As December 31st rolled around, it felt like everyone was holding their breath, ready to put an extremely difficult year behind them. Then, the realists reminded us that the changing of a date really doesn’t wipe away all the challenges we are currently facing.
The 2021 challenges for the auto industry look much the same as they did in 2020. According to The Conference Board’s economic forecast issued January 13th, several factors will impact the US economy in 2021, including:
- scale of the ongoing COVID-19 resurgence and any resulting lockdowns;
- status of labor markets and household consumption;
- size and timing of additional fiscal stimulus;
- timing and availability of a COVID-19 vaccine; and,
- degree to which volatility in the US political transition affects consumer and business confidence.