DETROIT, Jan. 11 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index, compiled by Comerica Bank, gained 1 point in November, to close at 113, compared with 112 in October. A year earlier the index stood at 111. Through November, Michigan's economy, after removing the effects of inflation, is down 0.7 percent from the same period a year ago.
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"Michigan's economy has run nearly flat over the course of 2004, largely reflecting a cut back in vehicle production schedules after the first half of the year," said David Littmann, chief economist at Comerica Bank. "Strong auto sales at year-end suggest an up-trend in the state economy for 2005."
The Michigan Business Activity Index (MBAI) represents 10 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 with base year 1996 equals 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 Bank, Michigan's oldest and largest bank, is the lead subsidiary of Comerica Incorporated (NYSE:CMA) , a multi-state financial services provider headquartered in Detroit.
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Source: Comerica Bank
CONTACT: David L. Littmann, Senior Vice President and Chief Economist of
Comerica Bank, +1-313-222-7241, or +1-800-895-7708
Web site: http://www.comerica.com/
