The Detroit Regional Chamber’s Data and Research team tracks key statistics highlighting the Detroit Region’s automotive economic growth and recovery.
- U.S. Manufacturing PMI®
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PMI® Contracted in April After One Month of Expansion
The Manufacturing PMI® registered at 49.2% in April, down 1.1 percentage points compared to March’s reading of 50.3%, according to the Institute for Supply Management® (ISM®). The manufacturing sector contracted in April after one month of expansion following 16 consecutive months of contraction.
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.
- Annual U.S. Light Vehicle Sales (SAAR)
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New-Vehicle Sales Up From Last Year’s Pace in April 2024
The seasonally adjusted annual rate (SAAR) or the selling pace estimated at 15.7 million, up 0.4% year over year and up 1.1% month over month.
2024 Forecast
The Cox Automotive Economic and Industry Insights team anticipates weak economic growth, higher new-vehicle inventories, and an end to the seller’s market. Overall, the team expects 2024 to be the best year for car buyers since the pandemic.
- Monthly U.S. Light Vehicle Sales
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Vehicle Sales Decreased in April 2024
With fewer selling days this past April, volume was lower, as expected, at 1.35 million units, down 3.4% year over year and down 8.9% compared to March.
- U.S. Automotive Production
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U.S. Auto Production Increased in March 2024
In March2024, U.S. auto production increased to 150,000 units—a increase of 6% from the previous month.
- Michigan Vehicle Production
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Michigan Vehicle Production Down from Year Ago
Michigan vehicle production totaled 164,301 units in September 2023, decreasing 15.6% from September 2022. Michigan accounted for 18.0% of the U.S. total production this month. In September 2023, auto production increased 15.0 percent year-over-year in Michigan and up 1.7 percent nationally; truck production decreased 18.5 percent in Michigan but was down 4.2 percent nationally.
- Automotive Manufacturing Employment
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Vehicle Manufacturing Employment Slightly Increases in March 2024
Michigan’s automotive manufacturing employment totaled 166,300 in March 2024, increasing 0.3% compared to last month.
To view additional economic indicators, visit the Chamber’s Regional Overview of Monthly Economic Indicators.
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