By Kyle Cheng
In December, the economy added 312,000 new jobs—well above both average and expectations.
Overall, the U.S. economy continues to add jobs, and the labor market remains a place of strength. In December, the economy added 312,000 new jobs—well above both average and expectations. However, uncertainty remains. Some indicators suggest economic momentum is slowing. Auto-parts production in the last half of 2018 only grew at half the rate it did a year ago. Likewise, new-vehicle sales, while remaining positive, slowed as the year progressed.
It’s hard to predict the magnitude of any economic slowing, but many point to 2019 as a year of moderate growth and 2020 as a challenging year. However, risks may not be as daunting as previously thought. Strength in the labor market and accelerating wage growth offer support for more promising outcomes.
Want more information on the trends affecting the specialty automotive aftermarket? Check out SEMA’s January “Industry Indicators Report” to learn how movements in the broader economy may impact your business strategy.