A replay of the Cox Automotive 2022 Mid-Year Review webcast held on Tuesday, June 28, is available below. Cox Automotive Chief Economist Jonathan Smoke and our Industry Insights team provided a deep dive into the economy and auto industry – the new, used and wholesale vehicle markets for the first half. The Cox Automotive June U.S. auto sales forecast was … Continued
As the first half of 2022 comes to a close, our team is once again reviewing the market predictions we offered back in January and providing an assessment of how well we did. Of course, we don’t have full-year results to judge every factor completely, but for the most part, our Ten Predictions for 2022 … Continued
The job market continues to be one of the strongest parts of the economy and is showing no signs of new stress. Meantime, the housing market is suffering the most from the dramatic increase in mortgage rates. Total new home sales are down from a year ago, while mortgage rates rose more than 2.5 percentage … 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.
Retail sales in May declined more than expected, and inflation pressures led to continued shifts in the pattern of spending. Adjusted for inflation, retail sales were down compared with a year ago, but spending remains quite robust on a nominal basis. Consumers are spending more on gas and groceries but less on cars, electronics, appliances … Continued
The Fed raised the target for the Federal Funds Rate by three-quarters of a percentage point today as it becomes more aggressive in its quest to rein in inflation. The increase in the target rate was the largest in almost 28 years. The Fed has now increased the target rate by 1.5 percentage points and … Continued
CBT News, June 15, 2022 – Cox Automotive recently released its Q2 Dealer Sentiment Index, which provides a current view of dealer sentiment and looks ahead to the next 90 days. The study reveals that COVID concerns are mostly in the past, but inflation, high costs, and low inventory continue to challenge dealers. Jim Fitzpatrick on … Continued
Financial markets sold off Friday with the report on the Consumer Price Index showing inflation accelerating again in May. Inflation is also weighing on consumer attitudes as measures of consumer sentiment have shown further declines. The gains in inflation were broad based, but energy, food, shelter and vehicles played outsized roles in the monthly acceleration. … 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 May employment report showed a slight slowing in job growth that exceeded expectations at 390,000 jobs created, and the unemployment rate was also unchanged at 3.6%. Labor force participation increased, and growth in average hourly earnings year over year slowed. Consistent with a strong labor market, continuing claims keep falling and are now at … Continued