By Kyle Cheng
The August SEMA Industry Indicators Report examines the impact of steel and aluminum tariffs on input prices and how they are affecting the overall economy and automotive industry.
Despite uncertainty over tariffs, the United States enters the back half of 2018 on solid footing. Economic growth jumped to 4.1% for the second quarter of 2018. Although this is driven mainly by temporary factors, underlying economic fundamentals continue to look strong. Unemployment remains below 4%, consumer sentiment remains high and overall consumer spending is up. Additionally, auto parts production continues to outpace broader industrial production and auto parts manufacturing is expected to continue to remain strong. However, tariffs may be affecting auto sales.
The August SEMA Industry Indicators Report is now available. This month, the report examines the impact of steel and aluminum tariffs on input prices and how they are affecting the overall economy and automotive industry. It also highlights insights from the 2018 SEMA Market Report.
Visit www.sema.org/research to view and download this report today.