DETROIT, March 17 /PRNewswire-FirstCall/ -- In January, the Detroit Area Business Activity Index rebounded three points to 116, partially reversing a five point drop in December. After rising sharply in 2003, the index has trended sideways in 2004 and early 2005. The January 2005 reading for the index was 1 point above the average for all of 2004.
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"It was encouraging to see an up-tick in the January index, but most of the strength reflected a surge in electrical power generation that was undoubtedly related to harsh winter weather. Underlying trends continue to suggest that the Detroit economy is still in a flat spot," said Dana Johnson, chief economist at Comerica Bank.
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, +1-313-222-7848, or +1-800-895-7708
Web site: http://www.comerica.com/
