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
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
