Printer Friendly

DETROIT'S ECONOMY EASES IN JANUARY

 DETROIT, Feb. 22 /PRNewswire/ -- The Detroit Area Business Activity Index, compiled by Comerica Bank, retrenched somewhat in January from the heady momentum it developed throughout the second half of 1992.
 The Index ended January at 153, a six-point decline from 159 in December. Despite the one-month setback, the Detroit area economy in January 1993 was operating at levels 6.4 percent above January 1992.
 During January, modest gains in energy consumption, rising volumes of financial transactions at banks and a higher-than-average hourly workweek in manufacturing industries were more than offset by weakness in car sales, motor vehicle output and bank deposits.
 "If the local economy can maintain this 6.4 percent year-to-year real gain during 1993 after last year's impressive 7.3 percent expansion, then the Detroit economy will also experience good employment growth," said David L. Littmann, first vice president and senior economist at Comerica Bank in Detroit.
 Comerica Bank compiles the Detroit Area Business Activity Index 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 Comerica Bank has calculated the Index monthly since 1957, depicting metro-Detroit's economy over seven full swings of the U.S. business cycle.
 -0- 2/22/93
 /CONTACT: David L. Littmann, First Vice President & Senior Economist, Comerica Bank, 313-222-7241/
 (CMA)


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

ML -- DE005 -- 8808 02/22/93 08:59 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 22, 1993
Words:247
Previous Article:RAND CAM/DIRECT CHARGE ENGINE PROTOTYPE NEARS COMPLETION
Next Article:GENTEX FORMS RELATIONSHIP WITH JAPANESE SALES AGENT
Topics:


Related Articles
MICHIGAN ECONOMY SOFTENED IN JANUARY
DETROIT ECONOMY SOFTER IN JANUARY, COMERICA INDEX SHOWS
EUROPEAN AUTO PRODUCTION SLIPS 3.4 PERCENT IN JANUARY, AUTOMOTIVE NEWS EUROPE REPORTS IN ITS FIRST EDITION
David Littmann on the economy.
Cobo upgrade a test of regionalism?
Volvo Goes 'Live' at Detroit Auto Show.
Volvo Goes 'Live' at Detroit Auto Show.
Forget about the recession, what about the election?
Up and coming: mark your calendar with these regional business events.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters