Saturday, April 10, 2010

Ongoing Economic Recovery, Even in Michigan!!

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 (see chart above). 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.

“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.”

13 Comments:

At 4/10/2010 9:28 AM, Anonymous Anonymous said...

Looks like the Bush-Obama plan is working in Michigan.

Can you imagine what would have happened if the auto industry had been allowed to fail? You would still be crashing.

 
At 4/10/2010 9:46 AM, Blogger juandos said...

"Can you imagine what would have happened if the auto industry had been allowed to fail? You would still be crashing"...

Maybe the auto industry isn't having the impact you think but that's only a 'maybe'...

From the Heritage Foundation blog: So How Is That Government-Run Auto Company Working Out?

 
At 4/10/2010 10:02 AM, Blogger W.E. Heasley said...

Anonymous said...

“Can you imagine what would have happened if the auto industry had been allowed to fail? You would still be crashing.”

Sure. Right.

Try this 04/08 headline: UAW sues GM over health care. Link here:
http://www.tribtoday.com/page/content.detail/id/535754.html

Hence the UAW, bailed out by tax payers, is suing tax payer owned GM.

Apparently that’s a special kind of gratitude!

Regarding blog post head line: Ongoing Economic Recovery, Even in Michigan!!

Jennifer “progressive at large” Granholm will fix that Michigan recovery number post haste. She has her “service” tax, yet another Granholm tax increase, set to squash any recovery in Michigan.

 
At 4/10/2010 10:21 AM, Anonymous morganovich said...

It should be noted that two compositional changes have been made to the Michigan Economic Activity Index. First, employment is now measured by nonfarm payrolls from the establishment survey rather than the employment estimate generated in the household survey. Second, to smooth volatility and emphasize the underlying trends in the Michigan economy, Index levels will henceforth reflect a three-month moving average. Additionally, seasonal factors estimated by Comerica have been revised as part of a semi-annual process.

i am not sure how much and in which direction these adjustments influenced the most recent data, but it pays to be very, very careful with trend changes and inflection points concurrent with methodology alterations.

 
At 4/10/2010 10:28 AM, Blogger Angela said...

I wish I were an investigative reporter, because my GM employed neighbor told me they're laid off (which I presume means collecting unemployment) and working at the same time.

He's not a line worker - he's an engineer or something. They're told that if they don't come in off the clock to get certain projects done, they'll be moved to the front of the permanent lay-off lines.

 
At 4/10/2010 10:41 AM, Blogger juandos said...

"They're told that if they don't come in off the clock to get certain projects done, they'll be moved to the front of the permanent lay-off lines"...

Hmmm, I wonder if that puts him in Gallup's underemployed statistics?

 
At 4/10/2010 1:26 PM, Anonymous Anonymous said...

Looks like the Bush-Obama plan is working in Michigan.

The Bush-Obama plan? Bush wanted major wage and pension concessions from the UAW in exchange for limited financing. Obama, on the other hand, gave away the store to his union cronies, running rough-shod over the rights of senior secured creditors, while demanding absolutely nothing in concessions from the UAW. In the end he simply gifted a huge portion of the company, at taxpayer expense, to the UAW in appreciation for their support of the Democrat party. You know that this bailout is really a pig when leftists start attaching Republican names to their inexcusably corrupt dealings.

 
At 4/10/2010 3:44 PM, Blogger Ron H. said...

>"Jennifer “progressive at large” Granholm will fix that Michigan recovery number post haste. She has her “service” tax, yet another Granholm tax increase, set to squash any recovery in Michigan."

We may be better off if P.A.L. Granholm confines herself to the depredation of Michigan. Things could get much worse.

http://www.crainsdetroit.com/article/20100409/FREE/100409888#

 
At 4/10/2010 10:50 PM, Blogger save_the_rustbelt said...

High natural gas sales in February?

Who would have guessed?

Michigan's economy is very weak and chronically weak and will stay so for a long time to com

 
At 4/11/2010 4:40 AM, Anonymous Titus Pullo said...

how much is U-Haul charging for a one-way rental to Michigan vs a one-way out of it?

 
At 4/11/2010 7:22 AM, Blogger W.E. Heasley said...

Titus Pullo said...

“how much is U-Haul charging for a one-way rental to Michigan vs a one-way out of it?”

Very good question.

We can clearly state that Granholm’s agenda of tax and run everyone off, with its consequential u6 unemployment rate of +30% in Michigan, has created several positive unintended consequences.

Yes Granholm’s agenda has a silver lining!

(a) there is no need for a northern boarder patrol on the Canadian border as absolutely no one wants “in” to Michigan. The cost savings must be enormous!

(b) the creation of the first mass $1 market for homes (Detroit). Talk about affordable housing!

(c) the creation of the first modern day metropolitan ghost town (Detroit). This will obviously attract movie producers keen on backdrops for 2012 catastrophe movies!

The next logical step for Granholm is to become a defense contractor. Future conflicts can be addressed by merely deploying Granholm to the area of conflict. With in a few years no one will remain in the area and hence conflict resolved!

 
At 4/11/2010 5:36 PM, Anonymous Anonymous said...

Looks like the 10-year trend is still DOWN. ...Engler spent the money a LOOONG time ago.

 
At 4/12/2010 11:21 PM, Blogger T said...

RE: Anonymous Anonymous said...

Looks like the 10-year trend is still DOWN. ...Engler spent the money a LOOONG time ago.

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You're lucky the "yoopers" haven't burned the "bridge" and formed their State of Superior.... Bring back Dominic Jacobetti! ...oh, yeah, that's right..Mark wouldn't know ANYTHING ABOUT THAT PART OF MICHIGAN!!!! What's a pasty? What the f'ck is a yooper????

 

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