DETROIT, April 26 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index, compiled by Comerica Bank, held steady at 108 in March. The index has been fluctuating in a narrow band around the 108 level since June of 2004.
"The Michigan economy remains in a prolonged bottoming pattern, neither contracting nor expanding," according to Dana Johnson, chief economist at Comerica Bank. "With a number of its flagship corporations in the early stages of cost cutting initiatives, key Michigan employers are fighting hard to remain competitive. Those structural adjustments are likely to delay a turn up in activity for at least several more months."
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 on an index basis. 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 $53.5 billion at March 31, 2005.
CONTACT: Dana Johnson, Senior Vice President and Chief Economist of
Comerica Bank, +1-734-930-2401, or +1-800-895-7708
