Michigan economy slowly coming back

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A new report shows Michigan’s economy is continuing to take slow steps toward recovery.

Comerica Bank said in the monthly report released today that the state’s September economic activity index rose one point over the month before. The index level is now 24% above the low it hit during the recession and slightly better than its year-ago level.

Comerica chief economist Robert Dye says Michigan’s economy continues to improve as auto sales and vehicleproduction increase.

He says housing markets in Michigan will continue to be slow through 2012 and notes some areas of the state are recovering faster than others.

Michigan’s unemployment rate dipped to 10.6% in October but remains tied for third-highest nationally with Mississippi. Much of the drop came from fewer residents looking for work.

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