DETROIT, June 27 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank increased 1 point in May to 104, the same reading it recorded in February and March. Over the first five months of 2007, our index has averaged 1 percent below the average for all of 2006.
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"The Michigan economy has not clearly hit bottom yet, but for now it appears to be stabilizing," said Dana Johnson, Chief Economist at Comerica Bank. "The improved tone is apparent in most of the ten components that make up our index. However, I won't be confident that Michigan is set to grow until I see the national economy do better and I see a settlement in the critical national contract talks between the car companies and the United Auto Workers."
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, or +1-800-895-7708
Web site: http://www.comerica.com/
