Quarterly Economic Indicator Report
Quarterly Economic Indicator Report Metric
Baseline
Latest
Trend
1.4%
2.9%
(2019:Q3-2019:Q4)
(2023:Q2-2023:Q3)
Second consecutive quarterly increase over 2 percentage points
1.9%
4.9%
(2019:Q3-2019:Q4)
(2023:Q2-2023:Q3)
2.13M
2.13M
(Feb. 2020)
(Nov. 2023)
Avg. Weekly Wage, Detroit MSA
$1,245
$1,335
(Q4 2019)
(Q2 2023)
Wages down 8% Q2 2023 compared to previous quarter. (private, all establishments, all industries)
Labor Force Participation Rate, Michigan
61.6%
62.1%
(Feb. 2020)
(Nov. 2023)
Steep increases since early 2023.
3.7%
3.9%
(Feb. 2020)
(Nov. 2023)
At or below 4% since early 2022, nearly matching the national rate.
3.8%
3.5%
(Feb. 2020)
(Dec. 2023)
Rate below 4.0% since Feb. 2022.
160,450
112,389
(Feb. 2020)
(Dec. 2023)
GDP, MI GDP, US Private Sector Jobs, Detroit Region
Unemployment, Detroit MSA
Unemployment, US Job Postings, Detroit Region
Fourth consecutive quarter over quarter growth of over 2 percent. Five months of decreases in private sector jobs, after peaking in June at 2.17M.
31% decrease compared to December 2019, and 38% decrease from the same month last year.
Release Date: January 2024
2
Quarterly Economic Indicator Report Metric Business Applications, MI Consumer Price Index, Detroit MSA Consumer Sentiment, US Home Price Index, Detroit MSA Manufacturing PMI®
Automotive Sales, US, SAAR
Airport Passengers, DTW
Baseline
Latest
Trend
27,572
35,540
(2019 Q1)
(2023 Q3)
Quarterly level 65% above the same quarter in 2019, and 13% higher than a year ago.
2.6
4.5
over-the-year percent change (Feb. 2020)
over-the-year percent change (Dec. 2023)
101.0
69.7
(Feb. 2020)
(Dec. 2023)
129.7
182.6
(Feb. 2020)
(Dec. 2023)
50.1
47.4
(Feb. 2020)
(Dec. 2023)
16.9M
15.3M
(Feb. 2020)
(Nov. 2023)
3.27M
2.61M
(May 2019)
(Nov. 2023)
Core CPI unchanged over the past two months, up 4.5 percent from a year ago after peaking at 9.7% in mid-2022. Up from 50.0 low in mid 2022, yet to reach 2023 annual peak in July of 71.6. Index grew 8.1% for the Region compared to a year ago, surpassing the 4.8 % national growth rate. Contracted in December for the 14th consecutive month following a 28-month period of growth. Steady annualized rate throughout 2023. December monthly sales volume rebounded to 1.45M up 13% compared the same month in 2022, after dips to 1.2M in Oct. and Nov. Up 12% from same month last year, down 8% from same month in 2019.
Detroit Regional Chamber’s Economic Indicators Tracking and Perspectives: https://www.detroitchamber.com/research/ Release Date: January 2024
3
Real GDP Percent change fromGrowth preceding period Real GDP Percent change from preceding quarter 80 63.8
60 40
34.8
20 4.2
5.2
6.2
3.3
7
2.7
0 -2
-5.3 -5.7
2.2
2.6 0.7
1.4
2.1 2.2
4.9
2.9
8.7 5.9 7.4 0.1
-0.6 -4.0
2.1 1.8
-4.9
-20 -28
-40 -60
-38.5
2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3
United States
Michigan
2019
2020
2021
2022
Detroit MSA
Source: Bureau of Economic Analysis
Release Date: January 2024
4
Private Sector Jobs Detroit Region 2,300,000 2,200,000 2,131,200
2,104,200
2,135,200
2,126,700
2,100,000 2,000,000
1,900,000 1,800,000 1,700,000 1,600,000 1,500,000 1,400,000 Private Sector Jobs Source: Bureau of Labor Statistics
Release Date: January 2024
5
Average Weekly Wage Private, All industries, All establishment sizes Detroit MSA $1,500
$1,458
$1,400 $1,335 $1,300 $1,231
$1,290
$1,200
$1,100
$1,000
2019Q4
2020Q1
2020Q2
2020Q3
2020Q4
2021Q1
2021Q2
2021Q3
2021Q4
2022Q1
2022Q2
2022Q3
2022Q4
2023Q1
2023Q2
Source: U.S. Bureau of Labor Statistics
Release Date: January 2024
6
Labor Force Participation Rate 64.0%
63.3% 62.8%
62.0%
61.7% 62.1%
60.0%
58.0%
56.0%
54.0% Michigan
United States
Source: Current Population Survey (CPS), Michigan Center for Data and Analytics, DTMB
Release Date: January 2024
7
Monthly Unemployment Rate Detroit MSA and United States 30% 23.9%
25% 20% 15% 10%
14.4% 3.7%
5% 3.8% 0%
United States
3.1%
3.9%
3.4%
3.5%
Detroit MSA
Release Date: January 2024
8
Job Postings Detroit Region 234,319
240,000 220,000
Unique Postings
200,000 180,000
180,967
176,983
160,000 140,000 120,000
138,276
112,389
100,000 80,000
Source: Bureau of Labor Statistics
Release Date: January 2024
9
Business Applications Michigan
60,000 50,124 50,000 35,540
40,000 32,973
31,334
30,000 21,544 20,000 10,000 0
Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Source: U.S. Census Bureau Note: Not seasonally adjusted
Release Date: January 2024
10
Consumer Price Index Detroit MSA 12.0% 9.7%
10.0% 8.0% Year over year
6.1% 5.5%
6.0% 4.0%
4.5%
2.0% 0.0% -2.0% All items
Core (All items less food and energy) Source: Bureau of Economic Analysis
Release Date: January 2024
11
Index of Consumer Sentiment 120 101.0
100
88.3
80
69.7 71.8 60
50.0 40
Source: University of Michigan
Release Date: January 2024
12
S&P/Case-Shiller Home Price Index 307.1
313.0
300
250 217.2
182.6
200 170.9
150
130.2
100
United States
Detroit MSA
Source: S&P Dow Jones Indices LLC
Release Date: January 2024
13
Manufacturing PMI® Purchasing Manager's Index 70 64.7
65 60 55 50.9 50
47.4
45
40
41.5
35
Release Date: January 2024
14
Annual U.S. Light Vehicle Sales Seasonally Adjusted Annual Rate (SAAR) 20.0 18.0
18.0 16.6
15.3
16.0
Millions of Unis
14.0 12.0 10.0 8.0 6.0
8.5
4.0 2.0 0.0
Source: Bureau of Economic Analysis
Release Date: January 2024
15
Detroit Metropolitan Airport Total Passengers 4,000,000 3,500,000 36.2M 2019
3,000,000 2023
2,500,000 2,000,000
28.2M 2022 23.6M 2021
1,500,000 14.1M 2020
1,000,000
500,000 0 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
Source: Wayne County Airport Authority
Release Date: January 2024
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