Nov 22, 2019

Consumers scaled back plans to buy a new car in October

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Data: The Conference Board; h/t Deutsche Bank’s Torsten Slok; Chart: Axios Visuals

Consumers scaled back plans to buy a new car last month.

Why it matters: It may signal consumers' lack of confidence in the staying power of the U.S. economy.

  • What they’re saying: “If we find that consumers are concerned about the broader economy and they think that a recession may be coming next year or they’re worried about their own economic stability, they’re going to pull back from ... big-ticket purchases like vehicles,” Charlie Chesbrough, senior economist at Cox Automotive, tells Axios. 

But, but, but: “We are at the late stage of this business cycle. Pretty much everyone who’s wanted a new vehicle has bought one. It’s almost vehicle saturation at this point,” which might also explain the drop-off in purchase plans, Chesbrough says.

Go deeper: Fully electric vehicles could account for 7.6% of U.S. car sales

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 6,766,997 — Total deaths: 395,459 — Total recoveries — 2,767,337Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 1,897,838 — Total deaths: 109,143 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.

Trump's week of viral quicksand

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Stories about President Trump's photo op at St. John's church after peaceful protesters were forcefully cleared from the area averaged the most online attention of any issue about the president this week.

Why it matters: Trump's force-over-compassion approach to the demonstrators protesting the murder of George Floyd had Republican allies backpedaling to keep a distance — and led to a wave of condemnations that got plenty of online traction on their own.

Biden formally secures Democratic presidential nomination

Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden became the formal Democratic presidential nominee on Friday evening, per AP.

The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.