Wednesday, March 10, 2010

Michigan Index Shows Ongoing Economic Recovery

Comerica Bank’s Michigan Economic Activity Index rose 4 points in January, to a level of 81 (see chart above). January’s reading is the highest Index observation since November 2008. The Index for January is up 6 percent compared to the June 2009 cyclical low.

“After plateauing for three months, our Index surged in January, with eight of nine components contributing positively,” said Dana Johnson, Chief Economist at Comerica Bank. “The January reading was driven by strong steel production and natural gas sales. Given the severe weather patterns experienced in the early part of this year, gas sales likely outpaced normal seasonal trends in February as well, which should give the upcoming Index another boost. Over the course of the year, the Index should continue to trend higher, reflecting an ongoing recovery in Michigan.”

MP: Hey, if there's an ongoing V-shaped economic recovery in Michigan, there's hope everywhere. Michigan jobs increased by 4,100 in January, and its jobless rate fell to 14.3%, the lowest since last August.

6 Comments:

At 3/10/2010 7:38 PM, Blogger W.E. Heasley said...

Sure seems like a statistical recovery with no robust expansion. Or as Michael Farr said, if you pump $3 trillion dollars into a dead horse even the dead horse will get up and make a couple laps around the track.

 
At 3/10/2010 9:37 PM, Anonymous gettingrational said...

Detroit becomes farmlandmn!

Michigan is generally a solid Mid-Western state with great work ethic values; roto-tilling Detroit might be the dramatic step needed to move on.

 
At 3/10/2010 9:40 PM, Anonymous Anonymous said...

Since we're expected to have another jobless recovery, I hardly see this as any reason to become giddy.

 
At 3/10/2010 9:44 PM, Anonymous Anonymous said...

"Or as Michael Farr said, if you pump $3 trillion dollars into a dead horse even the dead horse will get up and make a couple laps around the track."

Unless you're China...

 
At 3/11/2010 10:06 AM, Blogger save_the_rustbelt said...

This is comedy, right?

 
At 3/11/2010 1:10 PM, Anonymous geoih said...

You might want to consider other data sources. For example: http://www.consumerindexes.com/

 

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