DALLAS, April 8 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Economic Activity Index rose three points in February, to a level of 84. February's reading is the highest Index observation since October 2008. February marks a 10 point, or 13.5 percent, year-on-year increase in the Index, the largest 12-month increase since January 2005. The Index for February is up 18 percent compared to its July 2009 cyclical low.
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"Following a four point increase in January, our Index continued to surge in February," said Dana Johnson, Chief Economist at Comerica Bank. "February's reading was driven by strong steel production and natural gas sales, with seven out of nine Index components reflecting positive growth overall. Even as the weather effects that likely pushed natural gas sales higher in the early part of the year fade, our Index should continue to trend higher over the course of the year, reflecting an ongoing recovery in Michigan."
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. A complete Index history is available upon request.
Comerica Bank is Michigan's largest bank, based on deposits. It 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 & Institutional 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. Comerica reported total assets of $59.2 billion as of December 31, 2009.
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SOURCE Comerica Bank
