DALLAS, Feb. 3 /PRNewswire-FirstCall/ -- Comerica Bank's preliminary December Michigan Business Activity Index rebounded 2 points, to a level of 80. December marks the first uptick in the Index following an 11 point drop over the previous four months. Compared to a year earlier, the December Index is down 13 points on balance. The Index average for 2008 was six points below the average for 2007. November's preliminary reading of 79 was revised downward to a final level of 78.
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"While it was encouraging to see our index recover a bit in December, the downtrend in the Michigan economy almost certainly will continue in early 2009," said Dana Johnson, Chief Economist at Comerica Bank. "The ongoing national recession in conjunction with the aggressive restructuring in the Michigan-based auto sector will exert downward pressure on the state's economy well into the new year."
The Michigan Business Activity Index equally weights nine, seasonally-adjusted coincident indicators of real economic activity. These indicators reflect activity in the construction, manufacturing and service sectors as well as job growth and consumer outlays. Historical data is available upon request.
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 $67.5 billion as of December 31, 2008.
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Web site: http://www.comerica.com/
