Retail sales were stronger than expected in September. While category performance was mixed, only clothing and home-related categories were down in the month compared to August. New construction trends were mixed again in September with permits down, starts up, multifamily weak, but single family more stable. Existing home sales declined again in September to the slowest … Continued
Last week, as the UAW strike against the Detroit 3 automakers moved into its fourth week, the tenor and dynamics shifted. On Wednesday, October 11th, the UAW unexpectedly called all 8,700 Ford workers at the Kentucky Truck Plant to go on strike, shutting down production of some of the Blue Oval’s most profitable vehicles. For … Continued
The Federal Reserve has new data to consider ahead of its end-of-October meeting, based on the most recent inflation report. Year-over-year inflation was unchanged in September, but core price inflation, which is more relevant to the Fed’s assessment, continues to decline on a year-over-year basis. Consumers are still tapping credit cards but taking out fewer … 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 Federal Reserve’s efforts to slow the economy and, specifically, the strong labor market are looking less effective, and the bond market does not like the signal it sends for the direction of interest rates. Job growth in September was much stronger than expected, and prior job numbers were revised up. The unemployment rate was … Continued
Economic growth for the second quarter was unrevised at 2.1%, but revisions to historical data caused last year to be weaker and the first quarter to be stronger. As a result, the second quarter growth rate represented a modest slowing, and consumer spending growth slowed substantially. Consumer spending growth decelerated in August, but income growth … Continued
Earlier this week, our team posted its new-vehicle sales forecast for September and the third quarter. Overall, as our senior economist Charlie Chesbrough notes, many analysts can’t help but be ‘pleasantly surprised’ with industry performance so far. There are certainly headwinds blowing in the automotive business, but our industry – thanks in large part to … Continued
A replay of the Q3 2023 Cox Automotive Industry Insights and Sales Forecast Call held on Tuesday, Sept. 26, is available below. Chief Economist Jonathan Smoke and the Economic and Industry Insights team shared data and insights regarding the performance of the consumer, industry, and economy in the third quarter, including updated 2023 Cox Automotive forecasts and the Cox Automotive Q3 and … Continued
New construction trends were mixed in August with starts down, permits up, multifamily weak, but single family more stable. Existing home sales declined again in August when a small increase had been expected. Jobless claims are declining in September. The labor market is not as strong as it was a year ago, and claims have … Continued
As expected, the Fed left rates unchanged, at least regarding the official short-term rate policy. However, they made it clear that additional rate hikes could come, as they remain “highly attentive to inflation risks.” The Fed will hold two more meetings in 2023; one on November 1 and another on December 13. The Fed also … Continued
