By Kyle Cheng
Economic news over the last month has remained generally positive, with the labor market continuing to show strength. Consumer spending has been strong, incomes are growing, and confidence remains high. Manufacturing is also looking better. The biggest risk factor right now is the COVID-19 (coronavirus). Although centered in China mainly, economic repercussions are being felt widely across the world because of effects on supply chains.
A recession looks unlikely in 2020, but collateral damage from global events, such as the coronavirus, are difficult to fully predict because their impact is widely felt.
Want more information on the trends affecting the specialty-equipment industry? Check out the SEMA Industry Indicators Report each month to learn how movements in the broader economy may impact your business strategy. In this report, published monthly, you’ll get a snapshot of the overall economy and our industry, including:
- Overall Economic Outlook
- New Vehicle Sales and Statistics on Auto Parts Production
- Consumer Sentiment and Spending
- Economic Growth and Unemployment
- Other Important Industry Insights
To learn more, download the February “Industry Indicators Report” – now available for free at www.sema.org/research.