DETROIT, May 22 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank fell 2 points in April to 99, reaching its lowest level since December 2000. Over the first four months of 2008, our index has averaged 2.5 percent below the average for all of 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
"Like elsewhere in the United States, surging gasoline prices, turmoil in the financial markets, and weakness in consumer spending are holding back the Michigan economy, said Dana Johnson, Chief Economist at Comerica Bank. "The special burden for Michigan is the weakness in national vehicle sales that is forcing further cutbacks in output and hours worked in the state's auto sector."
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada, China and Mexico. Comerica reported total assets of $67 billion at March 31, 2008. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts .
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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, +1-214-462-6839, +1-800-895-7708
Web site: http://www.comerica.com/
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