U.S. monetary policy was unchanged today as the Fed issued their official statement following their fifth meeting of 2021. Minimal changes were made in the official statement compared to the prior statement. They acknowledged progress towards the conditions necessary to eventually move away from easy monetary conditions but said they will continue to assess progress … Continued
The trend in new daily COVID-19 cases continued increasing last week. Consumer sentiment declined again and is having its worst month since November. Wholesale used vehicle values continue to decline from their peak in early June. Retail prices are likely to reach their peak this month. New construction trends in June were mixed, but declining … 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.
The number of new daily COVID-19 cases continued to increase last week. New jobless claims declined to a pandemic low, but consumer sentiment declined again, losing ground so far in July. Inflation increased again in June as bottleneck-sensitive categories like used cars, car rentals and lodging saw more big gains. Used vehicles are not likely … Continued
New daily COVID-19 cases continued to increase last week. Used-vehicle sales slowed to a more normal pace. New jobless claims increased slightly from the prior week, but continuing claims declined. Consumer sentiment improved modestly over the last seven days but remains down so far in July. Consumers opened new credit cards and took out new … 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.
The new-vehicle market lost more momentum in June as the market is past the spring frenzy and is now seeing sales fall with even tighter supply and record-high prices with limited incentives. Still, June retail sales were still close to the level recorded in June 2019, so the pace is relatively strong considering the conditions. June saw … Continued
While not all automakers have finalized their sales results for the first half yet, the direction for the industry is clear: The sales frenzy that fueled the market through the spring has clearly passed. June new-vehicle sales appear to be coming in below our initial forecast, and we expect limited supply is the cause. Inventory has been … Continued
At the 2021 Mid-Year review held on June 28, the Cox Automotive Industry Insights team presented their view of the first half of the year. Led by Chief Economist Jonathan Smoke, the team provided insights and data to help quantify how the consumer, the industry and the economy performed in the first half of 2021 … Continued
The trend in new daily COVID-19 cases stopped declining with cases increasing slightly last week. Consumer sentiment improved slightly, but measures of consumer sentiment show mixed trends in June. Consumer spending was unchanged in May as incomes slid with less government support. Inflation in May was at the highest level in more than a decade. … Continued