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DETROIT METRO ECONOMY DECLINES FOR THIRD CONSECUTIVE YEAR

 DETROIT METRO ECONOMY DECLINES FOR THIRD CONSECUTIVE YEAR
 DETROIT, Jan. 17 /PRNewswire/ -- In December, the Detroit Area Business Activity Index (DABAI) slipped two points to close the year at 146, compared with 148 in November. Despite this loss, Detroit's economy was 5.8 percent above the depressed local economy of December 1990.
 For the calendar year, the metro-Detroit economy averaged 138 on the DABAI, compared with an average of 140 in 1990. This slippage of 1.8 percent, though modest, represents the third consecutive year in which some degree of contraction has afflicted Southeast Michigan. The economy slipped 0.2 percent in 1989 and 3.0 percent in 1990.
 In December, warmer-than-normal temperatures contributed to a decrease in electric power consumption but may also have led to the improved seasonally adjusted auto sales that occurred last month. However, declines in steel output and auto and truck production caused the Index to move marginally lower at year-end.
 Manufacturers Bank, N.A. 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 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- 1/17/92
 /CONTACT: David L. Littmann of Manufacturers Bank, N.A., 313-222-7241/
 (MNTL) CO: Manufacturers Bank, N.A. ST: Michigan IN: FIN SU: ECO


JG -- DE022 -- 1138 01/17/92 16:49 EST
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Publication:PR Newswire
Date:Jan 17, 1992
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