|
|
Article: Michigan Downturn Accelerating Reports Comerica Bank's Michigan Business Activity Index.
- Article from:
- Science Letter
- Article date:
- December 23, 2008
CopyrightCOPYRIGHT 2008 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Comerica Bank's October Michigan Business Activity Index fell 2 points, to a level of 83. October's figure is the lowest level in more than 14 years. Compared to a year earlier, the October Index is down 11 points on balance. Over the most recent 10 months, the Index has averaged 5 percent below the average for all of 2007. September's final figure remained unchanged at a level of 85 (see also Comerica Bank).
"The recession in Michigan worsened considerably in October, just as it did nationally," said Dana Johnson, Chief Economist at Comerica Bank. "Michigan car sales were particularly weak in October, reflecting the difficulty of getting financing and the ...