Even in Michigan: Hope of Economic Recovery
Comerica Bank’s Michigan Economic Activity Index rose 4 points in December, fully reversing the decline in November. The fourth quarter average was up 2.3% from the third quarter and up 9% compared to the second quarter, which was the cyclical low. The Index averaged 74 for all of 2009, 13 points below the 2008 average.
“The broad-based improvement evidenced in our Index since May surfaced again in December, with seven out of nine variables contributing positively to the Index,” said Dana Johnson, Chief Economist at Comerica Bank. “Bolstered by a rise in steel production, as well as more favorable auto sales, December’s Index erased November’s dip, the only decline in the Index since its May 2009 low. Looking to 2010, our Index should continue to trend higher as a rebound in the state’s auto sector evolves into a more broadly-based recovery.”
MP: If there's hope for the Michigan economy, there's hope for the rest of the country.