Economic growth for the second quarter was unrevised at 2.1%, but revisions to historical data caused last year to be weaker and the first quarter to be stronger. As a result, the second quarter growth rate represented a modest slowing, and consumer spending growth slowed substantially. Consumer spending growth decelerated in August, but income growth … Continued
New construction trends were mixed in August with starts down, permits up, multifamily weak, but single family more stable. Existing home sales declined again in August when a small increase had been expected. Jobless claims are declining in September. The labor market is not as strong as it was a year ago, and claims have … Continued
As expected, the Fed left rates unchanged, at least regarding the official short-term rate policy. However, they made it clear that additional rate hikes could come, as they remain “highly attentive to inflation risks.” The Fed will hold two more meetings in 2023; one on November 1 and another on December 13. The Fed also … Continued
The headline, aggregate measure of inflation increased on a seasonally adjusted basis in August. The Consumer Price Index (CPI) increased 0.6%, up from a 0.2% increase in July. Higher fuel prices were a key driver of the increase in August. The core CPI, which excludes Food and Energy, increased 0.3%, which was up from a 0.2% … Continued
The video below is part of a biweekly Auto Market Report series focusing on data and insights that provide a holistic view of the auto industry. Chief Economist Jonathan Smoke leads our effort to translate data and trends into actionable insights. Download this week’s presentation
New-vehicle sales rose slightly in August and were up double-digits compared to a year ago. The seasonally adjusted annual rate of sales (SAAR) declined to 15.0 million from 15.7 in July. Sales into fleet and increasing incentives contributed to the gains. Both sales to rental fleets and incentives doubled. The used-vehicle sales performance compared to … Continued
Economic growth for the second quarter was revised down, but it still showed a small increase from the first quarter. Consumer spending growth accelerated, but income growth slowed while inflation ticked up. Pending home sales increased slightly again. The August employment report was mixed. Job growth in August was stronger than expected, but prior job numbers … Continued
The video below is part of a biweekly Auto Market Report series focusing on data and insights that provide a holistic view of the auto industry. Chief Economist Jonathan Smoke leads our effort to translate data and trends into actionable insights. Download this week’s presentation
Existing home sales declined in July, while new home sales increased slightly. Total home sales fell in July as high mortgage rates hurt affordability and limited existing home supply. Jobless claims remain remarkably stable, which does not indicate a major deterioration in the labor market. Measures of consumer sentiment have declined in August as stock prices … Continued
The initial retail sales report for July showed a reacceleration in consumer spending. Adjusted for inflation, retail sales increased over June and were barely down compared to a year ago. Residential construction starts appeared to increase in July, but only because June was revised down. Housing permits were little changed, while housing starts exceeded permits, … Continued