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®
registered at 46.8% in July, the manufacturing sector has contracted the last four months.
Michigan Vehicle Production
totaled 174,062 units in June 2024, down 5.0% year-over-year.
Annual U.S. Light Vehicle Sales (SAAR)
registered at 15.8 million units, down 0.8% year-over-year.
- U.S. Manufacturing PMI®
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PMI® Contracted For The Fourth Consecutive Month in July
The Manufacturing PMI® registered at 46.8% in July, down 1.7 percentage points compared to June’s reading of 48.5%, 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 four months, and at a faster rate in July.
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 Lower than Expected
New light-vehicle sales in July 2024 had a SAAR of 15.8 million units, down 0.8% year-over-year. This is the second month in a row of year-over-year declines.
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 July 2024
Vehicles sales decreased in July 2024 to 1.31 million units, down 2.8% compared to June 2024 and down 2.1% year-over-year.
- U.S. Automotive Production
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U.S. Auto Production Decreased in June 2024
In June 2024, U.S. auto production decreased to 134,200 units—a decline of 7.3% year-over-year.
- Michigan Vehicle Production
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Michigan Vehicle Production Decreased in June
Michigan vehicle production decreased in June to 174,062 total units. Michigan’s June production was 5.1% lower than May’s production and 5.0% below the level in June 2023. Nationally, production totaled 932,522 units, Michigan totaled 18% of the nation’s total vehicle production in June.
- Automotive Manufacturing Employment
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Vehicle Manufacturing Employment Increased in June 2024
Michigan’s automotive manufacturing employment totaled 166,300 in June 2024, increasing slightly month-over-month.
To view additional economic indicators, visit the Chamber’s Regional Overview of Monthly Economic Indicators.
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