DETROIT, June 29 /PRNewswire/ -- The Detroit Area Business Activity Index for May dropped 4 points to a level of 107. That is down 10% from a year ago and the lowest level for the index since June 2003. (Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )

"The Detroit regional economy was rocked this spring by cutbacks in the auto industry," said Dana Johnson, chief economist at Comerica Bank. "I would not be surprised if the May reading turns out to be the near-term low for our index, with General Motors auto sales looking much stronger in June. Even so, the local economy will struggle to grow in the months ahead, faced as it is with more cutbacks in the auto industry."

Comerica Bank compiles the Detroit Area Business Activity Index (DABAI) monthly from eight different measures of regional activity which are seasonally adjusted, corrected for inflation, and expressed as an index, with 1996 as base year equal to 100. The Economics Department of Comerica Bank has calculated the DABAI monthly since 1957; depicting Metro-Detroit's economy over seven full swings of the U.S. business cycle.

Comerica Bank, the largest bank in Michigan, is a subsidiary of Comerica Incorporated (NYSE: CMA). Headquartered in Detroit, Comerica is strategically aligned by the Business Bank, Small Business Banking & Personal Financial Services, and Wealth & Institutional Management. Comerica focuses on relationships, and helping businesses and people be successful. Comerica reported total assets of $53.5 billion at March 31, 2005.

SOURCE Comerica Bank
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