Michigan Economy Picks Up in August - Including Ann Arbor

MICHIGAN ECONOMY PICKS UP IN AUGUST REPORTS COMERICA BANK’S MICHIGAN BUSINESS ACTIVITY INDEX DETROIT / October 1, 2007 – The Michigan Business Activity Index compiled by Comerica Bank rose 3 points in August to 107, and the July reading was revised down by 1 point to 104. So far this year, the index has averaged 104, essentially the same as the average for all of 2006.

“I am becoming more optimistic about Michigan’s medium-term economic prospects given that GM and the UAW have agreed on a new contract and a state budget accord has been reached,” said Dana Johnson, Chief Economist at Comerica Bank. “However, in the near term, the local economy is likely to remain pretty stagnant, given the distress in the local housing market, and the backdrop of sluggish national growth.”

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