The state’s economy continues to creep forward, according to Comerica Bank’s Michigan Economic Activity Index, which rose one point in September to 88, but the pace of recovery might be about to pick up.
That level is one point above the average this year and two points above the average for 2010. The index is 17 points above the cyclical low.
“The Michigan economy is showing more signs of stability, holding on to gains from rebounding auto production,” said Robert Dye, the bank’s chief economist, in a press release.
“The Michigan economy is still somewhat patchy with regional unemployment rates elevated and house prices soft,” but national data since September bodes well for future indexes, he said.
The index equally weighs nine seasonally adjusted indicators of economic activity, including the construction, manufacturing and service sectors, as well as job growth and consumer spending.