Average New Car Payment for US Consumers Hits Record High
October 30, 2023
The following is from Bloomberg. Shoppers are still spending on Halloween decorations, a sign that high interest rates haven’t slowed growth.
The following is from the Kobeissi Letter. The average new car payment at a record $730 per month. Average new car loan rate at a record 9.9%. Average used car loan rate at a record 13.9%. Average new car price at a record $49,000. Auto load delinquency rate at a record 6.1%. How can this possibly end well?
The above two statements show the contrast of where people think we are with regard to our economy and the global economy at large. Some signs point positively, and others are worrisome. How this outlook progresses and what the Fed does with rates will impact energy markets along with the whole host of other factors that impact the market each and every day.
The energy markets continue to be stuck in a range and with no real impact on supplies from the uncertainty in the current war in the Middle East. The energy markets will continue to be stuck in a trading range until something in the situation changes and scares the market in one direction or the other.
Baker Hughes reported that oil rigs were up 2 to a total of 504. Last year there were 604 oil rigs.