Key Highlights
- Job growth showed a strong recovery in November.
- The new-vehicle seasonally adjusted annual rate (SAAR) improved to its best levels in November since May 2021.
- The used-car market also witnessed increasing sales in November.
Economic Labor Trends
Steady job growth was witnessed in November as the job market recovered from Hurricane Milton’s disruptions in October, indicating a stable labor market environment.
- There was a net increase of 56,000 more jobs than initially estimated after hurricane disruptions.
- The private sector alone added 194,000 jobs, and manufacturing rebounded from a decline in October, adding 22,000 jobs.
- The unemployment rate slightly increased to 4.2% from 4.1%.
New-Vehicle Sales and Prices
The new-vehicle SAAR greatly improved in November, reaching the best level since May 2021.
- This growth was entirely attributed to retail, with a marked decrease in sales into fleet relative to the overall market.
- The average transaction price (ATP) of a new vehicle rose to an estimated $48,724 in November, a 1.5% increase from October and a 24.3% increase since November 2019, according to Kelley Blue Book data. [Check back in the Newsroom for the full ATP report later this week.]
- At the same time, incentives from manufacturers increased 4.2% month over month, reaching a high of $3,914 since March 2021 but remaining below November 2019’s level.
Used-Vehicle Sales and Prices
The used-vehicle market experienced sales growth in November, with an increase in wholesale used prices.
- The unadjusted price change marked a decrease of 0.1%, which resulted in an unadjusted average price, which was 1.0% lower year over year.
- Retail sales volumes increased by 5% in November compared to October, while year-over-year sales were up by 15%.
- The November Manheim Used Vehicle Value Index indicated a seasonally adjusted increase of 1.3% in wholesale vehicle values, which was up 0.2% from a year ago.
