While today’s disappointing Q3 GDP print was generally weak across the board, with spending on goods especially concerning, with the there was one breathtaking statistic: the nearly record plunge in spending on autos. As the chart below shows, the contribution of personal consumption of motor vehicles and parts to the overall GDP growth number was a whopping -2.4%, the second-worst print on record after Q2 1980. We highlight the last time the US economy saw such a crash in auto spending because back then Volcker was fighting (near) hyperinflation and the Fed Funds rate was 17% (just shy of […]
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