Comerica's Michigan Business Activity Index Dips Five Points
Oct 21, 2005
DETROIT, Oct. 21 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index, compiled by Comerica Bank, dropped 5 points to 106 in September, putting it at the lowest level in four months. Year-to-date, the index has averaged 107, 2.5 percent below the average for 2004.
"Weak car sales in the wake of aggressive discounting earlier this summer and a drop off in electric power reflecting more seasonal temperatures were the main factors sending the index lower in September," said Dana Johnson, chief economist at Comerica Bank. "While some of the weakness in September was due to temporary factors, the local economy will be hard pressed to show much growth for awhile in an environment of painfully high energy prices and aggressive restructuring 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/CMALOGO
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SOURCE: Comerica Bank
CONTACT: Media Contact: Dana Johnson, Senior Vice President and Chief
Economist of Comerica Bank, +1-734-930-2401, or +1-800-895-7708
Web site: http://www.comerica.com/