DETROIT, Aug. 29 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank fell 2 points in July to 105, partially reversing the 3 point rise in June. So far this year, the index has averaged 104, essentially the same as the average for all of 2006.
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"Abstracting from the typical month-to-month volatility, our index shows signs of stabilizing," said Dana Johnson, Chief Economist at Comerica Bank. "However, Michigan faces two important challenges in the months ahead. The first is the negotiations between the auto companies and the United Auto workers. The second is the reaction of the national economy to turmoil in credit markets. If neither sidetracks the local economy, Michigan should start growing again in 2008."
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: Media, Dana Johnson, Senior Vice President and Chief Economist,
+1-734-930-2401, or +1-800-895-7708
Web site: http://www.comerica.com/
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