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Comerica Bank's Michigan Index Improves


DALLAS, July 20, 2021 /PRNewswire/ Comerica Bank s Michigan Economic Activity Index increased in May to a level of 106.7. May s reading was 24.4 percent higher than the historical low of 85.8 reached in June 2020. The index averaged 100 points for all of 2020, 9.0 points below the index average for 2019. April s index reading was revised to 105.5.
Our Michigan Economic Activity Index increased for the sixth consecutive month in May, and is showing strengthening growth rates over the last three months. It is gratifying to see the Michigan Index coming within striking distance of its pre-crisis level from early 2020. Six out of nine components were positive for May, including housing starts, house prices, light vehicle production, total state trade, hotel occupancy and state sales tax revenue. Unemployment insurance claims and industrial electricity demand were negatives for the month. Nonfarm employment was neutral. Unfortunately, we know from the June U.S. industrial product ....

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