DETROIT, Sept. 5 /PRNewswire-FirstCall/ -- The Detroit Area Business Activity Index fell 5 points in July to 100, completely offsetting the gain in June. In 9 of the last 10 months, the index has fluctuated in a narrow range from 98 to 100. So far in 2007, the index has averaged 100, 5 1/2 points below the average for all of 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
"I am hopeful that the Detroit regional economy is bottoming out, given that our index has been trending sideways for the past 10 months," said Dana Johnson, Chief Economist at Comerica Bank. "I will become a lot more confident that the slide in the local economy is over if the negotiations now underway in the auto sector result in a constructive settlement. The other main risk to the Detroit region is that the credit crunch will weaken the national economy, further depressing car sales."
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/
