DETROIT, Oct. 26 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank fell 5 points in September to 102 after rising 3 points in the previous month. Over the first nine months of 2007, the index has averaged 104, essentially the same as the average for all of 2006.
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"Much of the volatility in our index over the past two months was caused by abnormal swings in auto production, said Dana Johnson, Chief Economist at Comerica Bank. "Our index is continuing to trend sideways, suggesting that the state economy is not in a steep decline. However, with national growth sluggish and the local auto companies still cutting capacity, an improving trend in the state economy is unlikely this winter."
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 Incorporated (NYSE: CMA) is a financial services company strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people to be successful.
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Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Bank
CONTACT: Media Contact, Dana Johnson, Senior Vice President and Chief
Economist of Comerica Bank, +1-734-930-2401, +1-800-895-7708
Web site: http://www.comerica.com/
