DETROIT, March 20 /PRNewswire-FirstCall/ -- The Detroit Area Business Activity Index declined 1 point to a level of 111. The January reading is down 4 points from a year ago but is just 1 point below the average for 2005.
"The Detroit metro economy has been pretty static for the last 12 months," according to Dana Johnson, chief economist at Comerica Bank. "I am mildly encouraged that the local economy has held up reasonably well despite all the cutbacks in the Michigan-based auto sector. Still, it is frustrating to see us continue to lag the national economy so badly."
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 Incorporated (NYSE: CMA - News ) is a financial services company headquartered in Detroit, 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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