There's Hope: Even Michigan Economy Rebounds!
DALLAS/September 28, 2009 – Comerica Bank’s Michigan Economic Activity Index improved five points in August to 78, the highest reading since December 2008. Compared to its recent May low, the Index is now up eight points, or 11%. Year-to-date, the Index averages 73, down 14 points from the 2008 average.
“A surge in Michigan auto sales related to the cash-for-clunkers incentives accounted for about half of the rise in our index in August,” said Dana Johnson, Chief Economist at Comerica Bank. “Although car sales will undoubtedly be much weaker in coming months, the decline in our index due to that component will be at least partially offset by rising light vehicle production. Our index may not rise in September, but it looks increasingly likely that it will trend higher over the balance of the year as a gradually accelerating national recovery boosts the auto sector and other components of the Michigan economy.”