DETROIT, May 24 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank held at 103 in April. The latest reading is up 1 point from a year ago. So far in 2007, our index is running about 1 1/2 percent below the average for 2006, but is up about 1 percent from the average for the fourth quarter.
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"Our index has recorded three pretty solid readings in a row," said Dana Johnson, Chief Economist at Comerica Bank. "Even so, I think it is premature to say that the state economy is bottoming out, given the ongoing job cuts in the Michigan-based auto companies and the severe weakness still apparent in the homebuilding sector. But if the national economy begins to accelerate and if the auto companies are able to reach a constructive settlement with the United Auto Workers, the Michigan economy may turn upwards later this year."
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: 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/
