DETROIT, May 30 /PRNewswire-FirstCall/ -- The Detroit Area Business Activity Index fell 4 points in April to a level of 106. That is the lowest reading for the index since June 2003. For the first four months of 2006, the Detroit index has averaged about 2-1/2 percent below the first four months of 2005.
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"It is no surprise that cutbacks in auto manufacturing, higher gasoline prices, and higher interest rates have hurt the regional economy this spring," said Dana Johnson, chief economist at Comerica Bank. "We still have some difficult adjustments to get through this year. While we might get a partial rebound in our index next month, I think it is going to fluctuate in a lower range for the balance of the year."
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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