DETROIT, June 27 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank was 103 in May, up 1 point from April. Over the first five months of 2006, the index is averaging 2.5 percent below the comparable months in 2005.
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"While our index ticked higher in May, I don't think that the state economy is bottoming out yet," said Dana Johnson, chief economist at Comerica Bank. "Against a backdrop of production and employment cuts in the auto sector, rising interest rates, elevated energy prices, and slowing national growth, the state economy is not likely to show sustained increases in jobs and production until sometime next year."
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 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 and Chief Economist of
Comerica Incorporated, +1-734-930-2401, or +1-800-895-7708
Web site: http://www.comerica.com/
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