Michigan Leading Economic Indicator for May 2011
The Grand Rapids Business Journal/e-forecasting.com MI Leading Economic Indicator, Michigan's early bird of economic activity, rose in May 2011 to a reading of 109.2, 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 May after increasing 0.4 percent in April.
Eight of the 10 components that make up Michigan's Leading Indicator had a positive contribution in May: Unemployment Claims, Weekly Hours in Manufacturing, Exports of Manufactures, New Orders (Detroit Business), Stock Prices (National), Interest Rate Spread, Productivity Barometer (Detroit Business) and Employment Barometer.
Two of the 10 components had a negative contribution to Michigan's Leading Indicator in May: Building Permits and Consumer Expectations (Regional).
Looking at its six-month growth rate, a signal of turning points, Michigan's Leading Indicator's six-month growth rate recorded a rate of 4.1 percent, after April's reading of 4.1 percent. This compares to a long-term annual growth rate of 1.2 percent, the same as the annual growth rate of the state's overall economic activity.