At the start of June, the outlook appears to be improving with the passage of the increase in the debt ceiling and a strong jobs report for May. The May employment report represented a resilient labor market with accelerating job growth but an increasing unemployment rate and decelerating wage growth. The jobs gain of 339,000 … Continued
Growing income and spending data indicate that the consumer is alive and well, and inflation is still a factor that could lead to further Fed rate increases. First-quarter economic growth was revised upward but still reflected a slowing economy in aggregate. Beneath the headline deceleration was strong consumer spending. Consumer incomes and spending saw accelerating … Continued
Updated, June 2, 2023 – Initial estimates of new-vehicle sales in May indeed suggest that year-over-year volume growth was even stronger than our forecast of 20.3%. New-vehicle inventory was at a two-year high heading into the month, and some automakers were beginning to turn up the volume on incentives. As expected, pent-up demand and improved … 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
Despite the massive attention on electric vehicles and new tax credits for them, hybrid vehicles continue to be more popular among vehicle shoppers, according to the Kelley Blue Book Brand Watch™ report for the first quarter of 2023. The Kelley Blue Book Brand Watch report is a consumer perception survey that also weaves in shopping … Continued
A recent analysis by Cox Automotive of Xtime metrics revealed that service activity and revenue at franchised dealerships in the U.S. decreased in April compared to the previous month. However, the Repair Order Revenue Index has increased compared to last year and reached a record high in March, while the Repair Order Volume Index has … Continued
Retail sales increased slightly in April from March but were down from a year ago. Half of the major categories are down year-to-year. New residential construction trends were mixed in April, but building permits now exceed starts, and the activity indicates that single-family construction is stabilizing. Existing home sales declined in April as supply limits … Continued
Welcome to the monthly Manheim Market Insights update. Jeremy Robb, senior director of economic and industry insights at Cox Automotive, offers a monthly check-in on what we are seeing in the used wholesale and retail markets, all through the wide lens of the data available from Cox Automotive. This month’s video highlights tax refunds, the … Continued
Almost three-quarters of luxury vehicle shoppers considered an SUV in the first quarter, according to the Kelley Blue Book Brand Watch™ report for the first quarter of 2023. The new high came at the expense of luxury cars, for which shopping consideration slumped to a new low. The Kelley Blue Book Brand Watch report is … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 2.1% from April in the first 15 days of May. The midmonth Manheim Used Vehicle Value Index dropped to 225.9, which was down 7.0% from the full month of May 2022. The seasonal adjustment contributed to the decline. The non-adjusted price change in … Continued