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BUSINESS INDEX SHOWS STEADY MICHIGAN ECONOMY

 DETROIT, Oct. 13 /PRNewswire/ -- The Michigan Business Activity Index compiled by Comerica Bank reached a level of 142 in August, a one- point gain over the July reading of 141. Compared with August a year ago, Michigan's economy was up 5.7 percent, and it rose 6 percent compared with the comparable first eight months of 1992.
 The August advance is attributable exclusively to the seasonally adjusted gains in total motor vehicle output. "Michigan auto and truck production through August was up 16.2 percent from last year," said David L. Littmann, first vice president and senior economist with Comerica Bank. "The gains in light van and truck output were far more impressive than those for auto production, 46.7 percent versus 4.1 percent. Michigan's auto industry has been a mainstay not only of the state's recovery over the past two years, but it has also been an integral part of the national expansion scene," Littmann said.
 Littmann added that were it not for the healthy expansion of the auto industry this year, the U.S. economy undoubtedly would have experienced no growth at all during the year's first half.
 During August, all employment indicators in the Michigan Business Activity Index improved, offsetting minor contraction in some other components.
 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- 10/13/93
 /CONTACT: David L. Littmann, first vice president & senior economist of Comerica Bank, 313-222-7241/
 (CMA)


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

KE -- DE032 -- 1689 10/13/93 12:44 EDT
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Publication:PR Newswire
Date:Oct 13, 1993
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