DETROIT, May 3 /PRNewswire-FirstCall/ -- The Detroit Area Business Activity Index edged up one point in March to a level of 112. For the first quarter, the index averaged 113, down two points from the fourth quarter average. The index has been moving sideways with a slight downward drift since it peaked at 116 in the fourth quarter 2003.
"Economic activity in the Detroit Region rebounded slightly in March but remained subdued," according to Dana Johnson, the chief economist at Comerica Bank. "The local economy may be bottoming out, however, the ongoing structural adjustments concentrated in the auto sector may push activity lower for a while longer."
Comerica Bank compiles the Detroit Area Business Activity Index (DABAI) monthly from eight different measures of regional activity which are seasonally adjusted, corrected for inflation, and expressed as an index, with 1996 as base year equal to 100. The Economics Department of Comerica Bank has calculated the DABAI monthly since 1957, depicting Metro-Detroit's economy over seven full swings of the U.S. business cycle.
Comerica Bank, the largest bank in Michigan, is a subsidiary of Comerica Incorporated (NYSE:CMA) . Headquartered in Detroit, Comerica is strategically aligned by the Business Bank, Small Business Banking & Personal Financial Services, and Wealth & Institutional Management. Comerica focuses on relationships, and helping businesses and people be successful. Comerica reported total assets of $53.5 billion at March 31, 2005.
CONTACT: Dana Johnson, Senior Vice President & Chief Economist of
Comerica Bank, +1-734-930-2401, +1-800-895-7708
