Newsroom
July auto sales demonstrate continued growth
Total vehicle sales increased 100,000 annualized units in July and monthly sales levels were up 22.6 percent year over year. NAFCU Economist Noah Yosif analyzed the data in a new Macro Data Flash report.
“While month-over-month growth was subdued, a healthy uptick in year-over-year sales affirms persistent underlying momentum in the vehicles market, driven by expanding inventories that have enabled supply to meet demand,” said Yosif. “The second half of the year comprises more tailwinds than headwinds for the industry, including improved consumer confidence, reduced fears of recession, further deceleration in inflation, and a conclusion to the Fed’s current tightening cycle.”
Car sales remained flat in July but increased 17.8 percent compared to a year ago. Light truck sales also remained flat but increased 18.3 percent year-over-year. Data on units produced – which lags a month behind sales data – showed domestic production decreased 3.4 percent and inventory rose to 0.83 months of sales.
“NAFCU expects these factors will enable vehicle sales to find a more consistent post-pandemic trend, which will set the pace for growth within the second half of the year,” Yosif concluded.
For more up-to-date economic insights from NAFCU's award-winning research team, view NAFCU’s Macro Data Flash reports.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.