First Quarter Auto Bonuses Expected to Create $126 Million For Michigan Economy, Comerica Reports

DETROIT, Feb. 20 -- During the first quarter of 2003, major automakers and suppliers announced payout bonuses totaling $178.0 million to 334,000 workers, which represents a significant turnaround from the zero-payout year 2002, said David L. Littmann, chief economist with Comerica Bank in Detroit.

"Considering the saving-imperative reflected in so many household budgets during these times of heightened uncertainty, the total spending impact of these bonuses this year will probably be a muted $320.4 million," Littmann said.

"For Michigan, the payout for the first quarter amounts to an estimated $87.0 million to 175,000 workers. These bonuses should result in a total economic impact of $126 million in Michigan this year."

Comerica Bank, the largest bank in Michigan, is a subsidiary of Comerica Incorporated , a multi-state financial services provider headquartered in Detroit, with banking subsidiaries in Michigan, California and Texas, banking operations in Florida, and businesses in several other states.

                      BONUSES ANNOUNCED IN Q-1, 2003
                    TABLE OF ESTIMATED SPENDING IMPACT

                                                        EST. SPENDING
               BONUS PER          WORKERS             IMPACT ($MILLION)
  FIRM         WORKER ($)       US       MICH           US        MICH

  GM            $940.00      130,000    53,000      $ 220.0     $  72.2
  FORD          $160.00       95,000    47,000         27.4        10.9
  DCX           $460.00       65,700    53,000         54.4        35.4
  DELPHI        $240.00       43,300    22,000         18.6         7.7
                             334,000   175,000       $320.4      $126.2

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