Economic Indicators

U.S. Economy Grew at a 2.8% Rate in Q3 2024

Real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the third quarter of 2024, according to the “advance” estimate. In the second quarter, real GDP increased 3.0 percent. The increase in the third quarter primarily reflected increases in consumer spending, exports, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased. Read the full BEA report.

The GDP is measured as the total market value of the goods and services produced within a specific geography during a given time period. Gross domestic product is a key indicator of the general health of the economy and its performance, with increases indicative of economic growth.

Michigan Unemployment Increased in October

Michigan and the Detroit Region’s October 2024 monthly unemployment rate increased to 4.7%, falling 0.6 percentage points below the national rate of 4.1%. 

U.S. Economy Grew at a 2.8% Rate in Q3 2024

Real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the third quarter of 2024, according to the “advance” estimate. In the second quarter, real GDP increased 3.0 percent. The increase in the third quarter primarily reflected increases in consumer spending, exports, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased. Read the full BEA report.

The GDP is measured as the total market value of the goods and services produced within a specific geography during a given time period. Gross domestic product is a key indicator of the general health of the economy and its performance, with increases indicative of economic growth.

Inflation Ticks Up Slightly in October 2024

In October, the Consumer Price Index for All Urban Consumers rose 2.6% over the last 12 months, higher than September’s 2.4%. Core inflation held steady at 3.3%. Read the full report.

Consumer Sentiment Up for the Fourth Consecutive Month

According to the University of Michigan Surveys of Consumers, consumer sentiment registered at 73.0 in November 2024. According to Surveys of Consumers director, Joanne Hsu, sentiment is now nearly 50% above its June 2022 trough but remains below pre-pandemic readings. Note that interviews for this release concluded on Monday and thus do not capture any reactions to election results.   Read the full report. 

 The Consumer Sentiment Index is a statistical measurement that provides an economic indicator of consumers’ opinion and optimism of the state of the economy. 

Michigan’s Labor Force Participation Remains Steady in September

The September statewide labor force participation rate remained steady at 62.3%, 0.4 percentage points below the national rate.

Michigan’s New Business Applications Slows in September

New business applications decreased 4% month-over-month amounting to 9,155 in September 2024. Business applications decreased 16% compared to September 2023.

PMI® Contracted For The Seventh Consecutive Month in October

The Manufacturing PMI® registered at 46.5% in October, 0.7 percentage point lower compared to the 47.2 percent reported in September and August, according to the Institute for Supply Management® (ISM®).  According to Timothy Fiore, Chair of the Institute for Supply Management Manufacturing®, after breaking a 16-month streak of contraction by expanding in March, the manufacturing sector has contracted the last seventh months.

ISM® states a reading above 50% shows that the manufacturing economy is generally expanding; below 50% indicates that it is generally contracting. The index is based on a monthly survey of supply chain managers and measures general direction of economic trends in manufacturing and other sectors.

Passenger Traffic Increases Year-over-Year

Detroit Metropolitan Airport experienced a 3.2 % increase in total passengers in September 2024 totaling 2.7 million passengers compared to September 2023.