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MICHIGAN ECONOMY PROBABLY HIT 1991 PEAK IN OCTOBER

 MICHIGAN ECONOMY PROBABLY HIT 1991 PEAK IN OCTOBER
 DETROIT, Dec. 4 /PRNewswire/ -- In October, the Michigan Business


Activity Index (MBAI) rose five points to 133 compared with 128 in September. The Index was bolstered by greater motor vehicle output, auto sales and the volume of financial activity, adjusted for inflation and seasonal variation. Lower steel production levels detracted from these gains.
 Despite improvement between September and October, the MBAI for October was 2.4 percent below the same month a year ago, and the state economy is running 5.0 percent below the comparable 10 months of 1990.
 "At 133, the MBAI achieved the greatest degree of momentum since October 1990. Considering retrenched levels of consumer confidence and subsequent downshifting in car production schedules, October's MBAI will likely prove to be Michigan's economic peak for this year," according to David L. Littmann, first vice president and senior economist of Manufacturers Bank, N.A.
 The MBAI represents 10 different measures of Michigan economic activity compiled monthly by the Economics Department of Manufacturers Bank. 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- 12/4/91
 /CONTACT: David L. Littmann of Manufacturers Bank, 313-222-7241/
 (MNTL) CO: Manufacturers Bank, N.A. ST: Michigan IN: FIN SU: ECO


SM -- DE027 -- 9260 12/04/91 13:56 EST
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Publication:PR Newswire
Date:Dec 4, 1991
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