Michigan Economy Still Sputtering: Comerica Bank's Michigan Business Activity Index
Dec 20, 2005
DETROIT, Dec. 20 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank declined 2 points to 104 in November. Year- to-date, the index has averaged just under 107, almost 3 percent below the average for 2004.
"With almost every component down last month, our index slid to one of its lowest readings for the year," according to Dana Johnson, chief economist at Comerica Bank. "The faint signs of revival that emerged earlier this summer were snuffed out by elevated energy prices, more Fed rate hikes, and our struggling auto sector."
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.
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SOURCE: 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/