We have near real-time views of sales and prices, but a lagged view of tax refunds. The latest data reveal that the used-vehicle market achieved liftoff last week. Through Friday, February 28, tax returns filed with the IRS were up…
The IRS caught up with statistics on tax filings and refunds through Friday, February 21. As of then, tax returns filed with the IRS were down slightly (0.1%), but the number of refunds was down 2.9%. The average refund was…
Tax refunds drive the demand that makes the spring season the most important season of the year for the used-vehicle market. This is week 9 of the year, which is when we expect to see a jump in used retail…
Housing continues to support growth in the U.S. economy, and consumer credit continues to flow as the Federal Reserve suggests interest rates will remain stable. Housing strong: With mortgage rates again approaching all-time lows, demand for housing is high, but…
We continue to expect this year to be “not so bad” for the industry and especially for dealers as a modest decline in new retail sales will be offset by the gain in used retail sales. Consumer spending slowing: Consumer…
The year of wild cards continued last week, with the chaos and long delay for results in the first presidential election primary in Iowa. One wild card was taken off the table when the impeachment trial ended with an acquittal…
The year of wild cards continued with a momentous Friday leaving us with mounting concerns about the coronavirus, stock market declines resulting in net declines for the year, Great Britain separating from the European Union, and the impeachment trial heading…
The Federal Reserve officially left short-term rate policy unchanged, which was expected. The Fed is determined to leave monetary policy parked in the absence of clear evidence of a material change in the direction of the economy. Even though their policy…
We are three full weeks into 2020, the year of wild cards. Concern about Iran has now been replaced by the coronavirus spreading from China. While the impeachment trial continued here, the U.K. cleared the final legal hurdle for Brexit to…
Two full weeks into January, most of the latest data reflects key trends in December. Inflation eats into wages: Inflation increased modestly in December, primarily from higher energy prices and from big increases in health care insurance. Average weekly earnings…
