The increase in auto body repair prices is down from the all-time high in July but continues above the rate of inflation. Collision repair facilities report securing labor rate increases from insurers in response to historic levels of inflation. The most recent government figures on inflation through September show the rate of growth of auto […]
Uncertainty Continues to Cloud Consumers’ Outlook on the Economy
Consumer Sentiment in September remains near August’s historic low. Consumer sentiment was essentially unchanged in September, just 0.4 index points above August, according to the University of Michigan Surveys of Consumers. Consumer sentiment is viewed as a leading indicator of economic activity and sharp declines have often preceded or happened during the early point of […]
Slowdown in Inflation Supports Rise in Consumer Sentiment in August
Consumers’ views on their personal financial situation improved during the month. Consumer sentiment rose by 13% in August, lifting off of the all-time low reading for the survey reached in June but remaining 17% below a year ago, according to the University of Michigan Surveys of Consumers. Consumer sentiment is viewed as a leading indicator of […]
U.S. Auto Body Repair Prices Up Nearly 15% in July Compared to Last Year
The increase in auto body repair prices continues above the rate of inflation. Marks historic largest year-on-year increase reported since data was tracked starting in 1978. The most recent government figures on inflation through July show the rate of growth of auto body repair prices is above the rate of general inflation for the 13th […]
Consumer Sentiment Slightly Up Over June
Consumers adjust to inflation as labor market expectations worsen. Consumer sentiment was essentially unchanged from June, when it had reached an all-time low for the survey, according to the University of Michigan Surveys of Consumers. Most components of the index were little changed, though buying conditions for durables adjusted upwards, primarily due to perceptions of […]
NFIB Survey Finds Large Majority of Small Business Owners Report Inflation Pressures Worsening
The NFIB Research Center released a new survey yesterday assessing the impact inflation is having on small businesses. Overall, over half (56%) of small employers reported that inflation is having a substantial impact on their business while about a third (35%) reported a moderate impact. Three quarters (75%) of owners reported that inflation pressure is […]
Preliminary July Consumer Sentiment Remains Near All-Time Lows
Index slightly up from June. Consumers may bring forward durable goods purchases to avoid price increases. Consumer sentiment was relatively unchanged in early July, remaining near all-time lows according to the preliminary University of Michigan Surveys of Consumers report released this morning. The Index of Consumer Sentiment stood at 51.1 for July, up 2.2% from […]
Small Business Optimism Declined in June
Expectations of future conditions hit all-time low. Owners reporting inflation as biggest business problem highest since 1980. The National Federation of Independent Business (NFIB) Small Business Optimism Index dropped 3.6 points in June to 89.5, marking the sixth consecutive month below the 48-year average of 98. Small business owners expecting better business conditions over the […]
WTW Collaborates with Solera Audatex UK to Develop Inflation Predictions Tool
WTW (NASDAQ:WTW) announced the launch of new price inflation forecasting technology for auto insurers in the United Kingdom. The tool uses Audatex’s repair data, which covers 98% of all UK vehicles, augmented by machine learning and comprehensive historical data analysis by WTW. The technology has been developed to predict inflationary effects on vehicle repair costs […]
PartsTrader July 19 Webinar to Provide Industry Update, Examine Parts Inflation and Supply Chain Constraints
PartsTrader announced a virtual collision repair industry update event on July 19 at noon (EDT). This free, live, interactive event offers a way for industry professionals to get vital information about current trends affecting their business. “I’m looking forward to providing the latest information on our fast changing industry, and giving my thoughts on how […]