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 DETROIT, Aug. 2 /PRNewswire/ -- The Michigan Business Activity Index surged nine points in June to 146, up from 137 in May. The average level for the index for the first six months of this year was 139.
 As of June, Michigan's economy is up 6.3 percent compared with the same six months of 1992, after removing the effects of inflation. The record level of 148 for the index was achieved in December 1988.
 "Year-over-year, June's economic index number is up 8.9 percent from June 1992, a very strong showing," said David L. Littmann, first vice president and senior economist with Comerica Bank in Detroit. "More than one-third of June's vigorous advance can be traced directly to motor vehicle sales and output. However, the gain was more broadly based, because nine of the 10 indicators comprising the index rose."
 Mr. Littmann cautioned that, "Although auto company profits and stock prices ratify past performance and confirm recent sales, it will be more difficult to sustain this momentum in the second half of 1993 and in 1994, given the proposed income and excise tax increases and the faltering levels of consumer confidence."
 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- 8/2/93
 /CONTACT: David L. Littmann, First Vice President & Senior Economist, Comerica Bank, 313-222-7241/

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

ML -- DE005 -- 8215 08/02/93 09:13 EDT
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Publication:PR Newswire
Date:Aug 2, 1993

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