Forecast Lifted, Most Significantly for 2024, Given a Resilient Consumer and Low Inventories
US Automobile Production Index is an index comprising establishments primarily engaged in (1) manufacturing complete automobiles (i.e., body and chassis or unibody) or (2) manufacturing automobile chassis only.
ITR Economics has classified this index as being in phase C of the business cycle. Phase C or “Slowing Growth” occurs when the annual growth rate (12/12) is positive, but the rate of growth is declining. We denote this phase with yellow (for caution).
US Automobile Production will continue in phase C through Q4 2024 giving way to phase D in Q1 2025. Phase D or “Recession” occurs when the annual growth rate (12/12) is declining, and the rate of growth is negative. We denote this phase with red (for warning).
ITR forecasts the annual growth rate for 2024 at 4.1%, -2.4% in 2025, and 5.7% in 2026.
