DETROIT, Jan. 31 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank fell 1 point in December to 101, matching the low for 2007 set back last January. For the year as a whole, our index has averaged 103.6, down 0.7 percent from the average for all of 2006.
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"For the past several years, most of the distress in the Michigan economy resulted from the direct or indirect impact of the restructuring in the state's auto manufacturing sector," said Dana Johnson, Chief economist at Comerica Bank. "More recently, the weakness caused by those structural adjustments is being reinforced by the credit crunch and the spillover from the sharp slowing of national growth."
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,
Comerica Bank, +1-214-828-5970, or +1-800-895-7708
Web site: http://www.comerica.com/
