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Consumers are Wary. Sentiment Falls for the Third Month

The University of Michigan Surveys of Consumers, consumer sentiment registered at 57.9 in March 2025. According to Surveys of Consumers director, Joanne Hsu, consumer sentiment slid another 11% this month, with declines seen consistently across all groups by age, education, income, wealth, political affiliations, and geographic regions. Sentiment has now fallen for three consecutive months and is currently down 22% from December 2024. 听The Consumer Sentiment Index is a statistical measurement that provides an economic indicator of consumers’ opinion and optimism of the state of the economy.听 听

Detroit Region’s Unemployment Rate Rose for the Fifth Consecutive Month

Detroit Region’s January 2024 monthly unemployment rate increased to 5.1%, falling 1.1 percentage points below the national rate of 4.0%.听

U.S. Economy Grew at a 2.3% Rate in Q4 2024

Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the fourth quarter of 2024, according to the advance estimate. In the third quarter, real GDP increased 3.1 percent. The increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment.

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.

Progress on Inflation Remains Stubborn in January听

In February, the Consumer Price Index for All Urban Consumers rose 0.2 percent, seasonally adjusted, and rose 2.8 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.2 percent in February (SA); up 3.1 percent over the year (NSA).

Consumer Sentiment Falls for the Third Month

The University of Michigan Surveys of Consumers, consumer sentiment registered at 57.9 in March 2025. According to Surveys of Consumers director, Joanne Hsu, consumer sentiment slid another 11% this month, with declines seen consistently across all groups by age, education, income, wealth, political affiliations, and geographic regions. Sentiment has now fallen for three consecutive months and is currently down 22% from December 2024. 听The Consumer Sentiment Index is a statistical measurement that provides an economic indicator of consumers’ opinion and optimism of the state of the economy.听 听

Michigan’s Labor Force Participation Unchanged In December

The December statewide labor force participation rate remained steady at 62.2%, 0.3 percentage points below the national rate.

Michigan’s New Business Applications Slow in 2024 But Above Pre-Pandemic Levels

New business applications have dropped by 9% in 2024 compared to 2023 but are still well above the pre-pandemic levels. The tightening of the credit market is most likely attributing to the continued slowing of applications in 2024.

PMI庐 Expanded For the Second Consecutive Month in February 2025

The Manufacturing PMI庐 registered at 50.3% in February, 0.6 percentage point higher compared to the 50.9 percent reported in January according to the Institute for Supply Management庐 (ISM庐).听 According to Timothy Fiore, Chair of the Institute for Supply Management Manufacturing庐, U.S. Although the PMI^庐 took a step back in February, it increased by four percentage points over the three previous months, with the most recent bump in January finally returning the manufacturing sector to expansion. Of the five sub indexes that directly factor into the Manufacturing PMI^庐, two (Production and Supplier Deliveries) were in expansion territory, compared to four in January. Both the Employment and the New Orders indexes returned to contraction.

ISM庐 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.

Highest Passenger Traffic in 2024 since 2019听

DTW passenger traffic totaled almost 33 million passengers in 2024, highest volumes seen in 5 years. Volume traffic increased by 1.5 million more passengers or 5% from 2023.