DETROIT, Aug. 26 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index, compiled by Comerica Bank, rose two points to 109 in June, putting it at the upper end of the range over which it has been moving in 2005. So far this year, the index has averaged about 2.5 percent less than in 2004.
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"I was really encouraged to see the rebound in activity in June and July," said Dana Johnson, chief economist at Comerica Bank. "The local economy looks much healthier this summer than it did this past spring. However, a clear up- trend is not yet in place and probably will be slow to develop given the punishing level of energy prices and the prospect of more consolidation in the auto industry."
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 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, Michigan's oldest and largest bank, is the lead subsidiary of Comerica Incorporated (NYSE: CMA), a multi-state financial services provider headquartered in Detroit.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Bank
Web site: http://www.comerica.com/
