DETROIT, April 27 /PRNewswire-FirstCall/ -- The Detroit Area Business Activity Index fell 2 points in March to a level of 110. For the first quarter, the index averaged the same as it did in the fourth quarter of 2005 but is running about 1 percent below the average for all of 2005.
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"I expected our index to tick lower in March, as the effects from the Super Bowl and mild winter weather faded," said Dana Johnson, chief economist at Comerica Bank. "Looking ahead, our index probably will settle into a lower range, as the local economy struggles to overcome restructuring in the auto sector, higher interest rates, and elevated gasoline prices."
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 Incorporated (NYSE: CMA) is a financial services company headquartered in Detroit, strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people to be successful.
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Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Bank
CONTACT: Dana Johnson, Senior Vice President & Chief Economist of
Comerica Bank, +1-734-930-2401 or +1-800-895-7708
Web site: http://www.comerica.com/
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