DETROIT, Aug. 29 /PRNewswire-FirstCall/ -- The Detroit Area Business Activity Index fell 2 points in July to a level of 112. The July reading is about in the middle of its range for 2005. Thus far this year, it is running about 2 1/2 percent below its average for 2004.
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"The Detroit regional economy looks healthier this summer than it was in the Spring, but a clear uptrend still has not begun," according to Dana Johnson, chief economist at Comerica Bank. "The local economy will be hard pressed to show consistent gains given the environment of surging energy prices, rising interest rates, and ongoing restructuring in the auto industry."
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, 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.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Bank
Web site: http://www.comerica.com/
