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
Job growth in February decelerated but was still stronger than expected. The unemployment rate increased, and wage growth decelerated. Jobless claims are rising again. Continuing claims are fast approaching the highest level in over a year. However, claims remain at historically low levels relative to the job base. Tax refund season is well ahead of … Continued
Pending home sales were a surprise to the upside in January. The strength in new and pending home sales may be short-lived, with mortgage rates moving substantially higher in February and the weather being less cooperative. The light new-vehicle sales pace, or seasonally adjusted annual rate (SAAR), declined in February to 14.9 million. Still, the … 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.
Fourth quarter real GDP growth was revised down as consumer spending was downgraded more than the slowing originally estimated. Inventory growth helped deliver the relatively strong-looking number, which doesn’t speak to strong economic conditions. However, consumer spending has accelerated to start 2023. Consumer spending growth accelerated in January as personal income growth also accelerated. The … Continued
Year-over-year inflation declined in January but at a slower pace. Inflation remains elevated and much higher than the Federal Reserve’s target. Inflation impacting lower-income households remains extremely high. Retail sales increased more than expected in January. Adjusted for inflation, retail sales were unchanged year over year. Most categories are up year over year, and the consumer … 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.
Used retail-vehicle sales increased in January and were up from a year ago. Wholesale vehicle values also increased in January. Auto loan performance deteriorated further in January as both severe delinquencies and defaults grew. The severe delinquency rate is the highest we have seen, but the default rate is still below levels seen in 2019. … Continued
The Fed raised the target for the Federal Funds Rate by a quarter percentage point today, as expected, which was the smallest increase since the first of seven increases in 2022. Last year’s increases resulted in the largest sustained one-way move in rates in Fed history. The biggest news from the Fed today was that … 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.
