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MICHIGAN ECONOMY DIPS IN OCTOBER

 DETROIT, Dec. 1 /PRNewswire/ -- The Michigan Business Activity Index compiled by Comerica Bank slid 6 points in October to a level of 136, compared with 142 in September. The slide was the first since July and set the index back to levels recorded in April.
 "October's softness was derived from two sources -- lower car sales and the lower volume of financial transactions associated with fewer purchases of large ticket durable goods," said David L. Littmann, first vice president and senior economist at Comerica Bank in Detroit. "Fortunately, gains in motor vehicle production and steel output helped offset some of the weakness and the slide may only be temporary, given stability in Michigan's labor market."
 Littmann added that the average hourly workweek in manufacturing had reached a new high for the year at 44.0 hours. "This is a strong indication that October's dip is temporary," he said.
 The Michigan Business Activity Index represents 10 different measures of Michigan economic activity compiled monthly by the Economics Department of Comerica Bank. The Index is seasonally adjusted, corrected for inflation and expressed on an index basis with base year 1982 equals 100. It has been calculated monthly since 1957 and depicts state economic activity over seven full swings of the U.S. business cycle.
 -0- 12/1/93
 /CONTACT: David L. Littmann, first vice president & senior economist of Comerica Bank, 313-222-7241/
 (CMA)


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

KE -- DE016 -- 9296 12/01/93 12:43 EST
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Publication:PR Newswire
Date:Dec 1, 1993
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