DETROIT, Jan. 27 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index, compiled by Comerica Bank, gained 2 points in December, to close at 108, compared with a revised 106 reading in November. A year earlier the index stood at 114. Through December, Michigan's economy, after removing the effects of inflation, is down 2.2 percent from the same period a year ago.
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"With reduced production schedules in the second half of 2004, Michigan's automotive sector shifted into lower gear after July, in contrast with the acceleration in the same period of 2003 following the national tax cuts," said David Littmann, chief economist at Comerica Bank. "This largely explains the negative annual comparisons for Michigan's economic performance in 2004."
The Michigan Business Activity Index (MBAI) represents 10 different measures of Michigan economic activity compiled monthly by the Economics Department of Comerica Bank. The MBAI is seasonally adjusted, corrected for inflation, and expressed on an index basis with base year 1996 equals 100. The MBAI series has been calculated monthly since 1957 and depicts state economic activity over seven full swings of the U.S. business cycle.
Comerica Bank, Michigan's oldest and largest bank, is the lead subsidiary of Comerica Incorporated (NYSE:CMA) , a multi-state financial services provider headquartered in Detroit.
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Source: Comerica Bank
CONTACT: David Littmann, Senior Vice President and Chief Economist of
Comerica Bank, +1-313-222-7241 or +1-800-895-7708
Web site: http://www.comerica.com/
