ReleaseDate:October2024
QuarterlyEconomicIndicatorReport
(2019:Q3-2019:Q4)
(2019:Q3-2019:Q4)
(Feb.2020)
(2024:Q1-2024:Q2)
(2024:Q1-2024:Q2)
(August2024)
$1,504 (2024Q1) $1,245 (2019Q4)
(Feb.2020)
(Feb.2020)
(Feb.2020)
(Aug.2024)
(Aug.2024)
(Sept.2024)
MichiganGDPsurpassedU.S.GDPlevelsin 2024Q1&Q2.
Sharpaccelerationto3.0percentgrowth, upfrom1.4infirstquarterof2024.
2.2%higherthanFeb.2020levels. Samelevelasonyearago.
4%increaseoverpreviousquarter,andup3%fromsame quarterayearago.
Slowingfromdoubledigitquarterlygrowthin2022. (private,allestablishments,allindustries)
NearlymatchingU.S.level.Stableabove62%sinceNov. 2023.
LevelinginAugustandmatchingU.S.rateaftertickingin July.
Ratehoveringbelowornear4%sincemid-2021.
Averaged124Koverlast4months. Up3%fromsamemonthlastyear. 126,254 (Sept.2024) 160,450 (Feb.2020)
ReleaseDate:October20242
QuarterlyEconomicIndicatorReport
Remainstrongdespiteyeartodatedown6%over2023 YTD.Up44%over2019levelsoversameperiod.
Levelssteadyat3.5sinceApril2024.CoreCPI(lessfood andenergy)approachingCPIforAllItems.
Rose3%overAugustlevels.Whilebelowhistoricallevels, sentimentlevelsbuildingmomentumasconsumers expectationsforeconomybrighten.
Indexgrew6.7%fortheRegioncomparedtoayearago, surpassingthe4.9%nationalgrowthrate.
Afterreaching50indexpointsinMarch2024,contractedin Septemberforthesixthconsecutivemonthandthe22nd timeinthelast23months.
SteadyannualizedratesinceJan.2023.Firstthree quartersof202415.6MSAAR.
2024YTDup6%frompreviousyear,down10%from2019.
2,131,300 2,130,800 2,175,500
Source:BureauofLaborStatistics
Source:BureauofLaborStatistics,NotSeasonallyAdjusted
JobPostings
Source:BureauofLaborStatistics
BusinessApplications
Source:U.S.CensusBureau Note:Notseasonallyadjusted,2024throughAugust.