Thursday, April 26, 2012

Michigan's Economy Shifts Into High Gear: February Economic Activity Index Highest Since 2005


From Comerica Bank: "Michigan Economic Activity Index increased by four points in February, spiking to a level of 102. The February index level is 42 points, or 70 percent, above the index cyclical low of 60. February marks the highest index reading since April 2005 (see chart above). Year-to-date the index has averaged 100 points, nine points above the index average for all of 2011.

“Our Michigan Economic Activity Index has broken sharply higher, showing rapid gains in the Michigan economy in early 2012. We are seeing broad-based gains in economic activity, showing that the revitalization of the auto industry is having a fundamental positive impact on the state economy,” said Robert Dye, Chief Economist at Comerica Bank. “Threats to the Michigan economy are still visible in the form of challenging global macroeconomic conditions and expected cuts in federal defense spending. Recently softer U.S. economic data is not expected to significantly impair domestic auto sales.”

(Note: The Michigan Economic Activity Index consists of seven variables, as follows: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits, and motor vehicle production. All data are seasonally adjusted, as necessary, and indexed to a base year of 2004. Nominal values have
been converted to constant dollar values.)

7 Comments:

At 4/26/2012 5:26 PM, Blogger Larry G said...

this is TERRIBLE News! How in the DO DA is Mitt going to win with news like this!

:-)

 
At 4/26/2012 9:13 PM, Blogger Abir Mandal said...

Great. Hopefully now I can get sme good deals on used cars. Thanks to cash for clunkers, prices have almost doubled for old cars.

 
At 4/26/2012 9:14 PM, Blogger Abir Mandal said...

I think Americans are smarter than you think, Larry. They can see the recovery is in spite of Nobama instead of due to him. If GW were pres, we would have recovered way faster.

 
At 4/26/2012 11:09 PM, Blogger kmg said...

An image of MC Hammer, a man who went from a net worth of $33M to zero, is perhaps not the best image to include as an intro.

 
At 4/27/2012 8:41 AM, Blogger K Parsons said...

Still not seeing it here on "the street". Where, oh where, in Michigan is this recovery? Out here in the "Non-SE Michigan" hinterlands - not seeing it.

 
At 4/27/2012 9:01 AM, Blogger Larry G said...

and that will surely be incorporated into the voting at election time, I'm sure if folks think Romney can turn it around.

 
At 4/27/2012 9:08 AM, Blogger Larry G said...

"would have been" is not a rock solid vote getter... I think Mitt has to show/convince how he will make things better....that his policies will actually work better.

not sure Obama gets tossed because things "should have been better".

but then that's what elections are for.

and now that we have unlimited money - the media ads will play a huge role.

 

Post a Comment

Links to this post:

Create a Link

<< Home