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STEEL AND AUTOS PUSH DETROIT AREA BUSINESS ACTIVITY INDEX TO 1991 PEAK

STEEL AND AUTOS PUSH DETROIT AREA BUSINESS ACTIVITY INDEX TO 1991 PEAK
 DETROIT, Dec. 16 /PRNewswire/ -- In November, the Detroit Area Business Activity Index (DABAI) hit 148, four points above October's level of 144, and the highest point attained by the economic index in 1991.
 "The local area economy appears to have benefited from an unexpected surge in steel output and somewhat improved auto sales activity in November," according to David L. Littmann, first vice president and senior economist with Manufacturers Bank, N.A. "November auto sales were nearly back to levels averaged from April through August, possibly reflecting the heavier promotions and finance-discounting campaigns offered by the auto industry."
 "For the first time this year," Littmann noted, "the Detroit economy posted a positive comparison with the same month from 1990. Through 11 months, the local economy was down 2.5 percent from last year."
 Manufacturers Bank compiles the DABAI 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 Manufacturers Bank has calculated the DABAI monthly since 1957, depicting metro Detroit's economy over seven full swings of the U.S. business cycle.
 -0- 12/16/91
 /CONTACT: David L. Littmann of Manufacturers Bank, 313-222-7241/
 (MNTL) CO: Manufacturers Bank, N.A. ST: Michigan IN: FIN AUT SU: ECO


SM -- DE017 -- 2591 12/16/91 14:40 EST
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Publication:PR Newswire
Date:Dec 16, 1991
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