By Kyle Cheng
After a disruptive 2020, the U.S. economy continues to show resilience and appears set for strong economic growth for the rest of 2021. Demand remains high as consumers are shopping more and returning to normal life. Both the current and long-term outlook are positive.
Despite this, challenges remain. Supply issues are limiting production for some sectors, which is driving up prices for consumers. It’s also straining sales for some products, as inventories can’t keep up with demand. This is especially true for the automotive industry. New vehicle sales hit record highs in April but declined in May as dealers couldn’t keep up with the demand. While economists expect these supply issues and price increases to be short-term, it will be an important metric to monitor in the coming year.
Want to learn more about the economic factors shaping our industry? Download the new June Industry Indicators report today at www.sema.org/research.
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Want to learn more about the state of the industry from companies within it? Download the new “SEMA State of the Industry—Spring 2021” report today at www.sema.org/research.