DETROIT, April 26 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank fell 1 point in March to 103, partially reversing the 3 point rise in February. For the first quarter as a whole, our index also averaged 103, which is up 1 point from the fourth quarter average but down 1.4 percent from the average for all of 2006.
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"Our index still appears to be in a long-term down trend," said Dana Johnson, Chief Economist at Comerica Bank. "Parts of the Michigan economy, such as heath care and business and professional services, are holding their own. However, those pockets of strength are still being overwhelmed by the direct and indirect impacts of the downsizing of the local auto industry."
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 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: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Bank
CONTACT: Media, 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/
