DETROIT, July 25 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank was 105 in June, up 2 points from May. The reading for June and for the first six months of 2006 was about 2 1/2 percent below the average for all of 2005.
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"Our index rose for a second consecutive month reflecting strength in electricity output, hours worked in manufacturing, and average hourly earnings," said Dana Johnson, chief economist at Comerica Bank. "While I am encouraged by the stronger tone of the recent data, the Michigan economy still has to overcome the impact of the sizable loss of jobs and income that will result from the auto sector buyouts."
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 Bank, +1-734-930-2401, +1-800-895-7708
Web site: http://www.comerica.com/
