DETROIT, Nov. 28 /PRNewswire-FirstCall/ -- The Detroit Area Business Activity Index fell 1 point in October to a level of 112 after falling 2 points in September. So far this year, this index has averaged 112, down 2 1/4 percent from the average for 2004.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
"The local economy isn't in a tailspin but it clearly is being hurt by high energy prices and further restructuring in the auto industry," said Dana Johnson, chief economist at Comerica Bank. "The reversal in gasoline prices could give the local economy a bit of a boost, but with payrolls still trending lower, holiday spending will be lackluster 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/CMALOGOSOURCE: 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/
