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 accelerated in June, according to the Consumer Price Index (CPI). The year-over-year inflation rate hit 9.1%, the highest since November 1981. Key categories that consume a sizable portion of consumer budgets, such as food, rent and gasoline, saw significant gains. Vehicle prices also added to June’s inflation reading, although Cox Automotive data covering used … Continued
The June employment report showed a slowing in job growth, but it exceeded expectations at 372,000 jobs created, which was a historically healthy number of jobs created. The unemployment rate was also unchanged at 3.6%. Labor force participation declined slightly, and growth in average hourly earnings year over year slowed. The underemployment rate fell to … 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 in the first quarter slightly worse than previously estimated, as downward revisions to spending reduced growth further. Even so, consumer spending did grow over Q4 2021. Consumer spending slowed in May. With inflation factored in, real spending declined. Income growth was stable, and the savings rate increased. Pending home sales surprised to … Continued
A replay of the Cox Automotive 2022 Mid-Year Review webcast held on Tuesday, June 28, is available below. Cox Automotive Chief Economist Jonathan Smoke and our Industry Insights team provided a deep dive into the economy and auto industry – the new, used and wholesale vehicle markets for the first half. The Cox Automotive June U.S. auto sales forecast was … Continued
As the first half of 2022 comes to a close, our team is once again reviewing the market predictions we offered back in January and providing an assessment of how well we did. Of course, we don’t have full-year results to judge every factor completely, but for the most part, our Ten Predictions for 2022 … Continued
The job market continues to be one of the strongest parts of the economy and is showing no signs of new stress. Meantime, the housing market is suffering the most from the dramatic increase in mortgage rates. Total new home sales are down from a year ago, while mortgage rates rose more than 2.5 percentage … 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.
Retail sales in May declined more than expected, and inflation pressures led to continued shifts in the pattern of spending. Adjusted for inflation, retail sales were down compared with a year ago, but spending remains quite robust on a nominal basis. Consumers are spending more on gas and groceries but less on cars, electronics, appliances … Continued