DALLAS, March 10 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Business Activity Index fell 9 points in January on a preliminary basis, to a level of 71. January's reading is the lowest since June 1991, which also was a period of economic recession. Compared to a year earlier, the January Index is down 21 points, the largest 12-month decline since June of 1980. December's final reading remained unchanged from the preliminary level of 80.
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"The sharp decline in our Index for January reflects broad-based weakness, with 7 of the 9 components down in the latest month," said Dana Johnson, Chief Economist at Comerica Bank. "However, cutbacks in auto production in January had an outsized impact on our Index, suggesting that the steepness of the downtrend probably is overstated by the latest reading. Looking ahead, our Index is likely to continue to trend lower, with the Michigan economy undermined by painful restructuring in its auto sector and an ongoing national recession."
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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Media Contact:
Dana Johnson
Senior Vice President and Chief Economist
(214) 462-6839 / djohnson@comerica.com
Data Contact:
Meaghan Derrick
Research Assistant
(214) 462-6815 / maderrick@comerica.com
Photo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGOSOURCE: Comerica Bank
Web site: http://www.comerica.com/
