Market Moves

Economic Outlook —

• Improving Confidence: The Conference Board reported a 2.9% increase in consumer confidence in November, driven by a more optimistic future outlook.
• Persistent Inflation Factors: Energy, housing, and core services continue to drive inflation causing consumers to increasingly forego purchases due to the high prices, a significant change from last year's behavior.
• GDP Growth: Q3 saw a substantial increase in real GDP, revised up to a 5.2% annualized increase, surpassing the initial 4.9% estimate.
• Gas Prices: Notably, gas prices have been on a downward trend for about 70 days, according to AAA.

Market Updates —

• Used Car Market: The used car market is experiencing a drop in prices across various segments, with pickup trucks seeing the most significant decline.
• Wholesale Adjustments: The wholesale market is reflecting similar trends, with overall car segment prices declining and specific categories like compact vans and luxury SUVs experiencing a more pronounced drop.
• New Car Market: The market continued to experience significant declines in the last week of November. Work Vans, Full-Size Luxury SUVs, and Compact Car segments experienced the most significant declines, with all three segments depreciating by more than 3% in a single week.