A three-day, research-based meeting sponsored by the Automotive Market Research Council (AMRC) revealed pertinent data regarding upcoming economic and industry trends, and industry forecasts. Denise Caspersen, the Automotive Service Association's (ASA's) research management specialist, attended the meeting.

Ford Motor Co. economist Ellen Hughes-Cromwick acknowledged a slowdown in the economy. She indicated that vehicle sales in 2000 (17.3 million) were up from 1999 and expects to see an increase in used car sales during 2001 and new car sales to head back toward the typical trend of 15.5 to 16 million in annual sales.

Hughes-Cromwick said consumer vehicle manufacturers promoted vehicle purchasing in 2000 with manufacturer incentives, competitive pricing and low interest rates.

During 2001, real consumer spending and income are expected to slow further and the gross domestic product (GDP) is expected to decline to 2 percent, according to Hughes-Cromwick. GDP is the sum of all goods and services produced within the U.S. borders and it's calculated quarterly by the Commerce Department.

Consumer confidence is expected to continue declining and unemployment is projected to rise to 4.6 percent. In previous years of economic downturn, when consumer confidence nears 60 (an index number), recessions have occurred.

For more information send an e-mail request to Denise Caspersen at denisec@asashop.org.

Stat Corner is written by Denise Caspersen, ASA's research management specialist. She can be reached at (800) 272-7467, ext. 236.

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