Made In America: June Auto Sales Reach 10-year High Mark

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JUNE AUTO SALES REACH 10-YEAR HIGH MARK, SECOND HALF TO REMAIN STRONG
New-vehicle sales are expected to increase 5.8% year-over-year to a total of 1.5 million units in June 2015, resulting in an estimated 17.4 million seasonally adjusted annual rate (SAAR), according to Kelley Blue Book (KBB).

“With another month of new-car sales growth in June 2015, the sixteenth in a row, the auto industry continues its incredibly strong momentum. With a 17.4 million projected SAAR for June, it would mark the third month above 17 million out of the past four months,” said Alec Gutierrez, senior analyst for Kelley Blue Book.

The expected 1.5 million units this month will bring the first-half of 2015 totals to 8.53 million, a 4.7% increase from the same time last year, and the highest first-half since 2005. Second-quarter sales will come in at 4.58 million units, a 3.9% increase year-over-year, and also the highest second quarter total since 2005. In addition, total sales in 2015 are projected to hit 17.1 million units overall, a 3.6% year-over-year jump and the highest overall total since 2001.

To see key highlights of KBB’s June new vehicle sales, click here.

U.S. UNEMPLOYMENT FALLS TO 5.3% AS 223,000 JOBS ADDED TO PAYROLLS
Total nonfarm payroll employment increased by 223,000 in June, and the unemployment rate declined to 5.3%, the U.S. Bureau of Labor Statistics reported ahead of the Fourth of July weekend.

Job gains occurred in professional and business services, health care, retail trade, financial activities, and in transportation and warehousing. Over the past 3 months, job gains have averaged 221,000 per month.

The unemployment rate declined by 0.2 percentage point to 5.3 percent in June, and the number of unemployed persons declined by 375,000 to 8.3 million. In June, average hourly earnings for all employees on private nonfarm payrolls were unchanged at $24.95. Over the year, average hourly earnings have risen by 2%.

The change in total nonfarm payroll employment for April was revised from +221,000 to +187,000, and the change for May was revised from +280,000 to +254,000. With these revisions, employment gains in April and May combined were 60,000 lower than previously reported.

Arkansas’ June unemployment report and monthly labor force statistics will be released on July 21.

STUDY: CONSUMERS FAVOR ‘MADE IN USA’ PRODUCTS OVER SUSTAINABILITY
American consumers continue to rally their support around “Made in the USA” products with 45% admitting that such a label is “extremely” or “very” important to them, according to a new survey by Fayetteville-based Field Agent. The mobile research study was conducted with 500 U.S. adults spanning all income brackets and educational levels ahead of what will be the country’s 239th birthday on July 4. Read more here.

MANUFACTURING EXPANDS IN JUNE FOR 30TH STRAIGHT MONTH, ARKANSAS SEES UPTICK
Economic activity in the manufacturing sector expanded in June for the 30th consecutive month, and the overall economy grew for the 73rd consecutive month, according to a monthly survey of the nation’s supply executives. The report, issued Wednesday by the Institute for Supply Management Manufacturing Business Survey Committee, shows that the June purchasing managers index, or PMI, registered 53.5%, an increase of 0.7 percentage points over the May reading of 52.8%.

JOBS AGENCY TO RECEIVE $1 MILLION TO IMPROVE AND ALIGN WORKFORCE, EDUCATION DATA
The Arkansas Department of Workforce Services was awarded more than $1 million in federal funds to improve its data collection of education programming, skills gaps, job seekers and employer needs. The state agency received $1,064,377 to support Arkansas’ Workforce Data Quality Initiative, which was first implemented in Arkansas in 2012. Through the initiative, Arkansas has developed an infrastructure for maintaining a reliable and useful data system that matches workforce data with educational data, creating a longitudinal data system, officials said.