ReleaseDate:April2024
QuarterlyEconomicIndicatorReport
GDP,MI
GDP,US
PrivateSectorJobs,DetroitRegion
(2019:Q3-2019:Q4)
(2023:Q3-2023:Q4)
Thirdconsecutivequarterlyincreaseover2percentage points.Preliminaryannual1.5percentchangefor2023.
Strongannuallevelof2.5percentchangefor2023, matching2019growth. 3.4% (2023:Q3-2023:Q4) 1.9% (2019:Q3-2019:Q4)
(Feb.2020)
$1,245 (2019Q4)
(Feb.2020)
(Feb.2020)
(Feb.2020) Unemployment,US
160,450 (Feb.2020) JobPostings,DetroitRegion
Fec.2024levelsmatchFeb.2023levels.Afterdecreasing nearly50KjobinJan.,8KincreaseinFeb.2024 2.12M (Feb.2024)
$1,336 (2023Q3)
(Feb.2024)
(Feb.2024)
Wagessteadyin2023Q3comparedtopreviousquarter. Downfrompeakof$1,458in2023Q1 (private,allestablishments,allindustries)
Atorbelow4%sinceearly2022,nearlymatchingthe nationalrate.
Ratebelow4.0%sinceFeb.2022.
(Mar.2024)
Risingfromrecentlowof106KinOct.2023. 140,236 (Mar.2024)
ReleaseDate:April20242
Trend Latest Baseline Metric
2.2%
1.4%
2.13M
62.2%
61.6%
LaborForceParticipationRate,Michigan
Avg.WeeklyWage,DetroitMSA Levelabove62%sinceNov.2023.
4.0%
3.7%
Unemployment,DetroitMSA
3.9%
3.8%
QuarterlyEconomicIndicatorReport
Trend Latest Baseline Metric Annuallevelsup56%over2019,andup8%overprevious year. 147,755 (2023) 94,542 (2019) BusinessApplications,MI CoreCPIdroppedto3.3aftertwomonthsover5%, decreasingsincerecenthighinOct.2023. 2.8 over-the-yearpercentchange (Feb.2024) 2.6 over-the-yearpercentchange (Feb.2020) ConsumerPriceIndex,DetroitMSA Highestlevelssincemid-2021.Threeconsecutivemonths over75indexpoints. 79.4 (Mar.2024) 101.0 (Feb.2020) ConsumerSentiment,US Indexgrew8.3%fortheRegioncomparedtoayearago, surpassingthe6.1%nationalgrowthrate. 182.8 (Jan.2024) 129.7 (Feb.2020) HomePriceIndex,DetroitMSA
50.3 (Mar.2024) 50.1 (Feb.2020) ManufacturingPMI®
monthsof2024averaging15.4MSAAR. 15.5M (Mar.2024) 16.9M (Feb.2020) AutomotiveSales,US,SAAR 2023up12%frompreviousyear,down15%from2019. 31.4M (2023) 36.2M (2019) AirportPassengers,DTW
Reached50indexpoints,lastseeninOct.2022.First instanceofexpansionin16months.
Steadyannualizedratethroughout2023.Firstthree
3 DetroitRegionalChamber’sEconomicIndicatorsTrackingandPerspectives: https://www.detroitchamber.com/research/ ReleaseDate:April2024
RealGDPGrowth Percentchangefromprecedingquarter 4ReleaseDate:April2024 2.22.1 4.9 3.4 2.5 5.8 1.9 2.5 1.4 2.2 2.9 2.2 0.1 -4.0 7.4 1.8 -0.3 -4.9 8.7 -6 -4 -2 0 2 4 6 8 10 2022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q420192020202120222023 UnitedStatesMichiganDetroitMSA RealGDP Percentchangefromprecedingperiod Source:BureauofEconomicAnalysis
PrivateSectorJobs
DetroitRegion
PrivateSectorJobs
Source:BureauofLaborStatistics
5
ReleaseDate:April2024 2,131,300 2,062,000 2,119,800 2,196,500 2,120,400 1,400,000 1,600,000 1,800,000 2,000,000 2,200,000 2,400,000
6ReleaseDate:April2024 $1,201 $1,458 $1,336 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 2019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q3 AverageWeeklyWage Private,Allindustries,Allestablishmentsizes DetroitMSA
Source:U.S.BureauofLaborStatistics
7ReleaseDate:April2024 61.4% 62.2% 63.3% 62.5% 54.0% 56.0% 58.0% 60.0% 62.0% 64.0% Michigan UnitedStates LaborForceParticipationRate
Source:CurrentPopulationSurvey(CPS),MichiganCenterforDataandAnalytics,DTMB
MonthlyUnemploymentRate DetroitMSAandUnitedStates 8ReleaseDate:April2024 3.8% 14.4% 4.2% 3.6% 23.8% 4.0% 0% 5% 10% 15% 20% 25% 30% UnitedStatesDetroitMSA MonthlyUnemploymentRate DetroitMSAandUnitedStates
Source:BureauofLaborStatistics
9ReleaseDate:April2024 174,749 135,092 234,978 181,569 140,236 80,000 100,000 120,000 140,000 160,000 180,000 200,000 220,000 240,000 Unique Postings
DetroitRegion
JobPostings
Source:U.S.CensusBureau Note:Notseasonallyadjusted.
10
94,542 130,333 151,051 137,039 147,755 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000
Michigan
ReleaseDate:April2024
20192020202120222023 BusinessApplications
Source:BureauofEconomicAnalysis
11ReleaseDate:April2024 9.7% 2.8% 6.1% 3.3% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Year over year
DetroitMSA
AllitemsCore(Allitemslessfoodandenergy) ConsumerPriceIndex
12ReleaseDate:April2024 101.0 71.8 88.3 50.0 79.4 40 60 80 100 120 Source:UniversityofMichigan IndexofConsumerSentiment
13ReleaseDate:April2024 215.0 239.6 297.3 315.4 129.6 143.9 168.8 182.8 100 150 200 250 300 UnitedStatesDetroitMSA Source:S&PDowJonesIndicesLLC S&P/Case-ShillerHomePriceIndex
14ReleaseDate:April2024 50.9 41.5 64.7 50.3 35 40 45 50 55 60 65 70 ManufacturingPMI® PurchasingManager'sIndex Source:InstituteForSupplyManagement
15ReleaseDate:April2024 16.6 8.5 18.0 15.5 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Millions of Unis
SeasonallyAdjustedAnnualRate(SAAR)
AnnualU.S.LightVehicleSales
Source:BureauofEconomicAnalysis
16ReleaseDate:April2024 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 JanFebMarAprMayJunJulAugSeptOctNovDec Source:WayneCountyAirportAuthority 28.2M 2022 DetroitMetropolitanAirportTotalPassengers 14.1M 2020 23.6M 2021 31.4M 2023 36.2M 2019