DETROIT, Jan. 11 /PRNewswire-FirstCall/ -- The Detroit Area Business Activity Index fell 1 point in November to 97, making a new low for the year. The index has declined for 3 consecutive months and is at its lowest reading since March 2003. Over the first eleven months of 2007, the index has averaged 99.5, down 6 percent from the average for all of 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
"Given its concentration of auto industry factories, southeast Michigan has been much harder hit than the rest of the state by the restructuring of the major auto companies," said Dana Johnson, Chief Economist at Comerica Bank. "Now the region is faced with weathering the cyclical weakness in auto sales that appears to be developing nationally. It sure looks like 2008 will be another challenging year for the Detroit region."
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, +1-214-828-5970 or +1-800-895-7708
Web site: http://www.comerica.com/
