DETROIT, Jan. 2 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank fell 1 point in November, to 101. The latest reading is down about 3 percent from a year ago; and so far this year, our index has averaged 2.4 percent less than it did in 2005. The latest reading is the lowest since September 2001.
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"With the Michigan-based auto companies cutting production to pare excessive inventories of SUVs and light trucks, it is no surprise that our index shows the state economy struggling as 2006 was drawing to a close," said Dana Johnson, Chief Economist at Comerica Bank. "More auto-sector buyouts, declining homebuilding, and sluggish national growth is likely to keep our index depressed in early 2007."
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,
Comerica, +1-734-930-2401 or +1-800-895-7708
Web site: http://www.comerica.com/
