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Article: Michigan Economy Remains Stalled in May Reports Comerica Bank's Michigan Business Activity Index.
- Article from:
- Science Letter
- Article date:
- July 14, 2009
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Comerica Bank's Michigan Business Activity Index declined two points on a preliminary basis in May, to a level of 72. Compared to a year earlier, the Index is down 19 points, making May the eighth month for double-digit year-on-year declines. This ties the Index record for such declines, with the only other eight-month string of double-digit declines occurring during the severe 1958 recession. Year-to-date the Index has averaged 73, down 14 points from the 2008 average (see also Comerica Bank).
"Consistent with broader trends in the national economy, our Index shows that the Michigan economy appears to be stabilizing at a depressed level," said Dana Johnson, ...