📈🏭💪 In April, a 9.3% increase in vehicle and auto part production led US manufacturing to its first up month since January. Overall manufacturing rose 1%, but if automotive is removed from the equation, it increased by just 0.4%.
☝️🔼🆙 While manufacturing, at least in the US, is regaining its legs, used car prices are still at historic highs. For example, in Q1 2023, prices dipped 6.4% compared to 2022 but remained 44% higher than in Q1 2018. In the same period, the percentage of used vehicles sold under $20K was cut in half to just 30.6% this year.
🚙🌸📉 While used retail is still elevated, in the first half of May, wholesale used-vehicle prices have dipped by 2.1% compared to April and 7.0% compared to the end of May last year. Even accounting for seasonal adjustments, wholesale prices are down year over year.