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MICHIGAN ECONOMY ADVANCES IN MAY

 DETROIT, July 1 /PRNewswire/ -- The Michigan Business Activity Index rose one point in May to 137, up from 136 in April. At this level, the Michigan economy is operating 6.2 percent above last year's pace. Year- to-date, the gain through five months of 1993 is 5.8 percent.
 "Although there has been no acceleration in the rate of economic growth since January, Michigan's inflation-adjusted, real growth has been consistently double the national average," said David L. Littmann, first vice president and senior economist with Comerica Bank in Detroit.
 "Michigan's chief industry -- automotive -- has shown 29-percent year-to-date gains in motor vehicle output, compared with the same period in 1992. It is this strength that has brought unemployment rates in Michigan below the U.S. average in four of the first five months of 1993," Littmann said.
 During May, seven of the 10 series comprising the MBAI rose. Steel production and financial activity were the principal gainers.
 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- 7/1/93
 /CONTACT: David L. Littmann, First Vice President & Senior Economist, Comerica Bank, 313-222-7241/
 (CMA)


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

SB -- DE023 -- 7864 07/01/93 15:36 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
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