Michigan Leading Economic Indicator April 2010
The Grand Rapids Business Journal/e-forecasting.com MI Leading Economic Indicator,
Michigan's early bird of economic activity, increased in April 2010 to a reading of 104.5, where 2000 is set equal to 100.
The private forecasting service said the composite Michigan index of state leading indicators, which is produced jointly with Grand Rapids Business Journal, went up 0.6 percent in April after an increase of 0.8 percent in March.
Seven of the 10 components that make up Michigan's Leading Indicator had a positive contribution in April: Unemployment Claims, Weekly Hours in Manufacturing, Building Permits, Exports of Manufactures, Consumer Expectations (Regional), Stock Prices (National) and Interest Rate Spread. Three of the 10 components had a negative contribution to Michigan's Leading Indicator in April: New Orders (Detroit Business), Productivity Barometer (Detroit Business) and Employment Barometer.
Looking at its six-month growth rate, a signal of turning points, Michigan's Leading Indicator went up by an annual rate of 9.4 percent in April, after an increase of 9.3 percent in March. This compares to a long-term annual growth rate of 1.4 percent, the same as the annual growth rate of the state's overall economic activity.
Evangelos Simos is chief economist of the consulting and research firm e-forecasting.com.