U.S. Economic Indicators

At the beginning of 2020, approximately 16.9 million light vehicle units were anticipated to be sold in the United States for the year. In April 2020, the seasonally adjusted annual rate (SAAR) dropped to approximately 8.6 million light vehicle units according to the Bureau of Economic Analysis. This is a 47.9% decline over the same month last year.

Consumer sentiment plunged 18.1 Index-points in early April, the largest monthly decline ever recorded. Combined with March’s decline, the two-month drop of 30.0 Index-points was 50% larger than the prior record.

The coronavirus pandemic has impacted all manufacturing sectors. The Manufacturing PMI® contracted to 41.5% in April, down 7.1 percentage point from the March reading of 49.1%, according to the Institute for Supply Management® (ISM®).

Detroit Metropolitan Airport experienced a 94% decrease in total passengers in the month of April compared to the same month last year. While U.S. airports saw an 88% decrease in airport travelers over the same week last year.

The largest decreases in contribution to GDP were found in personal consumption expenditures (PCE), private inventory investment, nonresidential fixed investments, and exports.