DETROIT, March 14 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank fell 1 point in January to 101. The latest reading matches the recent low recorded in November and is down about 3 percent from a year ago.
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"Our index confirms that Michigan remains stuck in a one-state recession," said Dana Johnson, Chief Economist at Comerica Bank. "The state economy is not likely to make much headway anytime soon given the sizable cuts in jobs at Ford and Chrysler, the ongoing steep declines in residential building permits, and the backdrop of sluggish national growth."
The Michigan Business Activity Index (MBAI) represents ten different measures of Michigan economic activity compiled monthly by the Economics Department of Comerica Bank. The MBAI is seasonally adjusted, corrected for inflation, and expressed as an index, with 1996 as base year equal to 100. The MBAI series has been calculated monthly since 1957 and depicts state economic activity over seven full swings of the U.S. business cycle.
Comerica Incorporated (NYSE: CMA) is a financial services company strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people to be successful.
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SOURCE: Comerica Bank
CONTACT: Dana Johnson, Senior Vice President and Chief Economist of
Comerica Bank, +1-734-930-2401, or +1-800-895-7708
Web site: http://www.comerica.com/
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