Detroit Market Report
Economy Begins to Regain Footing After Big Hit as Businesses Reopen and Unemployment Returns to Single Digits; Rising Confidence Has More Investors Reentering Buyer Pool
Employment rebounding after significant fall. After enduring one of the nation’s stricter lockdowns, which included automakers, hotels, retailers and many restaurants, unemployment soared to 23.2 percent in May, one of the highest rates in the U.S. Job losses rose to 477,300 in April alone and a surge in coronavirus cases caused a prolonged closing, but as firms reopened, the economy has rapidly improved. Roughly 272,700 people were brought back to work in the May through August period, dropping the unemployment rate to 9.6 percent in August, 120 basis points above the national rate. Total employment remains down 225,900 people from the end of 2019, however, and a number of these positions are unlikely to return as many small firms have permanently closed.