QuarterlyEconomicIndicatorReport
Utilities(-11.1%)andFinanceandinsurance(-10.3%)
andtech.services,retailtradeanddurablegoodsmfg.
(private,allestablishments,allindustries)
and2.7p.p.belownationallevel
3.8%,nearlymatchingnationalrateof3.9%
Trend Latest Baseline Metric Q4slowdownledbydecreasesfrompreviousperiodin
0.3% (2022:Q3-2022:Q4) 1.4% (2019:Q3-2019:Q4) GDP,MI Leadingcontributorstogrowth:professional,scientific
2.6% (2022:Q3-2022:Q4) 1.9% (2019:Q3-2019:Q4) GDP,US SlightdipfromNov.2022peak,down23,000jobs 2.11M (Feb.2023) 2.13M (Feb.2020) PrivateSectorJobs,DetroitRegion Wagesup20%fromthesamequarterin2019
$1,337 (Q32022) $1,245 (Q42019) Avg.WeeklyWage,DetroitMSA Down2.1percentagepointsbelow2019levels,
59.8% (Feb.2023) 61.6% (Feb.2020)LaborForceParticipationRate,Michigan
3.8% (Feb.2023) 3.7% (Feb.2020) Unemployment,DetroitMSA Ratebelow4.0%sinceFeb.2022 3.6% (Mar.2023) 3.8% (Feb.2020) Unemployment,US Aftertrendingdownwardsincepeakinmid2022,March
172,520 (Mar.2023) 160,450 (Feb.2020) JobPostings,DetroitRegion
AftertickupinJan.2023,DetroitratefellinFeb.to
2023saw17%increaseoverpreviousmonth
ReleaseDate:April20231
QuarterlyEconomicIndicatorReport
11%overthesameperiodin2019.
Latest Baseline Metric Quarterlylevelsremain20%abovepre-pandemiclevels136,801 (2022) 94,514 (2019) BusinessApplications,MI Downfromthepeakof9.7%inmid-2022. 7.0 over-the-yearpercentchange (Feb.2023) 2.6 over-the-yearpercentchange (Feb.2020) ConsumerPriceIndex,DetroitMSA Fellforthefirsttimeinfourmonths,dropping8%below Feb.2023butremaining4%aboveayearago 62.0 (Mar.2023) 101.0 (Feb.2020) ConsumerSentiment,US DetroitMSApricesmorestable,down2%sincemid-2022, whilethenationisdown5% 168.3 (Jan.2023) 129.7 (Feb.2020) HomePriceIndex,DetroitMSA Fifthconsecutivemonthofcontractionafter28-month
46.3 (Mar.2023) 50.1 (Feb.2020) ManufacturingPMI® 2023SAARat15M,comparedto14Mthroughoutmostof
14.8M (Mar.2023) 16.9M (Feb.2020) AutomotiveSales,US,SAAR Down23%over2019levels.2023YTDpassengersdown
28.2M (2022) 36.7M (2019) AirportPassengers,DTW
Trend
periodofgrowth
2022
2ReleaseDate:April2023
RealGDPGrowth Percentchangefromprecedingquarter 3ReleaseDate:April2023 -29.9 35.3 2.6 5.92.1 -40.1 65.9 0.3 7.4 1.8 8.7 -60 -40 -20 0 20 40 60 80 2020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42019202020212022 UnitedStatesMichiganDetroitMSA RealGDP Percentchangefromprecedingperiod Source:BureauofEconomicAnalysis
4ReleaseDate:April2023 2,131,200 2,135,200 2,112,300 1,400,000 1,500,000 1,600,000 1,700,000 1,800,000 1,900,000 2,000,000 2,100,000 2,200,000 Jan-20Mar-20May-20Jul-20Sep-20Nov-20Jan-21Mar-21May-21Jul-21Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22Nov-22Jan-23 PrivateSectorJobs DetroitRegion Source:BureauofLaborStatistics
5ReleaseDate:April2023 $1,233 $1,395 $1,297 $1,337 $1,050 $1,100 $1,150 $1,200 $1,250 $1,300 $1,350 $1,400 $1,450 Q42019Q12020Q22020Q32020Q42020Q12021Q22021Q32021Q42021Q12022Q22022Q32022 AverageWeeklyWage Private,Allindustries,Allestablishmentsizes DetroitMSA Source:U.S.BureauofLaborStatistics
6ReleaseDate:April2023 61.6% 59.8% 63.4% 62.5% 54.0% 55.0% 56.0% 57.0% 58.0% 59.0% 60.0% 61.0% 62.0% 63.0% 64.0% Michigan UnitedStates
LaborForceParticipationRate Source:CurrentPopulationSurvey(CPS),MichiganCenterforDataandAnalytics,DTMB
MonthlyUnemploymentRate DetroitMSAandUnitedStates 7ReleaseDate:April2023 3.8% 14.4% 3.9%3.6% 3.7% 23.9% 3.8% 0% 5% 10% 15% 20% 25% 30% UnitedStatesDetroitMSA MonthlyUnemploymentRate DetroitMSAandUnitedStates Source:BureauofLaborStatistics,NotSeasonallyAdjusted
8ReleaseDate:April2023 182,295 136,492 240,240 172,520 100,000 120,000 140,000 160,000 180,000 200,000 220,000 240,000 260,000 Unique Postings
Source:Lightcast JobPostings DetroitRegion
9ReleaseDate:April2023 94,514 130,255 150,830 136,801 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 2019202020212022 BusinessApplications Michigan Source:U.S.CensusBureau Note:Notseasonallyadjusted
10ReleaseDate:April2023 9.7% 7.0% 6.1% 6.8% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Feb-20Apr-20Jun-20Aug-20Oct-20Dec-20Feb-21Apr-21Jun-21Aug-21Oct-21Dec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-22Feb-23 Year over year AllitemsCore(Allitemslessfoodandenergy) ConsumerPriceIndex DetroitMSA Source:BureauofLaborStatistics
11ReleaseDate:April2023 101.0 71.8 88.3 62.0 40 60 80 100 120
IndexofConsumerSentiment
Source:UniversityofMichigan
12ReleaseDate:April2023 217.3 308.3 292.7 130.2 171.6 168.3 100 150 200 250 300 UnitedStatesDetroitMSA Source:S&PDowJonesIndicesLLC S&P/Case-ShillerHomePriceIndex
13 Source:InstituteForSupplyManagement ReleaseDate:April2023 50.9 41.5 64.7 46.3 35 40 45 50 55 60 65 70 Jan-20Feb-20Mar-20Apr-20May-20Jun-20Jul-20Aug-20Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23 ManufacturingPMI® PurchasingManager'sIndex Source:InstituteForSupplyManagement
AnnualU.S.LightVehicleSales SeasonallyAdjustedAnnualRate(SAAR)
14ReleaseDate:April2023 16.6 8.6 18.2 14.8 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
Source:BureauofEconomicAnalysis
15ReleaseDate:April2023 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 2022Total 2023 36.7M 2019Total 23.6M 2021Total 14.1M 2020Total DetroitMetropolitanAirportTotalPassengers
