Automotive Market Update 1-19-24

The Waiting Game

Economic Outlook: Source

Reviewing consumer spending we saw growth in the second to last week of 2023 with consumers gearing up for Christmas and putting money on their credit cards.

Showing below by Bank of America you can see that for every segment of wage earner wage strength has been down over the last six years, but the wage growth percentage is steady. Looking at deposit balances to the bottom right you can see that Americans are still well above their savings rates pre-COVID and holding steady at mid-2021 levels most likely due to holding cash reserves and using credit cards more than before.

Read more HERE.