Global auto sales accelerate to set yet another record.
According to the August issue of the Global Auto Report, published by Carlos Gomes, Senior Economist with Scotiabank, global car sales are on target to set an eighth consecutive annual record.
This represents the longest auto industry up-cycle of recent decades and reflects a broad- based strengthening in economic activity across all regions over the past year, Gomes explains.
According to Gomes, the global economy is expanding at the fastest pace in more than two years, and during July, global volumes advanced 3% y/y, up from a flat performance in the second quarter.
Stronger-than-expected economic growth and healthy labour markets are lifting purchases in Canada and Mexico to record highs. Employment growth has more than doubled in Canada over the past year to nearly 2% y/y, the best performance in 10 years, and is buoying household incomes and purchasing power.
Look for a full report in the next issue of AutoJournal.