DETROIT, April 8 /PRNewswire-FirstCall/ -- The Detroit Area Business Activity Index fell four points to 111 in February. That was also four points below its average reading for all of 2004 and its lowest level since September 2003.
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"The Detroit area economy clearly got off to a slow start in early 2005," said Dana Johnson, the chief economist at Comerica Bank. "The region faces the crosscurrents of a healthy national economy but fiercely competitive conditions in the auto industry. Given the structural adjustments underway in the auto industry, the prospect is that Detroit will continue to lag the national performance in 2006."
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. 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 $51.8 billion at December 31, 2004.
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Source: Comerica Bank
CONTACT: Dana Johnson, Senior Vice President & Chief Economist of
Comerica Bank, +1-734-930-2401 or +1-800-895-7708
Web site: http://www.comerica.com/
