Detroit Regional Economy Slows in September Reports Comerica Bank's Detroit Business Activity Index
Oct 25, 2005
DETROIT, Oct. 25 /PRNewswire-FirstCall/ -- The Detroit Area Business Activity Index fell 2 points in September to a level of 113. Despite the decline, the September reading is still above the middle of the range seen in 2005. Year to date, the Detroit index has averaged about 2 1/4 percent less than in 2004.
"As expected, high gasoline prices and cutbacks in the auto sector took a toll on the regional economy in September," according to Dana Johnson, chief economist at Comerica Bank. "With many households facing big jumps in heating costs and potential wage and benefit cuts, holiday spending in the Detroit area is likely to be soft this year."
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 $54.3 billion at September 30, 2005.Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO
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SOURCE: Comerica Bank
CONTACT: Dana Johnson, Senior Vice President & Chief Economist of
Comerica Bank, +1-734-930-2401 or +1-800-895-7708
Web site: http://www.comerica.com/