Automotive Dealer's Weekly Update 8-25-2022
The Automotive Advisor Team
Economic Update: Source
Sentiment reached its second-highest reading in 21 months and is now about 39% above the all-time historic low reached in June of 2022. While buying conditions for durables and expectations over living conditions both improved, the long-run economic outlook fell back about 12% this month but remains higher than just two months ago. Gas prices increased in July and have been rising in August as well but declined over the last week. According to AAA, the national average price for unleaded gas has increased 1.3% so far in August to $3.83 per gallon as of August 24, which was down 1.2% week over week and down just 1% year over year.
Bottom line, Consumers perceive that the rapid improvements in the economy from the past three months have moderated, particularly with inflation, and they are tentative about the outlook ahead.
High mortgage rates caused mixed results for home sales.
Jobless claims remained stable.
Consumer sentiment fell. Gas prices and interest rates rose; stock prices dropped.
Click HERE to read the full Auto Market Report!
John Ellis
Founder and CEO
The Automotive Advisor Team
www.theautomtoiveadvisorteam.com
john@theautomotiveadvisorteam.com