QuarterlyEconomicIndicatorReport
AfterminimalQ42022growth,MIQ12023nearly matchedtheU.S.growthrateledbyconstructionand retailtrade.
DecelerationinQ12023fromthepreviousquarter’s valueof2.6%duetoadownturninprivateinventory investmentandnonresidentialfixedinvestment.
33,000jobsgainedinMay2023.Thehighestmonthly jobgainintheregionsinceOct.2021.
Wagesup9%fromQ22022,butdown2%fromsame quarterpreviousyear. (private,allestablishments,allindustries)
Downoverprepandemiclevels,howeverrose0.7p.p. sincethestartof2023.2.2p.p.belownation.
DetroitRegionhitrecordlowunemploymentrateof 2.0%inApril2023.(notseasonallyadjusted)
Down19%oversamemonthlastyearbuttrending upwardthrough2023.
Trend Latest Baseline Metric
1.7% (2022:Q4-2023:Q1) 1.4% (2019:Q3-2019:Q4) GDP,MI
2.0% (2022:Q4-2023:Q1) 1.9% (2019:Q3-2019:Q4) GDP,US
2.15M (May.2023) 2.13M (Feb.2020) PrivateSectorJobs,DetroitRegion
$1,403 (Q42022) $1,245 (Q42019) Avg.WeeklyWage,DetroitMSA
60.5% (May2023) 61.6% (Feb.2020)LaborForceParticipationRate,Michigan
3.1% (May2023) 3.7% (Feb.2020) Unemployment,DetroitMSA Ratebelow4.0%sinceFeb.2022 3.8% (Jun.2023) 3.8% (Feb.2020) Unemployment,US
181,097 (Jun.2023) 160,450 (Feb.2020) JobPostings,DetroitRegion
ReleaseDate:July20231
QuarterlyEconomicIndicatorReport
up7%comparedthesamemonthin2022.
Trend Latest Baseline Metric Quarterlylevels53%above2019Q1levels,and7%above
formationgrowth. 42,066 (2023Q1) 27,572 (2019Q1) BusinessApplications,MI Downfromthepeakof9.7%inmid-2022.CoreCPI(less
4.7 over-the-yearpercentchange (June2023) 2.6 over-the-yearpercentchange (Feb.2020) ConsumerPriceIndex,DetroitMSA Rose5indexpointsinJune,areflectionoftheresolution ofthedebtceilingcrisisandsofteninginflation. 64.4 (June2023) 101.0 (Feb.2020) ConsumerSentiment,US DetroitMSApricesstableoverthepastyear. 172.1 (Apr.2023) 129.7 (Feb.2020) HomePriceIndex,DetroitMSA ContractedinJunefortheeighthconsecutivemonth
46.0 (Jun.2023) 50.1 (Feb.2020) ManufacturingPMI® 2023SAARat15.7M,comparedto14Mthroughoutmost of2022 15.7M (Jun.2023) 16.9M (Feb.2020) AutomotiveSales,US,SAAR May2023down16%overMay2019levels.Passengers
2.75M (May2023) 3.27M (May2019) AirportPassengers,DTW
thesamequarterlastyear-continuingnewbusiness
foodandenergy)continuestoriseat7.8%YOY.
followinga28-monthperiodofgrowth.
2ReleaseDate:July2023
RealGDPGrowth Percentchangefromprecedingquarter 3ReleaseDate:July2023 -4.6 -29.9 35.3 2.62.0 5.9 2.1 -5.7 -40.1 65.9 0.31.70.1 -4.0 7.4 1.8 -4.9 8.7 -60 -40 -20 0 20 40 60 80 2020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12019202020212022 UnitedStatesMichiganDetroitMSA RealGDP Percentchangefromprecedingperiod Source:BureauofEconomicAnalysis
4ReleaseDate:July2023 2,131,200 2,122,600 2,154,300 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 PrivateSectorJobs
DetroitRegion Source:BureauofLaborStatistics
PrivateSectorJobs
5ReleaseDate:July2023 $1,233 $1,395 $1,291 $1,403 $1,050 $1,100 $1,150 $1,200 $1,250 $1,300 $1,350 $1,400 $1,450 Q42019Q12020Q22020Q32020Q42020Q12021Q22021Q32021Q42021Q12022Q22022Q32022Q42023 AverageWeeklyWage Private,Allindustries,Allestablishmentsizes DetroitMSA Source:U.S.BureauofLaborStatistics
6ReleaseDate:July2023 61.1% 60.5% 63.3% 62.6% 52.0% 54.0% 56.0% 58.0% 60.0% 62.0% 64.0% Michigan UnitedStates
Source:CurrentPopulationSurvey(CPS),MichiganCenterforDataandAnalytics,DTMB
LaborForceParticipationRate
MonthlyUnemploymentRate DetroitMSAandUnitedStates 7ReleaseDate:July2023 Source:BureauofLaborStatistics,NotSeasonallyAdjusted 3.8% 14.4% 3.8% 3.7% 23.9% 3.7% 3.1% 0% 5% 10% 15% 20% 25% 30% UnitedStatesDetroitMSA MonthlyUnemploymentRate DetroitMSAandUnitedStates
8ReleaseDate:July2023 182,150 136,141 240,058 181,087 100,000 120,000 140,000 160,000 180,000 200,000 220,000 240,000 260,000 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-23Apr-23May-23Jun-23 Unique Postings Source:BureauofLaborStatistics
JobPostings DetroitRegion
9ReleaseDate:July2023 27,572 26,381 46,547 39,290 42,066 0 10,000 20,000 30,000 40,000 50,000 60,000
Q1-2019Q2-2019Q3-2019Q4-2019Q1-2020Q2-2020Q3-2020Q4-2020Q1-2021Q2-2021Q3-2021Q4-2021Q1-2022Q2-2022Q3-2022Q42022Q12023 BusinessApplications Michigan Source:U.S.CensusBureau Note:Notseasonallyadjusted
10ReleaseDate:July2023 9.7% 4.7% 6.1% 7.8% -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-23Apr-23Jun-23 Year over year AllitemsCore(Allitemslessfoodandenergy) ConsumerPriceIndex DetroitMSA Source:BureauofEconomicAnalysis
11ReleaseDate:July2023 101.0 71.8 88.3 64.4 40 60 80 100 120
IndexofConsumerSentiment
Source:UniversityofMichigan
12ReleaseDate:July2023 217.3 301.8 301.0 130.2 170.3 172.1 100 150 200 250 300 UnitedStatesDetroitMSA Source:S&PDowJonesIndicesLLC S&P/Case-ShillerHomePriceIndex
13ReleaseDate:July2023 50.9 41.5 64.7 46.0 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-23Apr-23May-23Jun-23 ManufacturingPMI® PurchasingManager'sIndex
Source:InstituteForSupplyManagement
AnnualU.S.LightVehicleSales SeasonallyAdjustedAnnualRate(SAAR)
14ReleaseDate:July2023 16.6 8.6 18.2 15.7 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:July2023 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 DetroitMetropolitanAirportTotalPassengers 36.2M 2019Total 23.6M 2021Total 14.1M 2020Total
