Job growth in December was stronger than expected, but prior months were revised down. The three-month average shows slowing growth, and that slowing should continue in 2024. The unemployment rate was steady as labor force participation fell and wage inflation accelerated slightly. The pace of new-vehicle sales increased in December as sales into rental fleets … 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
Inflation changed little in November but was consistent with expectations. Headline inflation declined with the second-lowest reading since March 2021. Only June was lower. Retail sales declined in November but were stronger than expected, with consumer spending having the strongest year-over-year performance since February. Access to auto credit declined in November as credit tightened across … Continued
A decade from now, when we look back at the years immediately following the global COVID pandemic of 2020, we’ll be awed by the dramatic swings and unprecedented circumstances the economy and auto market endured. To name a few, we saw historic appreciation in vehicle values, unimagined drops in supply, and interest rates moving from … Continued
As expected, the Fed left interest rates and overall monetary policy unchanged today. We have now had three straight meetings with no change in rate policy. The biggest changes from the Fed are in words and forecasts. Financial markets have changed perspective quite a bit since the last Fed meeting. Bond yields and real consumer … Continued
Job growth in November improved modestly, about as expected. Labor force participation grew, and the unemployment rate declined while wage inflation was stable at the lowest level since June 2021. The Fed’s efforts to slow the economy and a “soft landing” still looks likely. The new vehicle sales SAAR declined in November as sales into … 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
Economic growth for the third quarter was revised up in the latest estimate to the strongest in almost two years. Accelerating growth in consumer spending was a major driver of the growth, but the opposite is happening in the fourth quarter. Consumer spending grew in October but at a decelerated pace. The savings rate increased … 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
Inflation cooled more than expected in October as most metrics based on Consumer Price Index (CPI) data saw slower paces of increase from September and year over year. Retail sales declined in October but came in better than expected. Miscellaneous stores and motor vehicles and parts had the biggest declines for the month. Excluding autos … Continued
