DETROIT, July 23 /PRNewswire-FirstCall/ -- The Detroit Area Business Activity Index jumped 5 points in June to 105 after fluctuating in a narrow range from 98 to 100 over the previous eight months. The index in June was unchanged from a year earlier and at its highest level since August 2006 when it was 108.
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"With seven of the eight components of our index up in June, it is reflecting a broad-based strengthening of activity," said Dana Johnson, Chief Economist at Comerica Bank. "However, an unusually sharp rise in steel production last month almost certainly has caused our index to exaggerate the degree of improvement. While I am increasingly optimistic that the regional economy is bottoming, the June surge in our index should be interpreted cautiously until a string of stronger readings has emerged."
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, +1-800-895-7708
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