News Releases

DALLAS, Dec. 10 /PRNewswire-FirstCall/ -- Comerica Bank's October Michigan Business Activity Index fell 2 points, to a level of 83. October's figure is the lowest level in more than 14 years. Compared to a year earlier, the October Index is down 11 points on balance. Over the most recent 10 months, the Index has averaged 5 percent below the average for all of 2007. September's final figure remained unchanged at a level of 85.

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"The recession in Michigan worsened considerably in October, just as it did nationally," said Dana Johnson, Chief Economist at Comerica Bank. "Michigan car sales were particularly weak in October, reflecting the difficulty of getting financing and the broader pattern of cutbacks in discretionary consumer spending. Our index is likely to continue trending lower in the months ahead, reflecting the severe national recession that is causing particularly hardships for the state's auto sector."

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 $65.2 billion as of September 30, 2008.

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SOURCE: Comerica Bank

Web site: http://www.comerica.com/