidence is showing momentum, despite the flat consumer spending numbers reported for August. The Conference Board reported that their consumer confidence index increased in September to 104.1, the best number since August 2007.

House prices continue to increase on a year-over-year basis, but the rate of increase is looking a little shaky in some areas on a month-by-month basis. The Case-Shiller U.S. National House Price index for July increased by 0.4 percent and was up by 5.1 percent over the previous 12 months. However, Boston, Chicago, Detroit, Minneapolis, New York, San Francisco and Washington all registered either no gain or losses in July. The Pending Home Sales Index dropped in August by 2.4 percent. New home sales fell by 7.6 percent in August after surging in July. The overall trend for new home sales still looks positive.

We expect the Federal Reserve to remain cautious this fall, waiting until the December 13-14 FOMC meeting to lift the fed funds rate by 25 basis points. On the last day of the third quarter the fed funds futures market showed odds of 57.4 percent for at least one rate hike by December.

For a PDF version of the Comerica Economic Weekly, including forecast tables and the variables calendar, click here: CMAEconWeekly 09-30-2016.

Posted in General, United States, Weekly | Tagged , | Comments Off on Comerica Economic Weekly