Automotive Dealer's Weekly Update 8-11-202
The Automotive Advisor Team
Current Automotive Economic Outlook: Source
The headline unemployment rate declined to 3.5% from 3.6% in June to return to the pre-pandemic unemployment rate. The labor force participation rate was steady at 62.6%.
The underemployment rate, the broadest measure of unemployment, declined to 6.7% from 6.9% in June and is lower than before the pandemic.
Monthly average hourly earnings growth was stable at 0.4%. Earnings growth year over year was also steady at 4.4%. Initial jobless claims are higher than a year ago and higher than before the pandemic began.
Let’s explore what all that means for automotive’s retail outlook in the second half of 2023 and how to use these insights to grow your operations HERE.