DETROIT, Jan. 10 /PRNewswire-FirstCall/ -- In November, the Detroit Area Business Activity Index increased to 119, up five points from October's level of 114. A year earlier the index stood at 115. This is a 3.2 percent increase from November a year ago. Year-to-date through November, the regional Detroit economy is up 8.0 percent, after removing the distorting effects of inflation.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
"This looks like the real thing," said David Littmann, chief economist at Comerica Bank.
"During the first-half of 2004, economic gains compared with a depressed first-half of 2003 were easily obtained. But in the second half, the Detroit area economy is maintaining robust comparative expansion rates over levels that were moving ahead quickly in 2003. A better-than-expected auto sector has driven this comeback."
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, 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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PRN Photo Desk, photodesk@prnewswire.com
Source: Comerica Bank
CONTACT: David L. Littmann, Senior Vice President & Chief Economist of
Comerica Bank, +1-313-222-7241, or +1-800-895-7708
Web site: http://www.comerica.com/
