On this page, we highlight and discuss several US economic factors that drive business in architecture, engineering, and construction markets. If you wish to contribute your comments or share relevant articles, please send them to Bill Reader for consideration.
INTEREST RATES
February, 2018: Good news! The new FED Chair, Jerome Powell, revealed his thoughts on future interest increases and signaled his intentions to follow former Chair Janet Yellen policy of gradual rate hikes. Read more here.
January, 2018: The FED’s December interest rate hike was the third increase in 2017. Janet Yellen’s term will end on February 3, 2018 and Jerome Powell will become the Fed’s new Chair. Powell will inherit an economy on a roll, a booming stock market, and unemployment at a 17-year low. Yellen and other FED officials had hoped to remain on a course of gradual rate hikes. They worried that if inflation started to accelerate, they may be forced to apply the brakes more forcefully by raising interest rates more quickly. Some FED officials are not convinced that inflation is on the verge of picking up steam and want Powell to curtail rate increases. But many expect Powell to follow Yellen’s cautious approach to interest rates. Read more here.
November, 2017: Jerome Powell has been one of Yellen’s most reliable supporters in setting monetary policy, making this a steady-as-she-goes selection. In choosing Powell, Trump also ignores Senate Republicans who urged the president to select a “hawk,” a central banker more prone to steeper and speedier rate hikes. Read more here.
October, 2017: President Trump says he is very close to making a decision about who will lead the Federal Reserve once Janet Yellen's term expires in February. Interestingly, based on their policy beliefs, the other two possible candidates, John Taylor and Jerome Powell, are likely to raise rates faster and more aggressively than Janet Yellen. As a former real estate developer, President Trump likes low interest rates. Could Janet Yellen be around for another term? Read more here.
September, 2017: The FED’s plan of regularly raising interest rates at each of it’s 2017 FOMC meetings appears to still be on course. Twelve of the 16 officials on the Federal Open Market Committee predicted another rate increase this year (December), the same number as in the Fed’s last round of forecasts in June. If the FED raises rates in December, it’s a sign they still think the US economy is strong and healthy. If the FED does not raise rates, it may signal they are concerned. Read more here.
August, 2017: At 1.25%, Federal Reserve leader, John Williams, says "We're halfway there." Read more here.
July, 2017: Federal Reserve Chair Janet Yellen continues to maintain her approach to gradual interest rate increases despite the strong possibility she may not be nominated for a second term by President Trump. Read more here.
June, 2017: In recognition of the improving economy, the FED raised interest rates in December, again in March, and again on June 14 by 25 basis points. One additional increase is expected in 2017, likely at the December FOMC meeting.
May, 2017: In recognition of the improving economy, the FED raised interest rates in December and then again in March. The RSQE projects two more increases in 2017, one at the June FOMC meeting (25 basis points) and the other at the December meeting.
April, 2017: Interest rates increased in March. Two additional increases are still expected this year, with a goal of 1.25% to 1.5% by the end of 2017. Two rate hikes in 2018 are expected as well. (4-5% is ideal)
March, 2017: A "hawkish tone" from the Fed indicates they are considering tightening monetary policy in the wake of higher expected inflation, a sign of potential increases in interest rates. A "hawk" on monetary policy usually favors a tight monetary policy, that is, one that results in higher interest rates.
January, 2018: The FED’s December interest rate hike was the third increase in 2017. Janet Yellen’s term will end on February 3, 2018 and Jerome Powell will become the Fed’s new Chair. Powell will inherit an economy on a roll, a booming stock market, and unemployment at a 17-year low. Yellen and other FED officials had hoped to remain on a course of gradual rate hikes. They worried that if inflation started to accelerate, they may be forced to apply the brakes more forcefully by raising interest rates more quickly. Some FED officials are not convinced that inflation is on the verge of picking up steam and want Powell to curtail rate increases. But many expect Powell to follow Yellen’s cautious approach to interest rates. Read more here.
November, 2017: Jerome Powell has been one of Yellen’s most reliable supporters in setting monetary policy, making this a steady-as-she-goes selection. In choosing Powell, Trump also ignores Senate Republicans who urged the president to select a “hawk,” a central banker more prone to steeper and speedier rate hikes. Read more here.
October, 2017: President Trump says he is very close to making a decision about who will lead the Federal Reserve once Janet Yellen's term expires in February. Interestingly, based on their policy beliefs, the other two possible candidates, John Taylor and Jerome Powell, are likely to raise rates faster and more aggressively than Janet Yellen. As a former real estate developer, President Trump likes low interest rates. Could Janet Yellen be around for another term? Read more here.
September, 2017: The FED’s plan of regularly raising interest rates at each of it’s 2017 FOMC meetings appears to still be on course. Twelve of the 16 officials on the Federal Open Market Committee predicted another rate increase this year (December), the same number as in the Fed’s last round of forecasts in June. If the FED raises rates in December, it’s a sign they still think the US economy is strong and healthy. If the FED does not raise rates, it may signal they are concerned. Read more here.
August, 2017: At 1.25%, Federal Reserve leader, John Williams, says "We're halfway there." Read more here.
July, 2017: Federal Reserve Chair Janet Yellen continues to maintain her approach to gradual interest rate increases despite the strong possibility she may not be nominated for a second term by President Trump. Read more here.
June, 2017: In recognition of the improving economy, the FED raised interest rates in December, again in March, and again on June 14 by 25 basis points. One additional increase is expected in 2017, likely at the December FOMC meeting.
May, 2017: In recognition of the improving economy, the FED raised interest rates in December and then again in March. The RSQE projects two more increases in 2017, one at the June FOMC meeting (25 basis points) and the other at the December meeting.
April, 2017: Interest rates increased in March. Two additional increases are still expected this year, with a goal of 1.25% to 1.5% by the end of 2017. Two rate hikes in 2018 are expected as well. (4-5% is ideal)
March, 2017: A "hawkish tone" from the Fed indicates they are considering tightening monetary policy in the wake of higher expected inflation, a sign of potential increases in interest rates. A "hawk" on monetary policy usually favors a tight monetary policy, that is, one that results in higher interest rates.
iNFLATION
February, 2018: In his first monetary policy testimony to Congress, new Fed chief Powell commits to "striking a balance between avoiding an overheating economy and bringing price inflation to 2 percent on a sustained basis." "Gradual" has been the operative word since the FED began raising rates under Janet Yellen, late in 2015. Read more here.
January, 2018: Laid low for most of the past decade, U.S. inflation is showing signs that it might begin to stage a comeback in 2018. “With continuing high growth and low unemployment, inflation should go above 2 percent during part of this year,” said Kenneth Rogoff, a professor of economics at Harvard University and former chief economist at the International Monetary Fund. Read more here.
November, 2017: Early in 2017, it appeared that inflation pressure might be picking up. But between March and September, however, inflation has decelerated considerably relative to its February level. The Fed has openly admitted that it does not completely understand what is driving the weakness in inflation, but appears resolved to ignore the slow inflation for now and maintain the pace of rate tightening, hoping that inflation will eventually catch up to its 2 percent target.
October, 2017: The mini-surge in inflation since August mostly reflects higher energy prices, but they already started to decline as refineries get back in business. Inflation is still quite mild, indeed surprisingly so. Read more here.
September, 2017: Inflation has slowed, again. It’s been a puzzle lately. In recent years, factors such as a decline in commodities and energy prices, a stronger dollar and labor-market slack helped explain why inflation undershot the Fed’s target, but those influences have faded and yet inflation hasn’t rebounded. Meantime, the Fed has managed to formulate plans to shrink its $4.5 trillion portfolio of bonds and other assets starting in October, without provoking much concern from investors. Read more here.
August, 2017: The US economy is giving conflicting signals that are complicating the Fed's plan to increase interest rates. Read more here.
July, 2017: Serious talk continues about how much influence the Fed actually has in directing U.S. inflation. Will President Trump use this economic metric as a reason not to nominate Janet Yellen to a second term? Read more here.
June, 2017: The Fed now believes inflation will fall well short of its 2 percent target this year. This recent decline in inflation is unexpected and could be due in part to continued reduced expectations around tax reform, health care, and infrastructure spending.
May, 2017: The recent decline in inflation could be due to continued reduced expectations around tax reform and infrastructure spending. Read more here.
April, 2017: This month, the market's expectations for US inflation are causing downward pressures, due to 1) oil prices (which are remaining relatively low) and 2) a timeline on tax reform which appears to be slipping, in part due to the failure to push through healthcare reforms.
March, 2017: High inflation lessons of the 1960's should be heeded today. Raising interest rates now could stave off sudden and uncomfortable accelerating inflation. Read more here.
January, 2018: Laid low for most of the past decade, U.S. inflation is showing signs that it might begin to stage a comeback in 2018. “With continuing high growth and low unemployment, inflation should go above 2 percent during part of this year,” said Kenneth Rogoff, a professor of economics at Harvard University and former chief economist at the International Monetary Fund. Read more here.
November, 2017: Early in 2017, it appeared that inflation pressure might be picking up. But between March and September, however, inflation has decelerated considerably relative to its February level. The Fed has openly admitted that it does not completely understand what is driving the weakness in inflation, but appears resolved to ignore the slow inflation for now and maintain the pace of rate tightening, hoping that inflation will eventually catch up to its 2 percent target.
October, 2017: The mini-surge in inflation since August mostly reflects higher energy prices, but they already started to decline as refineries get back in business. Inflation is still quite mild, indeed surprisingly so. Read more here.
September, 2017: Inflation has slowed, again. It’s been a puzzle lately. In recent years, factors such as a decline in commodities and energy prices, a stronger dollar and labor-market slack helped explain why inflation undershot the Fed’s target, but those influences have faded and yet inflation hasn’t rebounded. Meantime, the Fed has managed to formulate plans to shrink its $4.5 trillion portfolio of bonds and other assets starting in October, without provoking much concern from investors. Read more here.
August, 2017: The US economy is giving conflicting signals that are complicating the Fed's plan to increase interest rates. Read more here.
July, 2017: Serious talk continues about how much influence the Fed actually has in directing U.S. inflation. Will President Trump use this economic metric as a reason not to nominate Janet Yellen to a second term? Read more here.
June, 2017: The Fed now believes inflation will fall well short of its 2 percent target this year. This recent decline in inflation is unexpected and could be due in part to continued reduced expectations around tax reform, health care, and infrastructure spending.
May, 2017: The recent decline in inflation could be due to continued reduced expectations around tax reform and infrastructure spending. Read more here.
April, 2017: This month, the market's expectations for US inflation are causing downward pressures, due to 1) oil prices (which are remaining relatively low) and 2) a timeline on tax reform which appears to be slipping, in part due to the failure to push through healthcare reforms.
March, 2017: High inflation lessons of the 1960's should be heeded today. Raising interest rates now could stave off sudden and uncomfortable accelerating inflation. Read more here.
EMPLOYEES: RESIDENTIAL BUILDING
February, 2018: The Bureau of Labor Statistics released its Employment Situation Summary for January 2018 today showing 200,000 jobs were created in the first month of this year, with construction jobs increasing at the fastest clip. Read more here.
January, 2018: According to a survey by the Associated General Contractors of America, builders and developers are wondering where they’ll find more skilled labor. With tax reform and regulatory rollback increasing optimism, many firms predict more business and new hires in 2018. “It’s like Groundhog Day” says John Courson, President and CEO of the Home Builders Institute. “Nothing has changesd since last year.” Read more here.
November, 2017: The residential sector added 7,200 new positions in October. While the industry attempts to recalibrate heading into the year's end, analysts expect both employment and spending to tick up in response to a strong and stabilizing construction backlog. Read more here.
October, 2017: Residential building construction jobs decreased by 3,900 in September. This is an important leading index for the AEC economy. Could we have peaked in August, or is this an anomaly? Read more here.
September, 2017: Construction employment rose by 28,000 in August, the biggest advance in six months, according to the government. The increase was paced by an 11,500 jump in residential specialty-trade contracting payrolls. That sector has recouped more than half of the 1 million jobs lost as a result of the housing-related economic recession.
August, 2017: Great news: construction employment increased by 6,000 jobs in July to the highest levels since October, 2008. Nearly twice the growth rate of total nonfarm payroll employment. Read more here.
July, 2017: The National Association of Home Builders/Wells Fargo builder sentiment index in June shows that homebuilders are feeling less optimistic about their sales prospects. However, current home sales are running ahead of last year's pace, and employment in that sector remains very strong. Read more here.
June, 2017: Both residential and nonresidential construction activity continue to grow. Builders throughout the country are struggling to find workers. There is a serious shortage of workers - this is causing rising labor costs and higher home prices.
May, 2017: Both residential and nonresidential construction activity are growing, albeit very slowly. Both seem to be waiting on the new administration in Washington, D.C., to implement a significant portion of its pro-business agenda. Read more here.
April, 2017: According to RSQE, housing starts continue to disappoint, with 1.18 million starts in 2016 (the lowest since 2008). It is forecasted that housing starts will marginally increase to 1.26 million in 2017 and 1.32 million in 2018.
March, 2017: Construction employment in the United States increased by 58,000 jobs in February to the highest level since November 2008 with gains in both residential and nonresidential segments. Read more here.
January, 2018: According to a survey by the Associated General Contractors of America, builders and developers are wondering where they’ll find more skilled labor. With tax reform and regulatory rollback increasing optimism, many firms predict more business and new hires in 2018. “It’s like Groundhog Day” says John Courson, President and CEO of the Home Builders Institute. “Nothing has changesd since last year.” Read more here.
November, 2017: The residential sector added 7,200 new positions in October. While the industry attempts to recalibrate heading into the year's end, analysts expect both employment and spending to tick up in response to a strong and stabilizing construction backlog. Read more here.
October, 2017: Residential building construction jobs decreased by 3,900 in September. This is an important leading index for the AEC economy. Could we have peaked in August, or is this an anomaly? Read more here.
September, 2017: Construction employment rose by 28,000 in August, the biggest advance in six months, according to the government. The increase was paced by an 11,500 jump in residential specialty-trade contracting payrolls. That sector has recouped more than half of the 1 million jobs lost as a result of the housing-related economic recession.
August, 2017: Great news: construction employment increased by 6,000 jobs in July to the highest levels since October, 2008. Nearly twice the growth rate of total nonfarm payroll employment. Read more here.
July, 2017: The National Association of Home Builders/Wells Fargo builder sentiment index in June shows that homebuilders are feeling less optimistic about their sales prospects. However, current home sales are running ahead of last year's pace, and employment in that sector remains very strong. Read more here.
June, 2017: Both residential and nonresidential construction activity continue to grow. Builders throughout the country are struggling to find workers. There is a serious shortage of workers - this is causing rising labor costs and higher home prices.
May, 2017: Both residential and nonresidential construction activity are growing, albeit very slowly. Both seem to be waiting on the new administration in Washington, D.C., to implement a significant portion of its pro-business agenda. Read more here.
April, 2017: According to RSQE, housing starts continue to disappoint, with 1.18 million starts in 2016 (the lowest since 2008). It is forecasted that housing starts will marginally increase to 1.26 million in 2017 and 1.32 million in 2018.
March, 2017: Construction employment in the United States increased by 58,000 jobs in February to the highest level since November 2008 with gains in both residential and nonresidential segments. Read more here.
eMPLOYEES: TOTAL NONFARM PAYROLLS
February, 2018:Nonfarm payrolls rose by 200,000 in January, beating analyst estimates, while the unemployment rate held at 4.1 percent. More importantly, average hourly earnings increased 2.9 percent on an annualized basis, the best gain since the early days of the recovery in 2009. Read more here.
November, 2017: As hoped, the negative effects of Hurricanes Harvey and Irma on America's payrolls appear to be relatively short-lived. In October there was clearly a rebound, accounting for the strong numbers we saw in October (261K jobs added). Read more here.
October, 2017: The U.S. economy lost 33,000 non-farm payroll positions in September, according to the US Department of Labor's Bureau of Labor Statistics. Read more here.
September, 2017: The US economy created 156,000 jobs in August, missing analyst's expectations of 180,000. Unemployment inched up to 4.4%. Read more here.
August, 2017: The US economy continued a strong summer, adding 209,000 jobs in July while the unemployment rate fell to 4.3 percent, the lowest since March 2001. Read more here.
July, 2017: The US job market roared back to life in June, with a better-than-expected 222,000 new positions created. Read more here.
June, 2017: The US May jobs report indicated weak improvement in the US labor market. May non-farm payroll employment in the United States posted an improvement of only 138,000 jobs for the month, as compared to 211,000 jobs in April—far below the market expectation of 185,000 jobs added. Read more here.
May, 2017: 211,000 new jobs in April was welcomed news after March's disappointing 79,000 new jobs. Taken together, March and April averaged 145,000 new jobs, a bit behind the 185,000 per month average we've come to expect. Read more here.
April, 2017: 2.3 million new jobs were added during 2016, compared to 2.7 million added in 2015. Job growth is predicted to remain steady at 2.3 million during 2017, and slow to 1.8 million new jobs in 2018. March, 2017 marked the 76th straight month of job growth in the U.S. Read more here.
March, 2017: With heightened expectations for economic growth as President Trump pushes an agenda of tax cuts, less regulation and higher domestic spending, nonfarm payrolls are very strong. Construction led the way in this growth, adding 58,000 jobs last month (the most in a decade). Read more here.
November, 2017: As hoped, the negative effects of Hurricanes Harvey and Irma on America's payrolls appear to be relatively short-lived. In October there was clearly a rebound, accounting for the strong numbers we saw in October (261K jobs added). Read more here.
October, 2017: The U.S. economy lost 33,000 non-farm payroll positions in September, according to the US Department of Labor's Bureau of Labor Statistics. Read more here.
September, 2017: The US economy created 156,000 jobs in August, missing analyst's expectations of 180,000. Unemployment inched up to 4.4%. Read more here.
August, 2017: The US economy continued a strong summer, adding 209,000 jobs in July while the unemployment rate fell to 4.3 percent, the lowest since March 2001. Read more here.
July, 2017: The US job market roared back to life in June, with a better-than-expected 222,000 new positions created. Read more here.
June, 2017: The US May jobs report indicated weak improvement in the US labor market. May non-farm payroll employment in the United States posted an improvement of only 138,000 jobs for the month, as compared to 211,000 jobs in April—far below the market expectation of 185,000 jobs added. Read more here.
May, 2017: 211,000 new jobs in April was welcomed news after March's disappointing 79,000 new jobs. Taken together, March and April averaged 145,000 new jobs, a bit behind the 185,000 per month average we've come to expect. Read more here.
April, 2017: 2.3 million new jobs were added during 2016, compared to 2.7 million added in 2015. Job growth is predicted to remain steady at 2.3 million during 2017, and slow to 1.8 million new jobs in 2018. March, 2017 marked the 76th straight month of job growth in the U.S. Read more here.
March, 2017: With heightened expectations for economic growth as President Trump pushes an agenda of tax cuts, less regulation and higher domestic spending, nonfarm payrolls are very strong. Construction led the way in this growth, adding 58,000 jobs last month (the most in a decade). Read more here.
INDUSTRIAL PRODUCTION INDEX
February, 2018: We are, right now, at the peak of industrial production in the US. Inflation-adjusted manufacturing GDP will have peaked in fourth quarter 2017, both in dollar and quantity index measures. Read more here.
January, 2018: For all of 2017, industrial output rose 1.8 percent, the first and largest increase since 2014. In another report, the U.S. central bank said the economy continued to expand from late November through the end of 2017. The Fed said “the outlook for 2018 remains optimistic for a majority of contacts across the country.” Tax cuts, solid domestic and global demand, a weaker dollar, and firmer energy prices translate in to solid prospects for 2018 manufacturing. Read more here.
November, 2017: US industrial production increased in October at the quickest pace in six months, rebounding after Hurricanes Harvey and Irma weighed on activity in the previous two months. Read more here.
October, 2017: The economy was stunted briefly by hurricanes Irma and Harvey, but recent evidence suggests most of the damage has been undone. And industrial production in September was still 1.6% above year-ago levels. GDP came in at 3.0%, vs. 2.5% expectations. Read more here.
September, 2017: Overall, the labor market remains quite strong, but appears to have somewhat less momentum compared with early 2017. Payroll job gains for the year so far, at 176,000 per month, are only about 10,000 below the 2016 monthly average.Hurricanes Harvey and Irma will certainly cost the economy some lost output in Q3, but rebuilding damaged structures and replacing destroyed equipment and durable goods will likely boost output in the coming quarters.
August, 2017: Despite sharp drop in auto sales, industrial production INCREASED by .2% in July. The drop in auto sales appears to be offset by manufacturing in other areas, such as computers and electronic products, electrical equipment and appliances, petroleum and coal, and chemicals. Read more here.
July, 2017: U.S. industrial production climbed for a fifth consecutive month in June. Much of the gain was driven by the mining sector, which covers oil and gas extraction, coal mining and drilling, and support services. Read more here.
June, 2017: 211,000 new jobs in April was welcomed news after March’s disappointing 79,000 new jobs. Taken together, March and April averaged 145,000 new jobs, a bit behind the 185,000 per month average we’ve come to expect. For the most part, IPI is flat.
May, 2017: This month's industrial production index was strong. All components of the index were not strong, however (e.g. retail sales, consumption, housing permits, autos, to name a few). The energy materials sector are a very strong driver of the industrial production index rise. Read more here.
April, 2017: Factory output fell unexpectedly in March, charting its biggest decline in seven months as auto production contracted in a check on the manufacturing sector's expansion. Read more here.
March, 2017: We hear ever so much about the woes and tribulations of American manufacturing. And yet there is in fact no problem here. Read more here.
January, 2018: For all of 2017, industrial output rose 1.8 percent, the first and largest increase since 2014. In another report, the U.S. central bank said the economy continued to expand from late November through the end of 2017. The Fed said “the outlook for 2018 remains optimistic for a majority of contacts across the country.” Tax cuts, solid domestic and global demand, a weaker dollar, and firmer energy prices translate in to solid prospects for 2018 manufacturing. Read more here.
November, 2017: US industrial production increased in October at the quickest pace in six months, rebounding after Hurricanes Harvey and Irma weighed on activity in the previous two months. Read more here.
October, 2017: The economy was stunted briefly by hurricanes Irma and Harvey, but recent evidence suggests most of the damage has been undone. And industrial production in September was still 1.6% above year-ago levels. GDP came in at 3.0%, vs. 2.5% expectations. Read more here.
September, 2017: Overall, the labor market remains quite strong, but appears to have somewhat less momentum compared with early 2017. Payroll job gains for the year so far, at 176,000 per month, are only about 10,000 below the 2016 monthly average.Hurricanes Harvey and Irma will certainly cost the economy some lost output in Q3, but rebuilding damaged structures and replacing destroyed equipment and durable goods will likely boost output in the coming quarters.
August, 2017: Despite sharp drop in auto sales, industrial production INCREASED by .2% in July. The drop in auto sales appears to be offset by manufacturing in other areas, such as computers and electronic products, electrical equipment and appliances, petroleum and coal, and chemicals. Read more here.
July, 2017: U.S. industrial production climbed for a fifth consecutive month in June. Much of the gain was driven by the mining sector, which covers oil and gas extraction, coal mining and drilling, and support services. Read more here.
June, 2017: 211,000 new jobs in April was welcomed news after March’s disappointing 79,000 new jobs. Taken together, March and April averaged 145,000 new jobs, a bit behind the 185,000 per month average we’ve come to expect. For the most part, IPI is flat.
May, 2017: This month's industrial production index was strong. All components of the index were not strong, however (e.g. retail sales, consumption, housing permits, autos, to name a few). The energy materials sector are a very strong driver of the industrial production index rise. Read more here.
April, 2017: Factory output fell unexpectedly in March, charting its biggest decline in seven months as auto production contracted in a check on the manufacturing sector's expansion. Read more here.
March, 2017: We hear ever so much about the woes and tribulations of American manufacturing. And yet there is in fact no problem here. Read more here.
nATIONAL UNEMPLOYMENT
February, 2018: As the unemployment rate has fallen in recent months and the economy has roared, one central question has bedeviled the American job market: Where is the wage growth? New data on Friday suggested an answer: It is here, and it is now. Read more here.
January, 2018: Nationwide, employers added 148,000 jobs last month and the U.S. unemployment rate stayed at 4.1 percent. Employers added 2.1 million jobs last year, the fewest in seven years. Hiring typically slows as the unemployment rate falls and there are fewer people to hire. Read more here.
November, 2017: The unemployment rate fell to 4.1 percent as labor conditions returned to normal following the storm-weakened September. This is the type of report the Fed was looking for to sign, seal, and deliver a rate hike in December. Read more here.
October, 2017: Staggering from the impact of hurricanes that walloped Texas, Florida and neighboring states, the economy lost 33,000 jobs in September, the first monthly decline in employment in seven years. But economists discounted the discouraging report, describing it as a blip in a job market that was still fundamentally strong. Read more here.
September, 2017: The unemployment rate has declined from 4.8 percent in January to the 4.3 - 4.4 percent range in every month since April. Quarterly job openings increased to 5.7 - 5.9 million on average in Q1 and Q2 and exceeded hiring in both quarters.
August, 2017: Can the U.S.'s unemployment rate drop below 4%? It's possible, but unlikely. Read more here.
July, 2017: With job creation up, unemployment still very low, and wages increasing slightly, the U.S. economy still has room to grow. Read more here.
June, 2017: The U.S. labor market gave mixed signals in May, with a decline in the unemployment rate to a 16-year low contrasting with below-forecast hiring and wage growth. Cooler hiring may partly reflect the challenge of finding skilled and experienced workers amid a tightening job market. Read more here.
May, 2017: How low can it go? RSQE has adjusted downward it's 2017-2018 prediction of the US unemployment rate to an average of 4.4 percent in 2017 and 4.3 percent in 2018. As the economy nears full employment, we can expect to see average monthly job gains to slow to 174,000 in 2017 and 147,000 in 2018.
April, 2017: According to RSQE's most recent report, the national unemployment rate was 4.7% during the fourth quarter of 2016, and is expected to continue to decrease to 4.6% in 2017 and 4.4% by 2018.
March, 2017: University of Michigan's Research Seminar in Quantitative Economics (RSQE) implies in its March report the U.S. unemployment rate has reached its lowest level.
March, 2017: Unemployment edges down to 4.7%, clearing the way for the Fed to raise interest rates at their March 14-15 meeting. Read more here.
January, 2018: Nationwide, employers added 148,000 jobs last month and the U.S. unemployment rate stayed at 4.1 percent. Employers added 2.1 million jobs last year, the fewest in seven years. Hiring typically slows as the unemployment rate falls and there are fewer people to hire. Read more here.
November, 2017: The unemployment rate fell to 4.1 percent as labor conditions returned to normal following the storm-weakened September. This is the type of report the Fed was looking for to sign, seal, and deliver a rate hike in December. Read more here.
October, 2017: Staggering from the impact of hurricanes that walloped Texas, Florida and neighboring states, the economy lost 33,000 jobs in September, the first monthly decline in employment in seven years. But economists discounted the discouraging report, describing it as a blip in a job market that was still fundamentally strong. Read more here.
September, 2017: The unemployment rate has declined from 4.8 percent in January to the 4.3 - 4.4 percent range in every month since April. Quarterly job openings increased to 5.7 - 5.9 million on average in Q1 and Q2 and exceeded hiring in both quarters.
August, 2017: Can the U.S.'s unemployment rate drop below 4%? It's possible, but unlikely. Read more here.
July, 2017: With job creation up, unemployment still very low, and wages increasing slightly, the U.S. economy still has room to grow. Read more here.
June, 2017: The U.S. labor market gave mixed signals in May, with a decline in the unemployment rate to a 16-year low contrasting with below-forecast hiring and wage growth. Cooler hiring may partly reflect the challenge of finding skilled and experienced workers amid a tightening job market. Read more here.
May, 2017: How low can it go? RSQE has adjusted downward it's 2017-2018 prediction of the US unemployment rate to an average of 4.4 percent in 2017 and 4.3 percent in 2018. As the economy nears full employment, we can expect to see average monthly job gains to slow to 174,000 in 2017 and 147,000 in 2018.
April, 2017: According to RSQE's most recent report, the national unemployment rate was 4.7% during the fourth quarter of 2016, and is expected to continue to decrease to 4.6% in 2017 and 4.4% by 2018.
March, 2017: University of Michigan's Research Seminar in Quantitative Economics (RSQE) implies in its March report the U.S. unemployment rate has reached its lowest level.
March, 2017: Unemployment edges down to 4.7%, clearing the way for the Fed to raise interest rates at their March 14-15 meeting. Read more here.
sPOT CRUDE OIL PRICE (WTI)
February, 2018: In February, WTI futures fell from a 3-year high of more than $66 to less than $60 per barrel but have since recovered almost 70 percent of that value. Was this a temporary adjustment on the long march to $70 oil or have prices reached a ceiling at around $65 per barrel? Read more here.
January, 2018: WTI reached its highest price level since December 2014 on Jan. 16 at $64.89.This is great news for both producers and consumers. WTI remaining consistently between $50-$70 is ideal. At the current price, there are 936 WTI operating rigs. Read more here.
November, 2017: WTI has continued a steady upward climb as the market grows bolder in believing that OPEC can rebalance the market, and after a series of surprise arrests in Saudi Arabia provided a bit of instability concerning oil supplies in the region. The total oil and gas rig count in the United States now stands at 907 rigs, up 339 rigs from the year prior. Read more here.
October, 2017: WTI prices have been rising in recent weeks, reaching the highest levels in two years. Read more here.
September, 2017: US crude oil finally tops $51 for first time in four months as producers say the oil market is rebalancing. This is good news for both producers and consumers. WTI remaining consistently between $50-$60 would be ideal.
August, 2017: Hurricane Harvey is pushing gasoline prices higher, even as oil remains cheap. Historically, weather-related disruptions such as these are immaterial over the long run for oil market fundamentals. Read more here.
July, 2017: OPEC announces extension of production cuts into the first quarter of 2018, but the U.S. Energy Information Administration (EIA) expects lesser compliance. If this is true, we can expect to see larger inventories and lower prices than projected. Read more here.
June, 2017: The Energy Information Agency (EIA) predicts that crude oil prices will slowly rise finishing at $51/barrel in 2017 and $54/barrel in 2018. They expect U.S. production will average 9.3 million barrels/day in 2017 and 10.0 million barrels/day in 2018. Read more here.
May, 2017: Despite OPEC/Russia's plot to curtail production of crude oil and boost worldwide prices, oil stocks have remained significantly elevated (and prices kept low) because of the rising extraction activities of U.S. shale oil. Frustrated, OPEC and Russia will likely double down and extend their production cuts throughout 2017.
April, 2017: RSQE expects WTI to remain steady at $53/barrel through the first quarter of 2018, and then very slowly increase throughout Q2-Q4 of 2018.
March, 2017: Wall Street seems to be backing off its initial bet that oil would continue to rise. Turns out the increased oil production of the U.S. (not a member of OPEC), failure of Iraq, the United Arab Emirates, and Russia to cut production as much as promised, and the anticipated U.S. interest rate hike is to blame. Read more here.
January, 2018: WTI reached its highest price level since December 2014 on Jan. 16 at $64.89.This is great news for both producers and consumers. WTI remaining consistently between $50-$70 is ideal. At the current price, there are 936 WTI operating rigs. Read more here.
November, 2017: WTI has continued a steady upward climb as the market grows bolder in believing that OPEC can rebalance the market, and after a series of surprise arrests in Saudi Arabia provided a bit of instability concerning oil supplies in the region. The total oil and gas rig count in the United States now stands at 907 rigs, up 339 rigs from the year prior. Read more here.
October, 2017: WTI prices have been rising in recent weeks, reaching the highest levels in two years. Read more here.
September, 2017: US crude oil finally tops $51 for first time in four months as producers say the oil market is rebalancing. This is good news for both producers and consumers. WTI remaining consistently between $50-$60 would be ideal.
August, 2017: Hurricane Harvey is pushing gasoline prices higher, even as oil remains cheap. Historically, weather-related disruptions such as these are immaterial over the long run for oil market fundamentals. Read more here.
July, 2017: OPEC announces extension of production cuts into the first quarter of 2018, but the U.S. Energy Information Administration (EIA) expects lesser compliance. If this is true, we can expect to see larger inventories and lower prices than projected. Read more here.
June, 2017: The Energy Information Agency (EIA) predicts that crude oil prices will slowly rise finishing at $51/barrel in 2017 and $54/barrel in 2018. They expect U.S. production will average 9.3 million barrels/day in 2017 and 10.0 million barrels/day in 2018. Read more here.
May, 2017: Despite OPEC/Russia's plot to curtail production of crude oil and boost worldwide prices, oil stocks have remained significantly elevated (and prices kept low) because of the rising extraction activities of U.S. shale oil. Frustrated, OPEC and Russia will likely double down and extend their production cuts throughout 2017.
April, 2017: RSQE expects WTI to remain steady at $53/barrel through the first quarter of 2018, and then very slowly increase throughout Q2-Q4 of 2018.
March, 2017: Wall Street seems to be backing off its initial bet that oil would continue to rise. Turns out the increased oil production of the U.S. (not a member of OPEC), failure of Iraq, the United Arab Emirates, and Russia to cut production as much as promised, and the anticipated U.S. interest rate hike is to blame. Read more here.
aUTOS AND LIGHT TRUCK SALES
February, 2018: “People are working, people are getting raises and people are getting tax cuts. That’s bringing them into the showroom for crossovers and trucks.” Read more here.
January, 2018: 2017 was another dynamite year for the automotive industry. While sales were not at the same level as 2016, they were robust and healthy. New light vehicle sales for 2017 totaled 17.25 million versus 17.55 million in 2016, a decline of 1.8 percent which broke a seven-year growth streak. Positive sales volumes can be attributed to a healthy industry demand level, supported by positive economic conditions specific to the automotive industry, still-welcoming credit conditions, and high incentive levels. Read more here.
January, 2018: 2017 was another dynamite year for the automotive industry. While sales were not at the same level as 2016, they were robust and healthy. New light vehicle sales for 2017 totaled 17.25 million versus 17.55 million in 2016, a decline of 1.8 percent which broke a seven-year growth streak. Positive sales volumes can be attributed to a healthy industry demand level, supported by positive economic conditions specific to the automotive industry, still-welcoming credit conditions, and high incentive levels. Read more here.
ECONOMIC INDEX FOR MICHIGAN
February, 2018: The Michigan Index has now posted two consecutive monthly gains, following a mid-2017 stall. The NAFTA negotiations are a risk factor for the state. We expect the Michigan economy to post moderate growth in 2018. Read more here.
January, 2018: Michigan added roughly 44,000 jobs in 2017, which was the lowest annual rate since the start of the recovery that began in late 2009. Read more here.
November, 2017: CONTINUED STEEP DECLINE IN INDEX - - Here's the truth about recessions: No one knows when they're coming. They don't come along simply because it has been awhile since the last one. And since the data used to track the economy is based on events in the past, Michigan could slip into a downturn before anyone realizes it. Read more here.
October, 2017: The IBD/TIPP Economic Optimism Index has three key components. This month, all three index components decreased. Read more here.
September, 2017: Michigan’s manufacturing sector remains strong, but auto sales and auto production have both declined this year. Expect that trend to continue and weigh on state job growth late this year and into 2018. Read more here.
August, 2017: STEEP DECLINE IN INDEX - - Michigan's manufacturing sector remains strong, but auto sales and auto production have both declined this year. We expect that trend to continue and weigh on state job growth late this year and into 2018. Read more here.
July, 2017: Over the 11 years of CNBC's America's Top States for Business rankings, no state has "even come close" to the improvements that Michigan has seen. Read more here.
June, 2017: According to a new report from a business panel appointed by Gov. Rick Snyder, Michigan should encourage immigration, celebrate diversity and improve quality of life in local communities in a bid to boost the economy and reverse sluggish population growth. Read more here.
May, 2017: After 28 straight quarters of job growth, Michigan's employment growth has slowed from a 2.3% growth rate in 2016, to a 1.0% rate so far in 2017.
April, 2017: Consumer sentiment inched upward in early April mainly due to more favorable views of current economic conditions. The Current Economic Conditions Index rose to its highest level since 2000 and nearly reached its all-time peak of 121.1 set in 1999. Read more here.
March, 2017: University of Michigan's Research Seminar in Quantitative Economics (RSQE) says in its March report that light vehicle sales are strong, but unlikely to improve further.
January, 2018: Michigan added roughly 44,000 jobs in 2017, which was the lowest annual rate since the start of the recovery that began in late 2009. Read more here.
November, 2017: CONTINUED STEEP DECLINE IN INDEX - - Here's the truth about recessions: No one knows when they're coming. They don't come along simply because it has been awhile since the last one. And since the data used to track the economy is based on events in the past, Michigan could slip into a downturn before anyone realizes it. Read more here.
October, 2017: The IBD/TIPP Economic Optimism Index has three key components. This month, all three index components decreased. Read more here.
September, 2017: Michigan’s manufacturing sector remains strong, but auto sales and auto production have both declined this year. Expect that trend to continue and weigh on state job growth late this year and into 2018. Read more here.
August, 2017: STEEP DECLINE IN INDEX - - Michigan's manufacturing sector remains strong, but auto sales and auto production have both declined this year. We expect that trend to continue and weigh on state job growth late this year and into 2018. Read more here.
July, 2017: Over the 11 years of CNBC's America's Top States for Business rankings, no state has "even come close" to the improvements that Michigan has seen. Read more here.
June, 2017: According to a new report from a business panel appointed by Gov. Rick Snyder, Michigan should encourage immigration, celebrate diversity and improve quality of life in local communities in a bid to boost the economy and reverse sluggish population growth. Read more here.
May, 2017: After 28 straight quarters of job growth, Michigan's employment growth has slowed from a 2.3% growth rate in 2016, to a 1.0% rate so far in 2017.
April, 2017: Consumer sentiment inched upward in early April mainly due to more favorable views of current economic conditions. The Current Economic Conditions Index rose to its highest level since 2000 and nearly reached its all-time peak of 121.1 set in 1999. Read more here.
March, 2017: University of Michigan's Research Seminar in Quantitative Economics (RSQE) says in its March report that light vehicle sales are strong, but unlikely to improve further.
ECONOMIC INDEX FOR OHIO
February, 2018: What do outsiders think of Ohio's economy? Read more here.
January, 2018: Ohio’s economy grew at an annual rate of 3.9 percent for the period from July 1-Sept. 30, according to new federal data. That was the seventh best growth rate among the states and the best for Ohio since the same period in 2016. Read more here.
November, 2017: Ohio’s economy grew at an annual growth rate of 2 percent, 38th best among the states, from April 1 to June 30, new federal data show. That’s the best growth rate for Ohio since the fall of 2016. Read more here.
October, 2017: PNC Bank's Fall 2017 Economic Outlook report, released this month, also showed that hiring expectations are lower than they were six months ago. read more here.
August, 2017: STEEP DECLINE IN INDEX - - "The Buckeye State isn't collapsing, as it did in the early 1980s, but it's suffering a long, grinding slide into the lower ranks of U.S. states." Read more here.
July, 2017: The fundamental reshaping, technically and finacially, of how energy is produced in Ohio will drive economic development for decades to come. Read more here.
January, 2018: Ohio’s economy grew at an annual rate of 3.9 percent for the period from July 1-Sept. 30, according to new federal data. That was the seventh best growth rate among the states and the best for Ohio since the same period in 2016. Read more here.
November, 2017: Ohio’s economy grew at an annual growth rate of 2 percent, 38th best among the states, from April 1 to June 30, new federal data show. That’s the best growth rate for Ohio since the fall of 2016. Read more here.
October, 2017: PNC Bank's Fall 2017 Economic Outlook report, released this month, also showed that hiring expectations are lower than they were six months ago. read more here.
August, 2017: STEEP DECLINE IN INDEX - - "The Buckeye State isn't collapsing, as it did in the early 1980s, but it's suffering a long, grinding slide into the lower ranks of U.S. states." Read more here.
July, 2017: The fundamental reshaping, technically and finacially, of how energy is produced in Ohio will drive economic development for decades to come. Read more here.
UNEMPLOYMENT RATE IN MICHIGAN
February, 2018: Charles Ballard, an economist at Michigan State University, says that unemployment among African Americans is at an all-time low. More importantly, the gap between white unemployment and black unemployment is only 3.1 percentage points. That's also an all-time low. "Narrowing the gap between the unemployment rates between whites and blacks is progress," says Ballard. Read more here.
January, 2018: The December 2017 jobless rate was the highest recorded in the state since April. December also marked the fifth straight month that Michigan’s jobless rate increased. Read more here.
November, 2017: Michigan unemployment rate for October rises to 4.5 percent. The Michigan jobless rate in October 2017 was a half percentage point below the state's October 2016 rate of 5.0 percent. Read more here.
October, 2017: The September increase was the second consecutive month that the state saw an increase in unemployment following a stretch of five months from March through July of rate reductions and it was the first time since April where the state rate was above the national rate. Read more here.
September, 2017: Michigan’s unemployment rate rose by two-tenths of a percentage point to 3.9 percent in August. Despite the increase, the August 2017 unemployment rate was a full percentage point below the state’s August 2016 rate of 4.9 percent. Read more here.
August, 2017: Michigan’s unemployment rate decreased slightly in July, however for the third consecutive month, the drop in the rate reflected fewer people in the state’s labor market actively seeking employment. Read more here.
July, 2017: Michigan's unemployment rate now under 4%. Sectors that saw job gains included business and professional services,; trade, transportation and utilities; and financial activities. Read more here.
June, 2017: Michigan’s unemployment rate fell in May to the lowest point in 17 years, down to 4.2%, a level not seen since 2000. But Michigan still has years of work ahead of it for full economic recovery. Read more here.
May, 2017: Michigan’s unemployment rate fell to 4.7 percent in April, further depleting the ranks of the jobless. Due to the healthy labor, Michigan is drawing workers back into the official labor force.
April, 2017: Michigan's economic recovery illustrates its success in diversifying away from automotive manufacturing. Read more here.
March, 2017: How can Michigan add more jobs last month but still see an increase in unemployment? Because the state's workforce grew by 24,000, as more and more individuals move into the state seeking employment. Read more here.
January, 2018: The December 2017 jobless rate was the highest recorded in the state since April. December also marked the fifth straight month that Michigan’s jobless rate increased. Read more here.
November, 2017: Michigan unemployment rate for October rises to 4.5 percent. The Michigan jobless rate in October 2017 was a half percentage point below the state's October 2016 rate of 5.0 percent. Read more here.
October, 2017: The September increase was the second consecutive month that the state saw an increase in unemployment following a stretch of five months from March through July of rate reductions and it was the first time since April where the state rate was above the national rate. Read more here.
September, 2017: Michigan’s unemployment rate rose by two-tenths of a percentage point to 3.9 percent in August. Despite the increase, the August 2017 unemployment rate was a full percentage point below the state’s August 2016 rate of 4.9 percent. Read more here.
August, 2017: Michigan’s unemployment rate decreased slightly in July, however for the third consecutive month, the drop in the rate reflected fewer people in the state’s labor market actively seeking employment. Read more here.
July, 2017: Michigan's unemployment rate now under 4%. Sectors that saw job gains included business and professional services,; trade, transportation and utilities; and financial activities. Read more here.
June, 2017: Michigan’s unemployment rate fell in May to the lowest point in 17 years, down to 4.2%, a level not seen since 2000. But Michigan still has years of work ahead of it for full economic recovery. Read more here.
May, 2017: Michigan’s unemployment rate fell to 4.7 percent in April, further depleting the ranks of the jobless. Due to the healthy labor, Michigan is drawing workers back into the official labor force.
April, 2017: Michigan's economic recovery illustrates its success in diversifying away from automotive manufacturing. Read more here.
March, 2017: How can Michigan add more jobs last month but still see an increase in unemployment? Because the state's workforce grew by 24,000, as more and more individuals move into the state seeking employment. Read more here.
UNEMPLOYMENT RATE IN OHIO
February, 2018: It is fortunate the unemployment rate in Ohio is relatively low. Ohio’s economy in general is doing relatively well these days, with unemployment under 5 percent.Read more here.
January, 2018: Ohio’s unemployment rate was 4.7 percent in December 2017, down from 4.8 percent in November 2017. Read more here.
November, 2017: Unemployment rate 5.1% in October; state gained 4,300 jobs. Read more here.
October, 2017: The jobless rate was 5 percent in September 2016. August's unemployment rate was 5.4 percent. Read more here.
September, 2017: Ohio’s unemployment rate was 5.4 percent in August 2017, up from 5.2 percent in July 2017. Read more here.
August, 2017: Ohio's unemployment rate rose to 5.2% in July. Read more here.
July, 2017: Ohio unemployment rate ticks up to 5.0%, from 4.9% in May. Read more here.
June, 2017: Ohio’s unemployment rate was 4.9 percent in May 2017, down from 5 percent in April 2017. Read more here.
May, 2017: The state unemployment rate decreased from 5.1 percent in March and was the same as in April 2016. Read more here.
April, 2017: Ohio gained the second largest number of jobs across the country in February, the Labor Department reported. Read more here.
March, 2017: Ohio unemployment rate at 5.0 in January, losing 2,100 jobs. "Ohio is still struggling with job growth." Read more here.
January, 2018: Ohio’s unemployment rate was 4.7 percent in December 2017, down from 4.8 percent in November 2017. Read more here.
November, 2017: Unemployment rate 5.1% in October; state gained 4,300 jobs. Read more here.
October, 2017: The jobless rate was 5 percent in September 2016. August's unemployment rate was 5.4 percent. Read more here.
September, 2017: Ohio’s unemployment rate was 5.4 percent in August 2017, up from 5.2 percent in July 2017. Read more here.
August, 2017: Ohio's unemployment rate rose to 5.2% in July. Read more here.
July, 2017: Ohio unemployment rate ticks up to 5.0%, from 4.9% in May. Read more here.
June, 2017: Ohio’s unemployment rate was 4.9 percent in May 2017, down from 5 percent in April 2017. Read more here.
May, 2017: The state unemployment rate decreased from 5.1 percent in March and was the same as in April 2016. Read more here.
April, 2017: Ohio gained the second largest number of jobs across the country in February, the Labor Department reported. Read more here.
March, 2017: Ohio unemployment rate at 5.0 in January, losing 2,100 jobs. "Ohio is still struggling with job growth." Read more here.
ECONOMIC CONDITIONS IN DETROIT
February, 2018: Detroit-based makers and manufacturing companies can learn how to delve into global markets under a new assistance program. Read more here.
January, 2018: The ongoing negotiations over NAFTA were an undercurrent in the opening media preview days of this year’s Detroit auto show as executives at General Motors Co., FCA US LLC and Ford Motor Co. defended the trade agreement and remained optimistic it will survive. While the automakers have long defended NAFTA, some state-level political leaders are just starting to become more vocal of their views about the trade pact and its impact on Michigan manufacturing. Read more here.
November, 2017: The city of Detroit expects to get the keys back to its financial house this spring for the first time since it exited bankruptcy in 2014. Read more here.
October, 2017: Historically, metro Detroit rises and falls with the car-buying whims of North Americans. We know too well what happens when people stop buying cars. But new data suggests a disruption to the cyclical nature of the local economy is afoot; we're continuing to add jobs as car sales slow. Read more here.
September, 2017: Detroit’s positives significantly outweigh its negatives: A large workforce, a world-class international airport, plenty of available land, low cost of living, financial discipline at state and city levels, low traffic congestion, highest percentage of engineers nationally, sixth highest percentage of Ph.Ds nationally, 48 higher education institutions, an international border city, and more. Read more here.
August, 2017: Metro Detroit unemployment rate sees the largest drop in the U.S., now lower than Boston, L.A., and New York. Read more here.
July, 2017: Special report on how immigration helps Detroit's economy. Read more here.
June, 2017: In April, the city of Detroit reached a 16-year unemployment milestone, reporting 8.4 percent unemployment rate - contrasting with the all time high when it hit 28.4 percent in June 2009. Michigan’s regional unemployment numbers range from a low of 2.2 percent in Ann Arbor, 2.4 percent in Grand Rapids and 2.9 percent in Lansing to 6.7 percent in Northeast Lower Michigan and 5.8 percent in the Upper Peninsula. Light vehicle sales totaled 17.4 million units in 2015 and 17.5 million in 2016, both of which set new all-time records. It is likely the industry has reached a cyclical peak, and will decline a bit from here, with sales of 17.2 million units in 2017 and 17.1 million units in 2018.
May, 2017: Light vehicle sales totaled 17.4 million units in 2015 and 17.5 million in 2016, both of which set new all-time records. It is likely the industry has reached a cyclical peak, and will decline a bit from here, with sales of 17.2 million units in 2017 and 17.1 million units in 2018.
April, 2017: Despite a popular "Detroit comeback" narrative, residential real estate values and city resident employment continue to struggle. Read more here.
January, 2018: The ongoing negotiations over NAFTA were an undercurrent in the opening media preview days of this year’s Detroit auto show as executives at General Motors Co., FCA US LLC and Ford Motor Co. defended the trade agreement and remained optimistic it will survive. While the automakers have long defended NAFTA, some state-level political leaders are just starting to become more vocal of their views about the trade pact and its impact on Michigan manufacturing. Read more here.
November, 2017: The city of Detroit expects to get the keys back to its financial house this spring for the first time since it exited bankruptcy in 2014. Read more here.
October, 2017: Historically, metro Detroit rises and falls with the car-buying whims of North Americans. We know too well what happens when people stop buying cars. But new data suggests a disruption to the cyclical nature of the local economy is afoot; we're continuing to add jobs as car sales slow. Read more here.
September, 2017: Detroit’s positives significantly outweigh its negatives: A large workforce, a world-class international airport, plenty of available land, low cost of living, financial discipline at state and city levels, low traffic congestion, highest percentage of engineers nationally, sixth highest percentage of Ph.Ds nationally, 48 higher education institutions, an international border city, and more. Read more here.
August, 2017: Metro Detroit unemployment rate sees the largest drop in the U.S., now lower than Boston, L.A., and New York. Read more here.
July, 2017: Special report on how immigration helps Detroit's economy. Read more here.
June, 2017: In April, the city of Detroit reached a 16-year unemployment milestone, reporting 8.4 percent unemployment rate - contrasting with the all time high when it hit 28.4 percent in June 2009. Michigan’s regional unemployment numbers range from a low of 2.2 percent in Ann Arbor, 2.4 percent in Grand Rapids and 2.9 percent in Lansing to 6.7 percent in Northeast Lower Michigan and 5.8 percent in the Upper Peninsula. Light vehicle sales totaled 17.4 million units in 2015 and 17.5 million in 2016, both of which set new all-time records. It is likely the industry has reached a cyclical peak, and will decline a bit from here, with sales of 17.2 million units in 2017 and 17.1 million units in 2018.
May, 2017: Light vehicle sales totaled 17.4 million units in 2015 and 17.5 million in 2016, both of which set new all-time records. It is likely the industry has reached a cyclical peak, and will decline a bit from here, with sales of 17.2 million units in 2017 and 17.1 million units in 2018.
April, 2017: Despite a popular "Detroit comeback" narrative, residential real estate values and city resident employment continue to struggle. Read more here.
ECONOMIC CONDITIONS IN CLEVELAND
February, 2018: Ohio's economic recovery lags nation, experts testify. Read more here.
January, 2018: The economy in Ohio and parts of neighboring states expanded moderately the past six weeks, the latest Beige Book report from the Federal Reserve. Labor markets tightened in the Federal Reserve Bank of Cleveland’s multi-state territory, according to the report released Wednesday. A majority of contacts reported they are replacing departed workers. Read more here.
November, 2017: A key reason to remain upbeat about the outlook in Cleveland is the optimism evident in business and consumer sentiment surveys. The University of Michigan's Consumer Sentiment Index, jumped 6.0 points in early October to 101.1, its highest level since the start of 2004. Read more here.
October, 2017: The Cincinnati economy is now the #1 economy in Ohio, with a GDP of $132 billion. Columbus’ GDP is $130.8 billion, moving it into the #2 spot. Cleveland falls to the #3 spot, with a GDP of $129.4 billion. By comparison, Detroit is a $252.7 billion economy.
August, 2017: Cleveland area's economy is growing, but at a slower pace than the state and the nation. Read more here.
July, 2017: Cleveland's Opportunity Corridor plans to show how local economy could benefit. Read more here.
June, 2017: The tax code has a direct impact on Ohio’s economic growth and job creation. That matters everywhere in the country, but especially in Ohio, where more than 13,045 manufacturers employ almost 682,600 workers. Those jobs could be threatened if the current tax code is not reformed. And that possibility is even more disturbing since Ohio is already struggling with job creation. Between December 2015 and December 2016, Ohio saw only a 0.9% increase in jobs, which is well behind the national average of 1.6% during the same period.
May, 2017: Cleveland Fed Chief says economy is healthy and ready for more interest rate hikes. Read more here.
April, 2017: Cleveland and Northeast Ohio continues to "inch forward" economically. Read more here.
January, 2018: The economy in Ohio and parts of neighboring states expanded moderately the past six weeks, the latest Beige Book report from the Federal Reserve. Labor markets tightened in the Federal Reserve Bank of Cleveland’s multi-state territory, according to the report released Wednesday. A majority of contacts reported they are replacing departed workers. Read more here.
November, 2017: A key reason to remain upbeat about the outlook in Cleveland is the optimism evident in business and consumer sentiment surveys. The University of Michigan's Consumer Sentiment Index, jumped 6.0 points in early October to 101.1, its highest level since the start of 2004. Read more here.
October, 2017: The Cincinnati economy is now the #1 economy in Ohio, with a GDP of $132 billion. Columbus’ GDP is $130.8 billion, moving it into the #2 spot. Cleveland falls to the #3 spot, with a GDP of $129.4 billion. By comparison, Detroit is a $252.7 billion economy.
August, 2017: Cleveland area's economy is growing, but at a slower pace than the state and the nation. Read more here.
July, 2017: Cleveland's Opportunity Corridor plans to show how local economy could benefit. Read more here.
June, 2017: The tax code has a direct impact on Ohio’s economic growth and job creation. That matters everywhere in the country, but especially in Ohio, where more than 13,045 manufacturers employ almost 682,600 workers. Those jobs could be threatened if the current tax code is not reformed. And that possibility is even more disturbing since Ohio is already struggling with job creation. Between December 2015 and December 2016, Ohio saw only a 0.9% increase in jobs, which is well behind the national average of 1.6% during the same period.
May, 2017: Cleveland Fed Chief says economy is healthy and ready for more interest rate hikes. Read more here.
April, 2017: Cleveland and Northeast Ohio continues to "inch forward" economically. Read more here.