U.S. monetary policy is now entering a tightening phase as the Fed issued their official statement following their seventh meeting of 2021. As expected, the Fed announced that tapering would begin this month. We know now that tapering will proceed, but the process is expected to precede rate increases. At this point, rate increases are … Continued
The declining trend in new daily COVID-19 cases continued last week but the rate of decline slowed, and consumer sentiment is still declining. The Delta variant wave peaked in September and caused a slowing in the pace of real growth in the economy. Third-quarter real GDP grew only 2% following a 6.7% increase in the … 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.
Existing home sales increased more strongly than expected in September and reached the highest pace of sales since January. The trend in new daily COVID-19 cases declined again last week as did new and continuing jobless claims, which fell to new pandemic lows. Still, however, consumer sentiment lost ground and, as a result, is down … Continued
During the Q3 2021 Manheim Used Vehicle Value Index call held earlier this month, we covered a significant amount of material. The Q&A session was robust, which we appreciate, and we ran out of time due to the volume of questions. While reviewing the remaining questions, we noticed that most fell into four major categories: … Continued
The trend in new daily COVID-19 cases continued falling last week. Consumer sentiment moved slightly higher for the week, and sentiment is now up slightly in October following declines all summer and in September. Inflation trends accelerated in September, and retail sales increased in September and were much stronger than had been expected. Auto loan … Continued
CBT News, Oct. 14, 2021 – We continue to hear news of record pricing across the industry, so on today’s show, we’re learning where things stand today. Host of Inside Automotive Jim Fitzpatrick is pleased to welcome Cox Automotive Chief Economist Jonathan Smoke to discuss third quarter auto sales and he’ll also give us 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.
Job creation numbers for September were disappointing, though new jobless claims fell as did the unemployment rate – to a pandemic low – while wages grew. New-vehicle sales nosedived on low inventories, delivering the lowest seasonally adjusted annual rate (SAAR) in 16 months. The retail used vehicle market also cooled but still outperformed the new-vehicle … Continued
The declining trend in new daily COVID-19 cases continued last week, but consumer confidence still saw declines. Consumer spending growth accelerated in August even as income growth slowed. Inflation in August, according to the Fed’s preferred measure, was at the highest level in 30 years. The new-vehicle market lost more momentum in September. Pending home … Continued