Three numbers to start your day:
Prices of Used Cars and Trucks Have Dropped 3% Since Peak in October
That is according to new data from the Bureau of Labor Statistics. It’s the biggest drop over that time period since the end of 2016.
The price of used vehicles soared more than 15% over the summer as Americans shifted away from public transit and took advantage of the drop in interest rates and checks from the government. The recent drop suggests that the pandemic-induced boom is over, either because everyone who wanted a used vehicle already got one, or because they have become relatively harder to purchase.
Over the past year, soaring used vehicle prices accounted for almost a fifth of the total increase in the consumer-price index. Put another way, higher prices on used cars and trucks were enough to offset the huge drop in oil prices, even though used vehicles have a much lower weight in the index than energy.
Two Thirds of Jobless Americans Have Considered Changing Occupations or Industries Since Unemployment
That is according to a new survey from the Pew Research Center.
Most of the job losses since the pandemic began are concentrated in a few industries, such as hospitality, generally employing lower-paid workers. The longer it takes for these industries to ramp back up and the longer these people remain jobless, the greater incentive they have to consider new careers, especially to the extent that the rest of the job market continues to improve.
However, about half of the jobless are pessimistic that they will find any new job in the near future. And even among those who are confident that they will, more than a third think the new job will pay less and have worse benefits.
Aggregate Financing to the Real Economy in China Hits 290 Trillion Yuan in January
That is according to new data from the People’s Bank of China. That is up 13% from last year.
The growth rate is somewhat slower than in the middle of 2020, when the Chinese central bank was pumping as much money as it could into companies and local governments through the banking system and the bond markets, but is still much faster than before the pandemic, when the central government was focused on constraining credit growth. The slowdown was mostly attributable to a reduced pace of corporate bond issuance and a faster contraction in “trust loans.”
The bulk of the new aggregate financing in January came from the big state-run banks, although the bond markets and the “shadow banking” sector also contributed about a quarter of new financing.
Numbers by Barron’s is our daily podcast. Find out more here.
Write to Matthew Klein at matthew.klein@barrons.com
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February 11, 2021 at 05:00PM
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Used Vehicle Prices Have Dropped 3% Since October - Barron's
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