DALLAS, April 3 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Business Activity Index rose 2 points in February, to a level of 72, after declining 10 points in January. Compared to a year earlier, the February Index is down 20 points, the third largest 12-month decline in the 52-year history of the Index. The January/February average of the Index, at 71, is 16 points below the average for all of 2008. January's final reading was revised from a preliminary level of 71 to a final reading of 70.
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"The rebound in our Index for February was concentrated in auto production and sales," said Dana Johnson, Chief Economist at Comerica Bank. "Hopefully, the February uptick reflects a slowdown in the rate of contraction in Michigan. However, with the national economy still enmeshed in a severe recession and the local car industry continuing to restructure, the Michigan economy will, in all likelihood, continue to contract for much of 2009."
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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