Michigan Economic Activity Index; Fifth Straight Monthly Double-Digit Increase in June
"Comerica Bank’s Michigan Economic Activity Index rose one point in June, to a level of 84. June’s reading is up 13 points from the same period a year ago, marking the fifth consecutive double-digit increase in the Index, on a 12-month basis. Year-to-date, the Index is up nine points, or 12.4 percent, from the average for all of 2009. The May Index was unrevised from a level of 83."
“Our Index ticked up for the second month in a row, to a level that matches the March cyclical peak,” said Dana Johnson, Chief Economist at Comerica Bank. “Continued strength in motor vehicle and steel production counteracted drags from housing and consumer spending. Paralleling the national recovery, production variables remain the key driver to the Michigan recovery, with housing and employment lagging. Broad-based moderate gains in the national economy over the second half of the year should help generate an increasingly widespread recovery in Michigan, including moderate job growth.”
MP: Even Michigan's economy is gradually coming back.