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Automotive Economic Indicators

Automotive Manufacturing

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®

PMI® Contracted For The Second Consecutive Month in May

The Manufacturing PMI® registered at 48.7% in May, down 0.5 percentage points compared to April’s reading of 49.2%, according to the Institute for Supply Management® (ISM®). After breaking a 16-month streak of contraction by expanding in March, the manufacturing sector has contracted the last two months, and at a faster rate in May.

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)

New-Vehicle Sales Up From Last Year’s Pace in April 2024

The seasonally adjusted annual rate (SAAR) or the selling pace estimated at 15.8 million, up 0.5% year over year and up 1.2% 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

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

U.S. Auto Production Decreased in April 2024

In April 2024, U.S. auto production decreased to 122,600 units—a decline of 18.5% from the previous month.

Michigan Vehicle Production

Michigan Vehicle Production Decreased in April

Michigan vehicle production totaled 163,752 in April 2024. Michigan production decreased 4.4% compared to March’s production but was 3.6% above the level in April 2023. In April, car production was 7,798 units while truck production was 155,954 units. Nationally, motor vehicles production totaled 941,333, Michigan accounted for 17.4% of the U.S. total production this month.

Automotive Manufacturing Employment

Vehicle Manufacturing Employment Slightly Decreased in April 2024

Michigan’s automotive manufacturing employment totaled 166,000 in April 2024, decreasing 0.2% compared to last month.

To view additional economic indicators, visit the Chamber’s Regional Overview of Monthly Economic Indicators.

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