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MICHIGAN'S ECONOMY ON HOLD

 MICHIGAN'S ECONOMY ON HOLD
 DETROIT, June 29 /PRNewswire/ -- In May, the Michigan Business


Activity Index (MBAI) slipped one point to a level of 129 compared with 130 in April. Despite this narrow slippage, the state's economy is 5.4 percent better off than May a year ago. Also, for the first five months of 1992, Michigan's economy is running 7.3 percent above 1991.
 In May, employment and motor vehicle production improved. However, auto sales and the volume of inflation-adjusted financial activity declined. If auto sales were running at the levels consistent with first-quarter performance, then the MBAI now would be two points above current levels.
 The MBAI represents 10 different measures of Michigan economic activity compiled monthly by the Economics Department of Manufacturers Bank, N.A. The MBAI is seasonally adjusted, corrected for inflation, and expressed on an index basis with base year 1982 equal to 100. The MBAI series has been calculated monthly since 1957 and depicts state economic activity over seven full swings of the U.S. business cycle.
 -0- 6/29/92
 /CONTACT: David L. Littmann of Manufacturers Bank, 313-222-7241/ CO: ST: Michigan IN: FIN SU: ECO


SB -- DE009 -- 4577 06/29/92 09:37 EDT
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Publication:PR Newswire
Date:Jun 29, 1992
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