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Auto Market Weekly Summary

The new-vehicle seasonally adjusted annual rate (SAAR), or sales pace, improved to 15.8 million in February, up from 15.0 million in January, which was impacted by winter weather. An update on new-vehicle sales in February was published this morning. Real GDP growth in the fourth quarter of 2023 was revised down slightly to 3.2%, which … Continued

Auto Market Weekly Summary

Existing home sales increased modestly in January, as the bottom in home sales was likely in 2023. However, the existing home supply remains only half of what is considered normal, and home prices still show above-average year-over-year increases. Jobless claims so far this year are not showing any substantial change in trend, reflecting limited stress … Continued

Cox Automotive Auto Market Report: February 20th

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

Auto Market Weekly Summary

According to the Consumer Price Index, inflation reaccelerated in January as the monthly increase was 0.3%, following a 0.2% increase in December. Headline inflation declined to 3.1% from 3.4% in December.  Retail sales declined in January as weather disrupted sales in most categories. Residential construction activity also declined in January, with housing starts falling by … Continued

Auto Market Weekly Summary

New-vehicle prices fell in January with weaker retail demand. Incentives relative to price reached the highest level since July 2021. Discounting relative to the manufacturer’s suggested retail price (MSRP) has decreased slightly to nearly half of what it was in 2019 after being nonexistent a year ago. Used-vehicle prices were flat again in January, as … Continued

Cox Automotive Auto Market Report: February 6th

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

Auto Market Weekly Summary

Job growth in January reaccelerated and was much stronger than expected, plus prior months were revised up. The three-month average for job creation increased to the highest level in nine months, casting doubt on the thesis that job growth is slowing. The unemployment rate and labor force participation were steady as wage inflation accelerated.  The … Continued

The Fed Signals End of Tightening Era

As expected, the Fed left interest rates and overall monetary policy unchanged yesterday. We have now had four straight meetings with no change in rate policy. The biggest changes from the Fed are in the language that describes their bias, which has shifted from leaning heavily towards tightening to starting to consider loosening. Rate cuts? … Continued

Auto Market Weekly Summary

The economic data released last week affirmed a strong ending to 2023. Real GDP growth was 3.3% for the fourth quarter, which represented a slowing from the third quarter but was still very strong. All components of GDP were positive contributors, and while consumer spending decelerated, it remained at a healthy level for growth. Consumer … Continued

Cox Automotive Auto Market Report: January 23rd

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