The Fed raised the target for the Federal Funds Rate by three-quarters of a percentage point today as it becomes more aggressive in its quest to rein in inflation. The increase in the target rate was the largest in almost 28 years. The Fed has now increased the target rate by 1.5 percentage points and … Continued
CBT News, June 15, 2022 – Cox Automotive recently released its Q2 Dealer Sentiment Index, which provides a current view of dealer sentiment and looks ahead to the next 90 days. The study reveals that COVID concerns are mostly in the past, but inflation, high costs, and low inventory continue to challenge dealers. Jim Fitzpatrick on … Continued
Financial markets sold off Friday with the report on the Consumer Price Index showing inflation accelerating again in May. Inflation is also weighing on consumer attitudes as measures of consumer sentiment have shown further declines. The gains in inflation were broad based, but energy, food, shelter and vehicles played outsized roles in the monthly acceleration. … 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 May employment report showed a slight slowing in job growth that exceeded expectations at 390,000 jobs created, and the unemployment rate was also unchanged at 3.6%. Labor force participation increased, and growth in average hourly earnings year over year slowed. Consistent with a strong labor market, continuing claims keep falling and are now at … Continued
Real GDP declined in the first quarter slightly worse than originally estimated, but mainly because of net exports and declining inventories. Consumer spending remained robust and improved in the latest estimate. Consumer spending slowed in April but remains strong. Income growth slowed, and the savings rate declined. The housing market saw further declining momentum in … Continued
COVID cases increased again last week and exceeded levels seen at the same time last year. However, severity indicators, like fatalities and ICU admissions, remain at or near pandemic lows. COVID cases combined with the war in Ukraine, rising inflation and a volatile stock market are negatively impacting consumer sentiment. Retail sales increased solidly, indicating … Continued
COVID cases increased again as Omicron subvariants push case numbers up to levels last seen in mid-February. Measures of consumer sentiment have shown declines so far in May, as inflation and stock market declines weigh on consumer attitudes. Inflation decelerated slightly in April, but rent and services saw gains. Consumer credit grew at an accelerated … 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 April employment report showed stable job growth at 428,000 new jobs, and the unemployment rate was also unchanged at 3.6%. Labor force participation declined from what had been the highest level for the pandemic in March. Growth in average hourly earnings slowed. Consistent with a strong labor market, continuing claims keep falling and are … Continued