Comerica Bank's Michigan Economic Activity Index fell two points in October, returning to a level of 87 for the third time in the last four months. October's level is up 16 points, or 23%, above the cycle low of 71 reached in July 2009.Year-to-date the Index has averaged a level of 85, up 11 points, or 15%, from the average for all of 2009.
"October's reading reversed the two-point increase in our Index in the prior month, tracing out a flat trend in the Michigan economy over the past four months," said Dana Johnson, Chief Economist at Comerica Bank. "As has been the case in the national economy over the second half of the year, growth in Michigan has been sluggish and uneven. Looking ahead, the Michigan economy is poised to make modest gains in coming months, against a background of gradually accelerating national growth."
The Michigan Economic Activity Index equally weights nine, seasonally-adjusted coincident indicators of real economic activity. These indicators reflect activity in the construction, manufacturing and service sectors as well as job growth and consumer outlays.
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