Highlights: New-Vehicle Average Transaction Pricing Despite slight variations, the average transaction price of a new vehicle remained statistically unchanged from June at approximately $48,401. This reflects a minor dip of 0.2% year over year, but overall, an impressive increase of 24.6% since July 2019. Incentives from manufacturers are also on the rise, gaining 9.1% in … Continued
Cox Automotive’s Auto Market Report video delivers a comprehensive analysis of the current automotive market. Chief Economist Jonathan Smoke leads our effort to translate data and trends into actionable insights. This video covers a wide range of topics, including consumer spending patterns, consumer sentiment, retail vehicle sales, financing rates, supply dynamics, pricing trends and leading … Continued
Highlights: A Closer Look at the Job Market The job market in July saw a significant slowdown in growth. There were 114,000 new jobs created, far short of the anticipated 175,000. This resulted in an increase in the underemployment rate, the broadest measure of unemployment, which rose to 7.8%. This is 0.8 percentage points higher … Continued
The Fed left interest rates and overall monetary policy unchanged today. We have now had eight straight meetings with no change in rate policy, and this level of restrictive rates has been in place for a full year. The Fed remains focused on achieving a 2% target on core PCE. It was 2.6% in June. … Continued
Highlights: GDP, Personal Income and Spending. The second quarter saw an encouraging upswing in real GDP growth, rising to 2.8% annualized from 1.4% in the prior quarter. This acceleration came from robust private domestic investment and government spending. On the downside, net exports dragged on growth as import growth outpaced export growth. Consumer Spending and … Continued
Cox Automotive’s Auto Market Report video delivers a comprehensive analysis of the current automotive market. Chief Economist Jonathan Smoke leads our effort to translate data and trends into actionable insights. This video covers a wide range of topics, including consumer spending patterns, consumer sentiment, retail vehicle sales, financing rates, supply dynamics, pricing trends and leading … Continued
Highlights Retail Sales Performance: Mixed Results June’s retail sales report revealed no growth, which was better than the expected decline. While the auto sector experienced a downturn due to software issues, there were notable gains in e-commerce and building supplies, leading to a slight overall increase compared to the previous year. Residential Construction Trends: A … Continued
Highlights Inflation: Unexpected Decrease Reinforces Control According to the CPI, headline inflation declined by 0.1% in June, better than the expected 0.1% increase. This reinforces the belief that inflation is under control. Used Vehicle Market: Decline in Sales and Prices Our used retail sales estimates, based on vAuto data, indicate that volumes were down 5% … Continued
Cox Automotive’s Auto Market Report video delivers a comprehensive analysis of the current automotive market. Chief Economist Jonathan Smoke leads our effort to translate data and trends into actionable insights. This video covers a wide range of topics, including consumer spending patterns, consumer sentiment, retail vehicle sales, financing rates, supply dynamics, pricing trends and leading … Continued
Highlights Employment Overview June saw stronger-than-expected job growth; however, a deceleration was also observed: Unemployment and Earnings The employment situation shows mixed signals: Vehicle Sales and Prices Sales and prices of new light vehicles took a hit: Overall, while job growth was stronger than expected, the increase in unemployment rate and decline in new-vehicle sales … Continued
