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Auto Market Weekly Summary

May saw 559,000 new jobs created but 675,000 had been expected. The headline unemployment rate and the underemployment rate both fell to new lows for the pandemic. New jobless claims also fell again last week to their lowest level for the pandemic. Average hourly earnings are growing at a solid pace even though the majority … Continued

Auto Market Weekly Summary

The declining trend in new daily COVID-19 cases continued last week. Consumer sentiment improved last week, but all measures of consumer confidence saw declines in May. Economic activity is continuing to pick up, and first-quarter GDP growth accelerated. Spending grew again in April even with a slide in income from March with the huge impact … Continued

When the Pipeline Shut Down, Consumer Interest in EVs Jumped

Early in May the owner and operator of the Colonial Pipeline was hit by a ransomware attack. The Colonial Pipeline is among the biggest fuel lines in the United States, and the ensuing trouble, which forced the company to shut down the line for five days in May, was well documented. Gas stations in the … Continued

Auto Market Weekly Summary

The trend in new daily COVID-19 cases declined again last week, leading to improved economic activity. Consumer sentiment gained ground but remains down for May despite increasing economic activity and jobless claims continuing to fall. New construction, especially starts, fell in April as labor and material shortages took a toll. Existing home sales also declined … Continued

Auto Market Weekly Summary

New daily COVID-19 cases continued to decline as more people were vaccinated. Economic activity continued to recover as more states ease restrictions.  New jobless claims declined to their lowest level for the pandemic. Inflation jumped, likely prompting a decline in consumer sentiment. Retail sales were unchanged, and consumer credit is growing. Inflation rises: Both headline and core … Continued

Auto Market Weekly Summary

The trend in new daily COVID-19 cases declined again last week, but the vaccination pace slowed as well. In terms of the economy, the jobs recovery lost momentum, but vehicle sales soared.  The vehicle market improved upon March’s incredible performance with even tighter supply. New and used retail sales beat the April 2019 performance. Used-vehicle … Continued

Auto Market Weekly Summary

The declining trend in new daily COVID-19 cases accelerated this week, but the vaccination pace also slowed. Consumer sentiment improved, and all measures of consumer confidence saw strong gains in April. Economic activity is continuing to pick up. First-quarter GDP growth accelerated, and spending grew strongly in March to end the quarter, supported by stimulus … Continued

The Fed Remains Steadfastly Accommodative, and Some Auto Loan Rates Are Lower

U.S. monetary policy was unchanged today as the Fed issued their official statement following their third meeting of 2021. The biggest changes in the official statement were in this section covering current conditions: “Amid progress on vaccinations and strong policy support, indicators of economic activity and employment have strengthened… Inflation has risen, largely reflecting transitory … Continued

Auto Market Weekly Summary

The trend in new daily COVID-19 cases declined last week, but the pause in the administration of the Johnson & Johnson vaccine continued, causing the vaccination pace to slow. Late Friday, the pause was lifted, and Johnson & Johnson vaccines began being administered over the weekend. Consumer sentiment lost more ground, but economic activity is … Continued

Auto Market Weekly Summary

The trend in new daily COVID-19 cases resumed increasing last week after stalling the week before. The FDA paused the administration of the Johnson & Johnson vaccine, but the vaccination pace still increased. Rising cases and negative news about vaccines helped take the wind out of the upward trend in consumer sentiment.  Even so, economic … Continued