DALLAS, Oct. 15 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Business Activity Index fell 2 points in August, to a level of 87, reversing July's 2 point gain. This marks a return to June's level, which was the lowest Index reading in ten years. Compared to a year earlier, the August Index is down 7 points on balance. Over the first eight months of 2008, the Index has averaged 3 percent below the average for all of 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO)
"The unequivocal message of our Index is that the Michigan economy is contracting at a faster pace this year compared to last," said Dana Johnson, Chief Economist at Comerica Bank. "With some of the weakness in August due to utility output related to mild weather, the Index may rebound a bit in September. But I expect our Index to make new lows soon given the intensifying national recession and the implication of that for Michigan-based auto companies."
The Michigan Business Activity Index equally weights nine seasonally-adjusted coincident indicators of real economic activity. These indicators reflect activity in the construction, manufacturing, and service sectors as well as job growth and consumer outlays. Historical data is available upon request.
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada, China and Mexico. Comerica reported total assets of $66 billion as of June 30, 2008.
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Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Bank
CONTACT: media, Dana Johnson, Senior Vice President and Chief Economist,
+1-214-462-6839, djohnson@comerica.com, or data contact, Meaghan Derrick,
Research Assistant, +1-214-462-6815, maderrick@comerica.com, both of Comerica
Bank
Web site: http://www.comerica.com/
