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DETROIT'S ECONOMY REACHES THREE-YEAR HIGH

 DETROIT'S ECONOMY REACHES THREE-YEAR HIGH
 DETROIT, Aug. 19 /PRNewswire/ -- In July, the Detroit Area Business


Activity Index (DABAI) hit 149, a four-point gain from June's 145, and the highest point attained in nearly three years.
 "This is the best performance by the local economy since September 1989," according to David L. Littmann, first vice president and senior economist at Comerica Bank. "July's activity level was 11.7 percent ahead of year-earlier levels and, more impressively, the year-to-date performance places the local economy 8.7 percent above 1991."
 During July, auto sales and the volumes of financial activity were chiefly responsible for the gains in the Index. Lower electric power sales and reduced motor vehicle output slightly offset momentum in the other employment and output series that comprise the Index.
 Littmann noted that the highest level recorded for the DABAI occurred in December 1988 when the Index hit 159. "It will be difficult to take new ground from that peak for quite some time," Littmann said, "since the U.S. economy is not hustling at rates achieved four years ago."
 Comerica 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 Comerica Bank has calculated the DABAI monthly since 1957, depicting metro Detroit's economy over seven full swings of the U.S. business cycle.
 -0- 8/19/92 R
 /CONTACT: David L. Littmann of Comerica Bank, 313-222-7241/
 (CMA) CO: Comerica Bank ST: Michigan IN: FIN SU: ECO


JG -- DE010 -- 1318 08/19/92 11:49 EDT
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Publication:PR Newswire
Date:Aug 19, 1992
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