DETROIT, Sept. 26 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank rose 2 points to 111 in August, its third consecutive increase and the highest reading since October 2004.
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"Business activity in Michigan accelerated impressively this summer, reflecting stronger national trends and a pick-up in auto sales and production," according to Dana Johnson, chief economist at Comerica Bank. "Compared to earlier in the year, the Michigan economy is in much better condition now to absorb the blow from rising energy prices and cutbacks in the Michigan based auto industry."
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.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Bank
Web site: http://www.comerica.com/
