IDRV - S&P Global Mobility Predicts Strong Monthly SAAR For October

Summary

• On projected volume of approximately 1.139 million units, US auto sales in October will reach a seasonally adjusted annual rate (SAAR) of 14.7 million units, according to S&P Global Mobility estimates.
• Hindered by higher interest rate settings and lower levels of jobs growth than previously anticipated, consumers are expected to retrench - thereby becoming a major input factor to auto demand levels over the next 12-18 months.
• If there's a silver lining, the potential for faster new-vehicle inventory growth should allow for downward pressure on vehicle pricing and provide some clearance for auto consumers willing to test the market in 2023.

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