DETROIT, Feb. 4 /PRNewswire-FirstCall/ -- In December, the Detroit Area Business Activity Index declined six points to 113, reversing a similar sized gain in November. After rising sharply in 2003, the index has been fluctuating in a narrow range in 2004. For the year as a whole, the index for the regional Detroit economy has averaged 7%, more than in 2003 after removing the distorting effects of inflation.
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"The story for Detroit in December, as it was for the entire year, is that the local economy is struggling to develop any positive momentum. Production, employment, and sales all are moving sideways," according to Dana Johnson, Chief economist at Comerica Bank.
Comerica Bank compiles the Detroit Area Business Activity Index (DABAI) monthly from eight different measures of regional activity which are seasonally adjusted, corrected for inflation, and expressed as an index with 1996 as base year equal to 100. The Economics Department of Comerica Bank has calculated the DABAI monthly since 1957; depicting Metro-Detroit's economy 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 $51.8 billion at December 31, 2004.
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Source: Comerica Bank
CONTACT: Dana Johnson, Senior Vice President & Chief Economist of
Comerica Bank, +1-313-222-7848, or +1-800-895-7708
Web site: http://www.comerica.com/
