Economic growth for the second quarter was revised down, but it still showed a small increase from the first quarter. Consumer spending growth accelerated, but income growth slowed while inflation ticked up. Pending home sales increased slightly again. The August employment report was mixed. Job growth in August was stronger than expected, but prior job numbers … 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
Existing home sales declined in July, while new home sales increased slightly. Total home sales fell in July as high mortgage rates hurt affordability and limited existing home supply. Jobless claims remain remarkably stable, which does not indicate a major deterioration in the labor market. Measures of consumer sentiment have declined in August as stock prices … Continued
The initial retail sales report for July showed a reacceleration in consumer spending. Adjusted for inflation, retail sales increased over June and were barely down compared to a year ago. Residential construction starts appeared to increase in July, but only because June was revised down. Housing permits were little changed, while housing starts exceeded permits, … 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
Year-over-year inflation increased in July, but core price inflation, which is more relevant to the Fed’s assessment, continues to decline. Used-vehicle sales improved in July compared with last year for the best year-over-year performance since February. Wholesale used-vehicle values fell again in July but at a decelerating pace of decline. Consumers are tapping credit cards less … Continued
The July employment report showed further slowing in job creation. Initial jobless claims declined, though they are higher than before the pandemic. The historically low unemployment rate declined further. Average hourly earnings growth also stayed strong. The labor market is not as strong as it was a year ago, but the metrics are varied and … 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
Economic growth accelerated in the second quarter and was stronger than expected despite slowing growth in consumer spending. Still, consumer spending accelerated in June, enabled by strong wage gains. Consumers also have more buying power with inflation coming down. New home sales declined in June, while pending home sales increased slightly. Total home sales fell in … Continued
The Fed raised rates today by a quarter point, as expected. While the door was technically left open for additional rate hikes, conditions are not likely to merit more increases during the remaining meetings this fall. In the press conference, Federal Reserve Chair Jerome Powell indicated that the committee wants to see evidence of balance … Continued