Metric2020Q1BaselineLatestTrend GDP,MI 1.4% (2019:Q3-2019:Q4) -1.7% (2022:Q1-2022:Q2) Firstdecreaseaftertwoconsecutivequartersof increases;LargestdecreasesinConstruction(-22.0%) andNondurablegoodsmanufacturing(-11.0%) GDP,US 1.9% (2019:Q3-2019:Q4) -0.6% (2022:Q1-2022:Q2) Secondconsecutivedecreasequarteroverquarter; LargestdecreasesinConstruction(-19.2%)and Nondurablegoodsmanufacturing(-13.4%) PayrollJobs,MI 4.4M (Feb.2020) 4.3M (Aug.2022) 4,000jobsgainedinAugustoverpreviousmonth; Down96K,or-2%,comparedtoFeb2020 Avg.WeeklyWage,DetroitMSA $1,245 (Q42019) $1,355 (Q12022) Wagesup12%fromthesamequarterin2019 (private,allestablishments,allindustries) LaborForceParticipationRate,Michigan62% (Feb.2020) 60% (Aug.2022) TrendingupwardsinceJanuary2021,despite 2percentagepointsbelow2019levels Unemployment,DetroitMSA 3.7% (Feb.2020) 3.5% (Aug.2022) DetroitMSAratedroppedbelownationallevelinJuly andAugust2022 Unemployment,US 3.8% (Feb.2020) 3.3% (Sept.2022) LowestlevelsinceApril2021; Ratebelow4%sinceMarch2022 JobPostings,DetroitRegion 160,450 (Feb.2020) 205,599 (Sept.2022) Trendingdownfrom237KinMarch2022, 19%morepostingsthaninthesamemonthin2019 QuarterlyEconomicIndicatorReport ReleaseDate:October20221
QuarterlyEconomicIndicatorReport
Metric2020Q1BaselineLatestTrend BusinessApplications,MI 26,370 (Q12020) 31,540 (Q32022) Quarterlylevelsremain20%abovepre-pandemiclevels ConsumerPriceIndex,DetroitMSA 2.6 percentchange (Feb.2020) 8.6 percentchange (Aug.2022) Pricesdeclined0.5percentforthetwomonthsendingin August2022.Energyindexdeclined14.1percent,dueto lowergasolineprices(-22.4percent). Servicesup6.8%andcommoditiesup11.5%, overthelast12months. ConsumerSentiment,US 101.0 (Feb.2020) 58.6 (Sept.2022) Trendingupwardsincealowof50.0inJune2022 HomePriceIndex,DetroitMSA 129.7 (Feb.2020) 171.6 (July2022) Levelingoffoverpastquarter. Nationup44%sinceFeb.2020,andDetroitMSAup32% ManufacturingPMI® 50.1 (Feb.2020) 50.9 (Sept.2022) 1.9percentagepointslowerthanAugust2022. 28thmonthinarowofexpansionintheoveralleconomy. LowestreadingsinceMay2020(43.5percent). AutomotiveSales,US,SAAR 16.9M (Feb.2020) 13.5M (Sept.2022) Steadyat13MsinceMay2022 AutomotiveSales,US,Monthly 1.2M (Feb.2020) 1.1M (Sept.2022) Down13%YTDfrom2021level AirTravel,National 632M (Jan-Sept.2019) 558M (Jan-Sept.2022) 2022passengersup37%YTDover2021YTD; down12%fromsameperiodin2019 AirTravel,DTW 2.6M (Feb.2020) 2.55M (Aug.2022) Down19%inAug.2022 comparedtosamemonthin2019 ReleaseDate:October2022
2
RealGDPGrowth Percentchangefromprecedingquarter ReleaseDate:October2022 -4.6 -29.9 35.3 3.96.372.77 -1.6-0.6 2.3 -2.8 5.9 -5.7 -40.1 65.9 2.84.5 14 -0.3 2.42.5 -1.7 0.1 -4.0 7.4 -60 -40 -20 0 20 40 60 80 2020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q2201920202021 UnitedStatesMichigan RealGDP Percentchangefromprecedingperiod Source:BureauofEconomicAnalysis 3
PayrollJobs
ReleaseDate:October2022 4,416,400 3,399,400 4,356,700 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000 Source:BureauofLaborMarketInformation,CurrentEmploymentStatistics(CES)
Michigan 4
ReleaseDate:October2022 $1,233 $1,395 $1,355 $1,050 $1,100 $1,150 $1,200 $1,250 $1,300 $1,350 $1,400 $1,450 Q42019Q12020Q22020Q32020Q42020Q12021Q22021Q32021Q42021Q12022 AverageWeeklyWage Private,Allindustries,Allestablishmentsizes DetroitMSA Source:U.S.BureauofLaborStatistics 5
ReleaseDate:October2022 62% 60% 63% 62% 54% 55% 56% 57% 58% 59% 60% 61% 62% 63% 64% Year over year Michigan UnitedStates LaborForceParticipationRate Source:BureauofEconomicAnalysis 6
ReleaseDate:October2022 2,150.9 1,911.8 2,063.7 2,147.8 2,100.8 2,133.9 1,800 1,900 2,000 2,100 2,200 In Thousands Source:U.S.BureauofLaborStatistics LaborForce DetroitMSA 7
ReleaseDate:October2022 MonthlyUnemploymentRate DetroitMSAandUnitedStates 3.8% 14.4% 3.3% 3.7% 24.0% 3.5% 0% 5% 10% 15% 20% 25% 30% UnitedStatesDetroitMSA MonthlyUnemploymentRate DetroitMSAandUnitedStates Source:BureauofLaborStatistics,NotSeasonallyAdjusted 8
135,038 222,787 237,812 205,599 100,000 120,000 140,000 160,000 180,000 200,000 220,000 240,000 260,000 Unique Postings Source:BureauofLaborStatistics JobPostings DetroitRegion ReleaseDate:October20229
ReleaseDate:October2022 26,370 47,240 33,290 31,540 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 Q1-2020Q2-2020Q3-2020Q4-2020Q1-2021Q2-2021Q3-2021Q4-2021Q1-2022Q2-2022Q3-2022 BusinessApplications Michigan Source:U.S.CensusBureau Note:Notseasonallyadjusted 10
ReleaseDate:October2022 8.6% 6.7% -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-22 Year over year AllitemsCore(Allitemslessfoodandenergy) ConsumerPriceIndex DetroitMSA Source:BureauofEconomicAnalysis 11
ReleaseDate:October2022 101.0 71.8 88.3 58.6 40 60 80 100 120 Source:UniversityofMichigan IndexofConsumerSentiment 12
ReleaseDate:October2022 217.3 265.6 307.4 130.5 154.0 171.6 100 150 200 250 300 UnitedStatesDetroitMSA Source:S&PDowJonesIndicesLLC S&P/Case-ShillerHomePriceIndex 13
ReleaseDate:October2022 50.9 41.5 64.7 50.9 35 40 45 50 55 60 65 70 ManufacturingPMI® PurchasingManager'sIndex Source:InstituteForSupplyManagement 14
ReleaseDate:October2022 16.9 8.6 18.3 13.5 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 AnnualU.S.LightVehicleSales SeasonallyAdjustedAnnualRate(SAAR) Source:BureauofEconomicAnalysis 15
ReleaseDate:October2022 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 JanFebMarAprMayJunJulAugSeptOctNovDec Thousands of Units MonthlyLightVehicleSales UnitedStates Source:U.S.BureauofEconomicAnalysis Note:Notseasonallyadjusted 2019 2021 2020 AnnualTotal 201916.9M 202014.5M 202114.9M 2022 16
ReleaseDate:October2022 2,386,921 2,627,676 1,094,268 1,776,161 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 18.7M 2022YTD DetroitMetropolitanAirportTotalPassengers 36.2M 2019Total 23.6M 2021Total 14.1M 2020Total 17
ReleaseDate:October202210,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000 80,000,000 90,000,000 JanFebMarAprMayJunJulAugSepOctNovDec 2022 AirportTravelerThroughput UnitedStates Source:TSA 2019 2021 2020 AnnualTotal 2019840K 2020322K 2021580K 18