DALLAS, Oct. 2, 2015 /PRNewswire/ -- Comerica Bank's Michigan Economic Activity Index grew in July, increasing 0.8 percentage points to reach a level of 127.4. July's reading is 53 points, or 72 percent, above the index cyclical low of 74.0. The index averaged 117.4 points for all of 2014, three and one-third points above the index average for 2013. June's index reading was 126.7.

"Our Michigan Economic Activity Index increased for the fourth consecutive month in July, again fueled by the auto industry, as auto production climbed through mid-summer. The labor market components of the index continue to reflect improving conditions, as hiring increased in a broad range of industries, including professional and business services. Exports, house prices and housing starts were minor drags on the index in July," said Robert Dye, Chief Economist at Comerica Bank. "Low gasoline prices are a plus for Michigan's economy. However, the strengthening dollar is a growing headwind for the manufacturing sector."

The Michigan Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, sales tax revenues, home prices, and auto production.  All data are seasonally adjusted, and indexed to a base year of 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.

Comerica Bank, with 214 banking centers in Michigan, is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Michigan and Texas, Comerica Bank locations can be found in Arizona, California, and Florida, with select businesses operating in several other states, as well as in Canada and Mexico. To find Comerica on Facebook, please visit www.facebook.com/ComericaCares.

To subscribe to our publications or for questions, contact us at ComericaEcon@comerica.com. Archives are available at http://www.comerica.com/economics. Follow us on Twitter: @Comerica_Econ.

Logo - http://photos.prnewswire.com/prnh/20010807/CMALOGO

SOURCE Comerica Bank