DETROIT, Aug. 23 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank increased for a third consecutive month in July, rising to 107. The July reading matched the previous high for the year. Even with the latest gain, however, the index is down 2 percent from last July and so far this year has averaged 2 percent less than it did in 2005.
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"Unusually hot weather that boosted electricity demand along with strong gains in steel production accounted for most of the strength in our index in July," said Dana Johnson, chief economist at Comerica Bank. "The Michigan economy held up quite well this summer, but sharp cuts in output and employment in the auto sector will severely test the local economy in the months ahead."
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, or +1-800-895-7708
Web site: http://www.comerica.com/
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