DETROIT, Sept. 20 /PRNewswire-FirstCall/ -- The Detroit Area Business Activity Index edged down to 108 in August, off 1 point from July. The latest reading is down 5 percent from last August. So far this year, the Detroit index has averaged about 3 percent less than it did in 2005.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
"So far, the downtrend in our index has been relatively gradual over the past year," said Dana Johnson, chief economist at Comerica Bank. "However, with GM, Ford, and Chrysler all cutting back production to pare inventories, our index is likely to show a big hit later this fall."
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, +1-800-895-7708
Web site: http://www.comerica.com/
