DETROIT, Oct. 1 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank rose 3 points in August to 107, and the July reading was revised down by 1 point to 104. So far this year, the index has averaged 104, essentially the same as the average for all of 2006.
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"I am becoming more optimistic about Michigan's medium-term economic prospects given that GM and the UAW have agreed on a new contract and a state budget accord has been reached," said Dana Johnson, Chief Economist at Comerica Bank. "However, in the near term, the local economy is likely to remain pretty stagnant, given the distress in the local housing market, and the backdrop of sluggish national growth."
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/
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