The job market stays strong as continuing claims remain below pre-pandemic levels. The housing market is suffering from the dramatic increase in mortgage rates experienced so far this year. Existing home sales declined for the sixth month in a row in July. New construction has also slowed. Retail sales in July showed no signs of … 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.
Inflation decelerated, consumer credit growth accelerated, and consumer sentiment is rising on lower gas prices in the latest economic data available. The Consumer Price Index (CPI) showed inflation decelerated in July. The year-over-year inflation rate was 8.5%, down from 9.1% in June. Many of the top-level categories saw declines in July, but food experienced a … Continued
The July employment report marked a milestone in the pandemic recovery, indicating no sign of a recession. Job growth in July accelerated to 528,000 jobs created. Unemployment fell to 3.5%, the same as it was in February 2020, though the number of jobs on payrolls is now higher than it was in February 2020. Labor … Continued
As I noted after their July meeting, the Federal Open Market Committee has moved the target rate more in the past two months than at any point since 1981, and they are not done yet. The Fed’s aggressive stance on tackling inflation has resulted in increased borrowing rates that will likely move to 3.5% or … 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.
Real GDP declined again in the second quarter, as falling inventory accumulation and lower residential construction spending decreased private investment. Even so, consumer spending did grow over the first quarter. We have now seen two negative quarters in a row on real GDP, but the technical declines do not mean the U.S. is in a … Continued
As widely expected, the Fed raised the target for the Federal Funds Rate by three-quarters of a percentage point today as it remains steadfast in its goal to rein in inflation. Combined with the increase made in June, the Fed has now moved the target rate more in two months than at any point since … Continued
The job market is starting to show signs of cooling as new initial claims have risen for seven straight weeks and are now at a level higher than they were before the pandemic began. However, continuing claims continue to remain below pre-pandemic levels. The housing market has suffered the most from the dramatic increase in … Continued
Earlier this month, during our quarterly Manheim Used Vehicle Value Index (MUVVI) conference call, there were a significant number of questions related to the health of the U.S. economy, inflation, and the impact used-vehicle prices are having on inflation. These are all important topics that are worth addressing. First, as I noted during the call, … Continued