Quarterly Economic Indicator Report Metric
Baseline
Latest
Trend
1.4%
(2019:Q3-2019:Q4)
1.7%
(2022:Q4-2023:Q1)
MI 2023 Q2 GDP not release yet, due to BLS Comprehensive Update in progress.
1.9%
(2019:Q3-2019:Q4)
2.1%
(2023:Q1-2023:Q2)
Fourth consecutive quarter over quarter growth of over 2 percent.
2.13M
(Feb. 2020)
2.15M
(Aug. 2023)
Second consecutive monthly decrease in August 2023. 24,000 fewer jobs in Region than same month in 2019.
Avg. Weekly Wage, Detroit MSA
$1,245
$1,460
Wages up 8% Q1 2023 compared to Q1 2022. (private, all establishments, all industries)
Labor Force Participation Rate, Michigan
61.6%
(Feb. 2020)
61.3%
(Aug. 2023)
Highest level since July 2020. Increasing since Q1 2023.
3.7%
4.1%
(Aug. 2023)
Monthly increases since April 2023. Highest level since January 2023.
3.8%
Rate below 4.0% since Feb. 2022.
GDP, MI GDP, US Private Sector Jobs, Detroit Region
Unemployment, Detroit MSA Unemployment, US Job Postings, Detroit Region
(Q4 2019)
(Feb. 2020)
3.8%
(Q1 2023)
(Feb. 2020)
(Sept. 2023)
160,450
126,369
(Feb. 2020)
(Sep. 2023)
80K fewer jobs posting over September 2022, a 39% decrease.
Release Date: October 2023
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Quarterly Economic Indicator Report Metric Business Applications, MI Consumer Price Index, Detroit MSA Consumer Sentiment, US Home Price Index, Detroit MSA Manufacturing PMI® Automotive Sales, US, SAAR Airport Passengers, DTW
Baseline
Latest
Trend
27,572
39,068
Quarterly level 6% above the same quarter last year.
2.6
over-the-year percent change (Feb. 2020)
5.9
over-the-year percent change (Aug. 2023)
Ticked up in August over previous reading of 4.7% in June. Core CPI (less food and energy) remains elevated at 7.7% YOY.
101.0
68.1
(Sept. 2023)
Dipped down in September from annual peak in July 2023 of 71.6.
176.4
Steady growth throughout 2023.
(2019 Q1)
(Feb. 2020)
129.7
(2023 Q2)
(Feb. 2020)
(Jul. 2023)
50.1
49.0
(Feb. 2020)
(Sept. 2023)
Highest figure since Nov. 2022. 11 th month of contraction, but third month of positive change.
16.9M
(Feb. 2020)
15.7M
(Sept. 2023)
Impact of work stoppages yet to be seen in sales reports.
3.27M
2.85M
Aug. 2023 down 9% over Aug. 2019 levels.
(May 2019)
(Aug. 2023)
Detroit Regional Chamber’s Economic Indicators Tracking and Perspectives: https://www.detroitchamber.com/research/ Release Date: October 2023
2
Real GDP Percent change from preceding period Real GDP Growth Percent change from preceding quarter
80 65.9
60 40
34.8
20 4.2
0 -5.3
-20 -40 -60
5.2
6.2
3.3
7
2.7 -2
-5.7
2.6 0.3
2.2 1.7 2.1
8.7
5.9 7.4
0.1
-0.6
-4
2.1 1.8
-4.9
-28 -40.1
2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2
United States
Michigan
2019
2020
2021
2022
Detroit MSA
Source: Bureau of Economic Analysis Note: State quarterly data not released for 2023 Q2 due to updates at BEA
Release Date: October 2023
3
Private Sector Jobs Detroit Region
2,300,000 2,200,000 2,100,000
2,135,200
2,131,200
2,152,300
2,000,000 1,900,000 1,800,000 1,700,000 1,600,000 1,500,000 1,400,000
Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23
Private Sector Jobs Source: Bureau of Labor Statistics
Release Date: October 2023
4
Average Weekly Wage
Private, All industries, All establishment sizes Detroit MSA $1,460
$1,500 $1,450
$1,395
$1,400 $1,350 $1,300
$1,236 $1,291
$1,250 $1,200 $1,150 $1,100 $1,050 $1,000
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Source: U.S. Bureau of Labor Statistics
Release Date: October 2023
5
Labor Force Participation Rate 64.0%
62.8%
63.3%
62.0% 60.0%
61.3% 61.1%
58.0% 56.0% 54.0% 52.0%
Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23
Michigan
United States
Source: Current Population Survey (CPS), Michigan Center for Data and Analytics, DTMB
Release Date: October 2023
6
Monthly Unemployment Rate Detroit United States States Detroit MSA MSA and and United
30% 23.9%
25% 20% 15% 10% 3.7% 5% 0% 0
02 -2 n Ja
-5%
14.4%
3.8% 0 20 02 20 -r 2 a ay M M
4.1%
3.1% 2.0% 0 1 1 20 20 21 02 02 02 20 20 2 2 20 -l 2 v p n ar ay Ju Ja M Se No M
1 2 2 21 21 22 02 02 02 20 20 2 2 20 -l 2 v p n ar ay Ju Ja M Se No M
United States
2 3 3 22 22 23 02 02 02 20 20 2 2 20 -l 2 v p n ar ay Ju Ja M Se No M
3.9%
3 23 02 20 -l 2 p Ju Se
Detroit MSA
Source:Source: Bureau Bureau of LaborofStatistics, Not Seasonally Adjusted Labor Statistics, Not Seasonally Adjusted
Release Date: October 2023
7
Job Postings Detroit Region
260,000 237,805
240,000
Unique Postings
220,000 200,000 180,000
177,914
160,000 126,369
140,000 120,000
133,976
100,000
Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23
Source: Bureau of Labor Statistics
Release Date: October 2023
8
Business Applications Michigan
60,000 50,000
42,540
40,000 30,000
25,000
37,002
39,068
25,388
20,000 10,000 0 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4 2022 Q1 2023 Q2 2023 Source: U.S. Census Bureau Note: Not seasonally adjusted
Release Date: October 2023
9
Consumer Price Index Detroit MSA
12.0% 9.7%
10.0%
7.7%
Year over year
8.0%
6.1%
6.0% 5.9%
4.0% 2.0% 0.0% -2.0%
Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23
All items
Core (All items less food and energy) Source: Bureau of Economic Analysis
Release Date: October 2023
10
Index of Consumer Sentiment 120 101.0
100 88.3 80
68.1 71.8
60
40 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23
Source: University of Michigan
Release Date: October 2023
11
S&P/Case-Shiller Home Price Index 307.1
310.2
170.9
176.4
300
250
217.3
200
150
100 0 2 20 n Ja
130.2
0 0 02 02 2 2 ar ay M M
0 0 0 1 1 1 02 02 02 02 02 02 2 2 2 2 2 2 lvnpar ay Ju Ja M Se No M
Ju
1 02 2 l-
United States
1 1 2 2 2 02 02 02 02 02 2 2 2 2 2 vnpar ay Ja M Se No M
2 2 2 3 3 3 02 02 02 02 02 02 2 2 2 2 2 2 lvnpar ay Ju Ja M Se No M
3 02 2 lJu
Detroit MSA
Source: S&P Dow Jones Indices LLC
Release Date: October 2023
12
Manufacturing PMI® Purchasing Manager's Index
70 64.7
65 60 55
50.9
50 45 40 35
49 41.5
0 0 0 -2 -2 -2 r y n a a Ja M M
1 1 0 0 0 1 -2 -2 -2 -2 -2 -2 l r v y n p a a o Ju Ja M Se N M
2 1 1 1 2 2 -2 -2 -2 -2 -2 -2 l r y v p n a a o Ju Ja M Se N M
2 2 2 3 3 3 -2 -2 -2 -2 -2 -2 l r v y n p a a o Ju Ja M Se N M
3 3 -2 -2 l p Ju Se
Source: Institute For Supply Management
Release Date: October 2023
13
Annual U.S. Light Vehicle Sales Seasonally Adjusted Annual Rate (SAAR)
20.0 18.0
18.0
16.6
15.7
16.0
Millions of Unis
14.0 12.0 10.0 8.0 6.0
8.5
4.0 2.0 0.0
Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23
Source: Bureau of Economic Analysis
Release Date: October 2023
14
Detroit Metropolitan Airport Total Passengers 4,000,000 3,500,000 3,000,000
36.2M 2019 Total
2023
2,500,000
28.2M 2022 Total
2,000,000
23.6M 2021 Total
1,500,000 1,000,000
14.1M 2020 Total
500,000 0Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
Source: Wayne County Airport Authority
Release Date: October 2023
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