#000

It is important for policymakers to know what employment sectors are most impacted by sudden changes in the regional economy.  The Current Employment Statistics (CES) provides the latest estimates of employment (which are roughly two months from the observation date).  Data are available by metro area and industry sector.

Employment in Southeast Michigan (Thousands)

Vehicle sales are critical to the health of Southeast Michigan economy.  This indicator shows the seasonally adjusted annual rate (SAAR), by month, for new vehicle sales in the United States.

U.S. Vehicle Sales (SAAR, in millions)

Business applications are a leading indicator of entrepreneurship.  High-Propensity Business Applications (HBA) are applications for a federal Employer Identification Number (EIN) where the characteristics of the application indicate that it is more likely to form a business with payroll.   Businesses Applications with Planned Wages (WBA) are a subset of HBA that indicate a first wages-paid date, increasing the likelihood that such a business will have a paid employees.   See source for more information.

Business Applications in Michigan

Consumer spending makes up roughly two-thirds of the domestic economic output for the United States.  The Index of Consumer Sentiment gives a glimpse as to how consumers are feeling about spending and their future expectations for the economy.

Consumer Sentiment Index from University of Michigan

Real personal consumption expenditures (PCE) is the primary measure of consumer spending on goods and services in the U.S. economy.  This chart shows the real (or inflation-adjusted) level of expenditures, broken down by durable goods, nondurable goods, and services.   Durable goods have an average useful life of at least 3 years (e.g. motor vehicles) while nondurable goods have an average useful life of less than 3 years (e.g. food).   Services are commodities that cannot be stored or inventoried and are consumed at the time of purchase (e.g., dining out).   Services have been hit especially hard during the COVID-19 pandemic.

Real Personal Consumption Expenditures (Billions)

With fewer financial resources than corporations, small businesses are more vulnerable to closure due to the pandemic.   SEMCOG uses the Census Bureau's Small Business Pulse Survey to track small business closures.  It is a voluntary, longtidunidal survey with a sampling frame of almost 900,000 single-location businesses.  Respondents are asked if their business either temporarily or permanently closed a location in the previous week.    The survey covers almost all private-sector industries, including construction, manufacturing, retail, finance, professional and business services, and leisure and hospitality.

Small Business Closures in Detroit Metro

The Census Bureau has an experimental survey of small businesses to understand the impact of the Coronavirus pandemic on the small business community.  One question asks what the overall effect that the Coronavirus pandemic has had on them.   This question has been asked in all survey phases: 1) April 26, 2020 to June 27, 2020,  2) August 9, 2020 to October 12, 2020, and 3) November 9, 2020 to January 10, 2021.

Survey: Small Business Covid Impact in Detroit Metro

The Census Bureau has an experimental survey of small businesses to understand the impact of the Coronavirus pandemic on the small business community.   One question asks what resources are needed by small businesses in the next 6 months.  Respondents are allowed to select any of the seven possible needs listed. This question was asked in Phases 2 and 3 of the survey:  2) August 9, 2020 to October 12, 2020, 3) November 9, 2020 to January 10, 2021.

Business Climate