DALLAS, May 11 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Business Activity Index remained unmoved on a preliminary basis in March, at a level of 73. Compared to a year earlier, the March Index is down 17 points, making it the third straight month of near-record year-on-year declines. The year-to-date average of the Index, at 72, is 15 points below the average for all of 2008. The final reading for February was 73, revised up 1 point from the preliminary level of 72.
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"Our Index suggests that the Michigan economy is contracting more slowly, which would be similar to the pattern widely evident in national economic reports," said Dana Johnson, Chief Economist at Comerica Bank. "However, the Chrysler bankruptcy announced in early May and the summer shutdowns scheduled at GM are likely to result in further significant declines in our activity Index later this year. In light of the ongoing weakness in the state's auto sector, recovery in Michigan probably will lag the national upturn."
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 $67.4 billion as of March 31, 2009.
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