DETROIT, Nov. 22 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank moved sideways in October, staying at 106. Year-to date, the index has averaged just above 107, 2-1/2 percent below the average for 2004.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
"The sideways trend in our index is an accurate picture of the Michigan economy," said Dana Johnson, chief economist at Comerica Bank. "Production, employment, and income are all stagnant, as cutbacks in the auto sector offset modest gains in other industries. With the pace of restructuring accelerating in the auto sector, Michigan is destined to continue lagging the national economy in 2006."
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 $54.3 billion at September 30, 2005.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Bank
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/
