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DETROIT ECONOMY RISES TO RECORD

 DETROIT, July 20 /PRNewswire/ -- In June, the Detroit Area Business Activity Index (DABAI) hit an all-time high of 166, 10 points above May's level and 14.6 percent above the year-earlier June index number of 145. Year-to-date through the first half of 1993, the Detroit area economy is running 10 percent higher than the same period in 1992. The previous high, 160, occurred in March of this year.
 "Seven of eight components in the business activity index rose between May and June, underscoring the general local economic improvements," said David L. Littmann, first vice president and senior economist of Comerica Bank. "The fact that Michigan's motor vehicle output through June is up 25 percent from one year ago emphasizes the greatest single source of momentum in 1993. The automotive sector -- especially seasonally adjusted auto sales -- accounted for nearly 6 of the 10-point rise in activity; 3 points of gain reflected more vigorous financial activity; 1 point of added strength came from steel output; and approximately 0.5 point of increase was the better labor market condition. Only electric power sales were off slightly in June, which was a cooler-than-normal month.
 Comerica Bank compiles the Detroit Area Business Activity Index monthly from eight different measures of regional activity which are seasonally adjusted, corrected for inflation, and expressed as an index with 1982 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.
 -0- 7/20/93
 /CONTACT: David L. Littmann, first vice president & senior economist, Comerica Bank, 313-222-7241/
 (CMA)


CO: Comerica Bank ST: Michigan IN: FIN SU: ECO

KE -- DE020 -- 6869 07/20/93 13:21 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
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