Industry Indicators: Economic and Trade Uncertainty Persists, But U.S. Economy Remains Resilient
While the economic picture has worsened, higher tariffs are increasing uncertainty and global growth is slowing, although it doesn’t yet appear to be enough to push the U.S. economy into recession. The overall economy added just 75,000 new jobs in May, but unemployment remained at a 50-year low of 3.6%. Likewise, consumer sentiment remains incredibly favorable. May is just the fifth month to see the index breach 100 since the year 2000. Additionally, personal income and consumer spending are both up from last year. However, concerns about tariffs appear to weigh heavily on consumers.
New-vehicle sales bounced back in May, increasing 5.9% from April. However, sales remain relatively weak this year. Much of the weakness stems from passenger cars, while sales of new SUVs and pickups are up.
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