Job growth decelerated in August and was close to expectations, especially with downward revisions to prior reported payrolls. The headline unemployment rate increased to 3.7% in August and is now again higher than the pre-pandemic low in February 2020. August total new-vehicle sales volumes were up 3.2% year over year, with one more selling day … 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.
Economic growth declined less than initially estimated, and consumer spending was revised up. The job market remains strong, but the housing market is in decline. The drop in real GDP in the second quarter was revised to a smaller 0.6% decline from an original estimate of a 0.9% decline as consumer spending was revised up. … Continued
High gas prices caused truck and SUV shoppers to consider downsizing to smaller, more fuel-efficient versions of trucks and SUVs, according to a Cox Automotive analysis of consumer shopping data on Kelley Blue Book. Large truck shoppers also considered electric trucks. Midsize SUV intenders added hybrid versions to their shopping lists. Top 10 Growth Segments: … Continued
Both service activity and service revenue at U.S. franchised dealerships decreased in July, according to the latest Cox Automotive analysis of Xtime metrics. The Repair Order Revenue Index decreased month over month again in July but remains up year over year. Meanwhile, the Repair Order Volume Index remained down both month over month and year … Continued
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
Shopping for electrified vehicles rose in the second quarter due to high gas prices and more selection of EVs and hybrids on the market, according to the most recent Kelley Blue Book Brand Watch™ report. One in four shoppers considered an electrified vehicle, the report showed. The Kelley Blue Book Brand Watch Report is a … Continued
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) declined 3.6% from July in the first 15 days of August. The Manheim Used Vehicle Value Index fell to 211.6, which was up 8.8% from August 2021. The non-adjusted price change in the first half of August was a decline of 2.0% compared 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.
New-vehicle affordability declined slightly again in July with increases in interest rates and new-vehicle prices reaching a record high, according to the Cox Automotive/Moody’s Analytics Vehicle Affordability Index. The number of median weeks of income needed to purchase the average new vehicle in July increased to 42.2 weeks from a downwardly revised 42.0 weeks in … Continued