DALLAS, June 1 /PRNewswire-FirstCall/ -- Comerica Bank's Michigan Business Activity Index was unchanged in April compared to the revised level of 74 for March. Relative to a year earlier, the April Index is down 16 points, representing the seventh consecutive month of double-digit year-on-year declines. Year-to-date the Index has averaged 73, down 14 points from the average for all of 2007.
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"Our Index continues to show that the Michigan economy is contracting more slowly in early 2009, paralleling the pattern seen in the national economy," said Dana Johnson, Chief Economist at Comerica Bank. "As summer approaches, however, temporary shutdowns at GM and Chrysler, coupled with permanent plant closings related to their recent bankruptcy filings, will likely result in renewed declines in our Index."
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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Comerica Bank
CONTACT: Media, Dana Johnson, Senior Vice President and Chief Economist,
+1-214-462-6839, djohnson@comerica.com, or Data, Meaghan Derrick, Research
Assistant, +1-214-462-6815, maderrick@comerica.com, both of Comerica Bank
Web Site: http://www.comerica.com/
