DETROIT, Aug. 3 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index, compiled by Comerica Bank, rose 5 points to 107 in June, putting it in the middle of the range over which it has been moving in 2005. So far this year, the index has averaged about 3 percent less than in 2004.
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"The rebound in activity was broadly based, with seven of the ten components of our index up in June," said Dana Johnson, chief economist at Comerica Bank. "The Michigan economy probably bottomed out in May. I expect a pattern of gradual improvement to emerge over the second half of 2005."
The Michigan Business Activity Index (MBAI) represents ten 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 as an index, with 1996 as base year equal to 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, 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 $54.7 billion at June 30, 2005.
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Web site: http://www.comerica.com/
