DETROIT, June 20 /PRNewswire-FirstCall/ -- The Detroit Area Business Activity Index increased 2 points in May to 100. Our index has been relatively stabile recently, with eight consecutive readings in a narrow range from 98 to 100. While our index is trending sideways, the average so far in 2007 is running more than 6 percent below the average for all of 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO)
"While I am increasingly optimistic that the Detroit Regional Economy is in the process of stabilizing, I don't see any signs of a recovery forming," said Dana Johnson, Chief Economist at Comerica Bank. "With the auto sector still shedding jobs and homebuilding plunging, the regional economy is not likely to show any consistent growth over the balance of 2007."
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 & Chief Economist of
Comerica Bank, +1-734-930-2401 or +1-800-895-7708
Web site: http://www.comerica.com/
