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MIXED SIGNALS ON U.S. JOBS CARRIES OVER INTO AUTO INDUSTRY
Swapalease.com National Report Finds Drivers’ Confidence in Jobs Still Murky
The latest U.S. Jobs data again was underscored by mixed signals, with 114,000 jobs added on the positive yet continued shrinking of the overall labor force. Mixed data has carried over to the U.S. auto industry, where current jobs data offer a glimpse into the positives and negatives from a consumer’s perspective.
National car-leasing firm Swapalease.com has data that show the current jobs status impacting drivers both positively and negatively. As an example, a recent study by the company found that 43% of drivers say they can increase their monthly car payment as much as $150 because of their job status. However, only 30% of those polled are comfortable with a car payment commitment beyond 2 years because of long-term employment confidence.
“In terms of the jobs picture, a glimpse into the average driver offers as many mixed signals as the employment data itself,” said Scot Hall, Executive Vice President of Swapalease.com. “On one hand we’re finding people are more willing to increase their spending on a car payment, but overall confidence in jobs is still less than stellar for many.”
In another snapshot, 25% of drivers polled say they are extremely confident in the current jobs picture, compared with 35% who say they are concerned. And while a higher number of people (22% vs. 18%) say their credit score is better today because of their employment situation, 55% believe their credit is stuck at similar levels compared with the same time last year.
For a complete breakdown of the survey results please visit the Swapalease.com blog.