August 30, 2022
Two Economic Indicators Portend Strong Fleet Activity for the Future
The 110th State of the Fleet Industry video produced by Automotive Fleet offers insights into the state of the fleet market as presented by AF Editor Mike Antich.
Today's topics include:
- Federal Reserve to continue raising interest rates that he acknowledges will cause “pain” to the U.S. economy in order to achieve the 2% inflation goal.
- The construction industry proverbial canary in the coal mine when it comes to forecasting future economic trends.
- There are fewer compact van options available today and the fear is there may be even fewer options in the future.
- Today, we are now in the second longest consecutive week-over-week decline in fuel prices in the history of fuel management.
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⌚ Timestamps ⌚
1:30 Higher Interest Will Persist & Cause “Pain”
1:50 Potential to Tip Economy Into a Recession
2:14 Construction Market is a Leading Economic Indicator
2:35 Fastest Housing Market Contraction Since 2006
3:34 Supply Constraints Getting Building Materials
3:45 Construction Costs Increased More Than Expected
4:08 Building Projects Delayed
4:22 Staff Shortages Due to Low COVID Vaccination Rates
5:25 Decreased Compact Van Choices
7:20 Ongoing Decline in Gasoline Prices
8:21 Fuel Demand Softened at $5 per Gallon
8:36 Lower Crude Oil Prices in Global Market
8:54 Release of Oil from Strategic Petroleum Reserve