Index: Michigan Economy Up A Bit in October
DETROIT -- Comerica Bank's Michigan Economic Activity Index rose one point in September, to a level of 88.
The September index level is 17 points, or 24 percent, above the index cyclical low of 71 at the depths of the Great Recession.
Year-to-date the index has averaged 87 points, two points above the average for all of 2010.
"The Michigan economy is showing more signs of stability, holding on to gains from rebounding auto production," said Robert Dye, chief economist at Comerica Bank. "The rate of job growth for the state is about on par with the national average and the unemployment rate is set to resume trending downward. More stability in labor markets will in turn help to stabilize the state's housing markets. The Michigan economy is still somewhat patchy with regional unemployment rates elevated and house prices soft. National economic data through the fourth quarter of 2011 has been better than expected and this is supportive of ongoing gains to auto sales ... good news for the Michigan economy. "
The Michigan Economic Activity Index equally weighs 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. A complete Index history is available upon request.
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