ReleaseDate:July2024
QuarterlyEconomicIndicatorReport
(2019:Q3-2019:Q4)
(2019:Q3-2019:Q4)
(Feb.2020)
$1,245 (2019Q4) Avg.WeeklyWage,DetroitMSA
(Feb.2020)
(Feb.2020)
(2023:Q4-2024:Q1)
(2023:Q4-2024:Q1)
(May2024)
$1,451 (2023Q4)
(May2024)
(May2024)
(Jun.2024) 3.8% (Feb.2020)
(Jun.2024) 160,450 (Feb.2020) JobPostings,DetroitRegion
MichiganGDPsurpassedU.S.levelsin2024Q1.
Lowestmonthlylevelsince2022Q2.
2.4%higherthanFeb.2020levels. 33KjobsaddedinMay2024,highestmonthlygainsince 2021.
8%increaseoverpreviousquarter,andup3%fromsame quarterayearago. (private,allestablishments,allindustries)
NearlymatchingU.S.level.Stableabove62%sinceNov. 2023.
MatchingU.S.level,bothtickingupwardsslightlyinlatest monthlyreports.
Ratehoveringbelowornear4%sincemid-2021.
Down29%fromsamemonthlastyear.
QuarterlyEconomicIndicatorReport
Remainstrongdespiteyeartodatedown6%over2023 YTD.Up44%over2019levelsoversameperiod.
Inflationroseto3.5afterdroppingto2.8intheprevious readinginFebruary2024.CoreCPI(lessfoodandenergy) approachingCPIforAllItems.
Afterfourconsecutivemonthsover75indexpointsin 2024,droppedbelow70inMayandJune.
Indexgrew7.2%fortheRegioncomparedtoayearago, surpassingthe6.3%nationalgrowthrate.
Afterreaching50indexpointsinMarch2024,contractedin Juneforthe3rdconsecutivemonth.
SteadyannualizedratesinceJan.2023.Firsthalfof2024 averaging15.5MSAAR.
2024YTDup7%frompreviousyear,down9%from2019.
Source:BureauofLaborStatistics
2,175,500 2,181,600
Source:U.S.BureauofLaborStatistics
LaborForceParticipationRate
Source:CurrentPopulationSurvey(CPS),MichiganCenterforDataandAnalytics,DTMB
Source:BureauofLaborStatistics,NotSeasonallyAdjusted
JobPostings
Source:BureauofLaborStatistics
Source:U.S.CensusBureau