News (AP) - Index shows economic turnaround taking root

LANSING (AP) -- It turns out not all the news about Michigan's economy is bad. Comerica Bank's Michigan Economic Activity Index climbed in July to its highest level in more than two years. Comerica Chief Economist Dana Johnson said Wednesday that July's reading of 87 was up 16 points from its year-ago level, the largest year-on-year increase since December 2004. Although Michigan's unemployment rate remains at 13.1 percent, national labor statistics show the state led the nation in job growth in July. Most of the 27,800 jobs added were in the auto industry. Johnson warns that slower national growth could limit Michigan's economic recovery in the second half of the year. ---------- Online: Comerica Bank: http://www.comerica.com Published: Fri, Sep 3, 2010

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