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Michigan's LEI fell Slightly in August
The Grand Rapids Business Journal/e-forecasting.com MI Leading Economic Indicator, Michigan's early bird of economic activity, decreased in August 2010 to a reading of 107.4, 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, fell 0.1 percent in August after remaining flat in July.
Six of the 10 components that make up Michigan's Leading Indicator had a positive contribution in August: Unemployment Claims, Weekly Hours in Manufacturing, Exports of Manufactures, New Orders (Detroit Business), Stock Prices (National) and Interest Rate Spread.
Four of the 10 components had a negative contribution to Michigan's Leading Indicator in August: Building Permits, Consumer Expectations (Regional), 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 6.8 percent in August, after an increase of 8.5 percent in July. This compares to a long-term annual growth rate of 1.3 percent, the same as the annual growth rate of the state's overall economic activity.