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RECORD BUSINESS ACTIVITY LEVELS FOR MICHIGAN

 DETROIT, Dec. 30 /PRNewswire/ -- The Michigan Business Activity Index compiled by Comerica Bank soared to 148 in November, compared with a level of 139 in October. This is the highest reading for the state's economy thus far in 1993 and the best business activity level ever recorded by the index.
 November's index was 9.6 percent above November 1992, and year- to-date, Michigan's economy is 5.9 percent ahead of 1992, even after removing the effects of inflation.
 "This record reading for Michigan's economy has everything to do with Big Three auto and truck sales and output," said David L. Littmann, first vice president and senior economist with Comerica Bank in Detroit. "Six of the nine points gained between October and November is a reflection of stronger car sales and motor vehicle output." Littmann continued, "Additional strength was generated by steel output and the volume of financial transactions; the labor force indicators were stable. The bottom line is that Michigan's economy doubled the U.S. growth rate in 1993," he said.
 The Michigan Business Activity Index represents ten 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- 12/30/93
 /CONTACT: David L. Littmann, first vice president & senior economist of Comerica Bank, 313-222-7241/
 (CMA)


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

KT -- DE011 -- 8139 12/30/93 16:27 EST
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Publication:PR Newswire
Date:Dec 30, 1993
Words:271
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