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MICHIGAN BUSINESS ACTIVITY INDEX FOR DECEMBER

 MICHIGAN BUSINESS ACTIVITY INDEX FOR DECEMBER
 DETROIT, Jan. 30 /PRNewswire/ -- In December, the Michigan Business


Activity Index (MBAI) lost six points to close the year at 127 compared with 133 in November. By comparison, December was 3.1 percent above the same month a year ago, chiefly because December 1990 was adversely affected by the mounting Persian Gulf crisis.
 For the entire calendar year 1991, the MBAI averaged 126, a loss of 3.7 percent from 1990. This represents the third consecutive annual decline in Michigan's inflation-discounted business activity levels. The cumulative decline has amounted to 8.7 percent since 1988, placing the 1990 to 1991 recession squarely in the "average" severity category for Michigan.
 At year end, weakness in the activity index occurred in nearly every component indicator. The largest decline came in steel output and the energy sector. December, temperature-wise, was above average.
 The Michigan Business Activity Index represents 10 different measures of Michigan economic activity compiled monthly by the Economics Department of Manufacturers Bank, N.A. The MBAI is seasonally adjusted, corrected for inflation, and expressed on an index basis with base year 1982 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.
 -0- 1/30/92
 /CONTACT: David L. Littmann of Manufacturers Bank, N.A., 313-222-7241/
 (MNTL) CO: Manufacturers Bank, N.A. ST: Michigan IN: FIN SU: ECO


KK -- DE024 -- 5434 01/30/92 16:24 EST
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Publication:PR Newswire
Date:Jan 30, 1992
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