DETROIT, Mich., March 29 /PRNewswire-FirstCall/ -- The Michigan Business Activity Index compiled by Comerica Bank rebounded 3 points in February to 104. The reading is down 1 point from a year ago and equal to the average for 2006.
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"Strong weather-related gains in gas and electric utility output played a big role in the rebound of our index for February," said Dana Johnson, Chief economist at Comerica Bank. "With more auto sector job cuts likely to hit the numbers for March, next month's index probably will fall somewhere between the readings for January and February. Unfortunately, it is still too early to look for a bottoming out of Michigan's one-state recession."
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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