This short article was released by S&P Global Mobility and not by S&P Global Ratings, which is an individually managed department of S&P Global.

On projected volume of around 1.139 million units, United States
automobile sales in October will reach a seasonally changed annual rate
( SAAR) of 14.7 million units, according to S&P Global Mobility
price quotes. While this would mark the greatest monthly SAAR level
in eight months, the underlying dynamics of the market stay in
flux.” Pockets of lorry inventory levels continue to improve
more rapidly than gotten out of extremely low levels and
bring welcome news on the supply side of the formula. However,
auto customers are most likely feeling the pressure of current economic
headwinds,” according to Chris Hopson, Principal Analyst at
S&P Global Mobility. “While we continue to point to
inventory levels as a significant consider stemming immediate-term
momentum in automobile sales levels, the deteriorating financial
conditions are ending up being more common.” Hindered by higher interest rate settings and lower levels of
tasks growth than formerly expected, consumers are anticipated to
retrench – thereby becoming a major input element to car demand
levels over the next 12-18 months. In its October 2022 US Economics
update, S&P Global Market Intelligence team has modified
downward its projection of genuine GDP growth in 2023 from 0.9% to
-0.5%. The base forecast now includes a moderate economic downturn beginning in
the fourth quarter of this year, with an anemic recovery taking
hold in the 3rd quarter of next year.If theres a silver lining, the capacity for faster new-vehicle
stock growth should allow for downward pressure on vehicle
prices and offer some clearance for auto consumers happy to
test the marketplace in 2023.