Michigan Leading Economic Indicator for November
The Grand Rapids Business Journal/e-forecasting.com’s Michigan Leading Economic Indicator, Michigan’s early bird of economic activity, rose in November 2010 to a reading of 108.5, 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 0.3 percent in November after going up 0.2 percent in October.
Four of the 10 components that make up Michigan's Leading Indicator had a positive contribution in November: Building Permits, New Orders (Detroit Business), Stock Prices (National) and Interest Rate Spread. Six components had a negative contribution: Unemployment Claims, Weekly Hours in Manufacturing, Exports of Manufactures, Consumer Expectations (Regional), Productivity Barometer (Detroit Business) and Employment Barometer.
Michigan's Leading Economic Indicator's six-month growth rate, a signal of turning points, was 4.3 percent, down from October's reading of 5.1 percent. 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.
Anirban Basu is chief economist for the Associated Builders and Contractors, a national association with 77 chapters representing 25,000 merit shop and construction-related firms with two million employees.