9 percentage points to a level of 128

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Following declines in housing starts and auto production hermes replica belts , the Michigan Economic Activity Index fell in September for the third straight month, down 0.9 percentage points to a level of 128.1.September’s reading is 54 points, or 73 percent, above the index cyclical low of 74.1 hit in June 2009, but off from the yearly high of 129.8 hit this June. It averaged 123.6 last year.”A reset in housing starts in late summer, after surging earlier in the year, was a persistent weight on the Michigan Index through the third quarter,” Robert Dye, the chief economist for Comerica Bank, which compiles the index, said in a news release.Three of the eight index components were up: nonfarm payrolls, exports and hotel occupancy. Claims for unemployment insurance, housing starts, housing prices, auto production and state sales tax revenues declined.”We look for only modest momentum in the Michigan economy through early next year as auto production starts to ease in the state,” Dye said. “Most major automakers expect slight declines in U.S. auto sales through 2017 www.dizionariorosi.it , and small-car production is being shifted out of the state, so manufacturing employment is expected to be a drag on the state economy next year.” Related LinksSoutheast Michigan purchasing index tumbles in NovemberMichigan Economic Activity Index ends 3-month slideMichigan Economic Activity Index rises in November

Michigan Economic Activity Index slides 3rd straight month

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