DETROIT, Jan. 24 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank increased 2 points to 106 in December. For the year as whole, the index averaged 107 down 3 percent from the average for 2004.
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"The Michigan economy did not close out 2005 with much positive momentum," according to Dana Johnson, chief economist at Comerica Bank. "Our index rose moderately in December, however, the gain mostly reflects a pick up in energy output due to cold weather."
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 as an index, with 1996 as base year equal to 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, the largest bank in Michigan, is a subsidiary of Comerica Incorporated (NYSE: CMA). Headquartered in Detroit, Comerica is strategically aligned by the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping businesses and people be successful. Comerica reported total assets of $53.0 billion at December 31, 2005.
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SOURCE: Comerica Bank
CONTACT: Media Contact: Dana Johnson, Senior Vice President and Chief
Economist of Comerica Bank, +1-734-930-2401, or +1-800-895-7708
Web site: http://www.comerica.com/
