The initial retail sales report for June was mixed, with upward revisions to May but weaker-than-expected growth in June. Adjusted for inflation, retail sales were unchanged for the month. Existing home sales declined more than expected in June. Supply continues to limit what is possible for sales. Residential construction starts declined in June, reversing a … 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 declined again in June, and the monthly increase in core prices is finally decelerating. Headline inflation was down to 3.1% year-over-year in June, the lowest level since March 2021. Compared to last year, used-vehicle sales performance improved in June for the best year-over-year performance since March. However, wholesale used vehicle values fell again … Continued
The June employment report reflected a labor market finally starting to show signs of weakening, as June saw fewer jobs created than had been expected. Still, the unemployment rate declined to 3.6% and remains very low. Only two major industry sectors lost jobs in June. Average hourly earnings growth also remains strong. This is likely … Continued
First quarter real GDP growth was revised up substantially but still reflected a modestly slowing economy in aggregate. Consumer incomes saw accelerating gains in May and remained strong while spending decelerated, leading to higher savings. All key measures of inflation declined. New home sales increased in May, while pending home sales declined. Total home sales improved … Continued
A replay of the 2023 Cox Automotive Mid-Year Review webcast held on Tuesday, June 27, is available below. Chief Economist Jonathan Smoke, Senior Economist Charlie Chesbrough, plus Chris Frey and Jonathan Gregory, senior managers of Economic and Industry Insights, presented how the auto industry performed in the first half and what’s likely ahead, including updated 2023 Cox Automotive … Continued
Auto loan performance resumed deteriorating in May as delinquencies and defaults both increased for the first time in three months. The severe delinquency rate in May was the worst since at least 2006. The default rate rose to nearly what it was in 2019. Existing home sales saw a small gain in May, but supply … 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 declined again in May, with headline inflation down to 4% from a year ago. More decline is ahead when used-car prices and rents finally accurately reflect what has already happened. With inflation continuing to decline and lagged impacts still coming from the monetary tightening over the last 15 months, the Federal Reserve left … Continued
The Fed did not raise rates today, which was widely expected. This was the first meeting without an increase after 10 straight increases. However, the Fed avoided calling it a pause or the end of rate increases and set a clear expectation that at least one more rate increase was likely as early as the … Continued