This post was released by S&P Global Mobility and not by S&P Global Ratings, which is an independently handled department of S&P Global.

On predicted volume of approximately 1.139 million systems, United States
auto sales in October will reach a seasonally adjusted annual rate
( SAAR) of 14.7 million systems, according to S&P Global Mobility
quotes. While this would mark the strongest month-to-month SAAR level
in eight months, the underlying characteristics of the marketplace stay in
flux.” Pockets of car stock levels continue to improve
more quickly than gotten out of extraordinarily low levels and
bring welcome news on the supply side of the formula. However,
auto consumers are likely feeling the pressure of existing financial
headwinds,” according to Chris Hopson, Principal Analyst at
S&P Global Mobility. “While we continue to indicate
stock levels as a significant consider stemming immediate-term
momentum in auto sales levels, the degrading economic
conditions are ending up being more widespread.” Hindered by higher rate of interest settings and lower levels of
jobs growth than formerly anticipated, consumers are anticipated to
retrench – thus becoming a significant input factor to automobile demand
levels over the next 12-18 months. In its October 2022 US Economics
update, S&P Global Market Intelligence group has revised
downward its forecast of genuine GDP growth in 2023 from 0.9% to
-0.5%. The base forecast now includes a mild recession beginning in
the fourth quarter of this year, with an anemic recovery taking
keep in the third quarter of next year.If theres a silver lining, the potential for faster new-vehicle
inventory development should enable down pressure on automobile
prices and supply some clearance for car customers willing to
test the marketplace in 2023.