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Last Updated: 07/13/04

News Release

Auto Outlook Symposium Summarized in Latest Chicago Fed Letter

With a generally positive outlook for the U.S. economy in 2004 and 2005, the auto sector is looking forward to modest increases in light-vehicle sales, according to a summary forecast of participants in the Chicago Fed's 2004 Auto Outlook Symposium featured in the August 2004 Chicago Fed Letter (574KB). According to participants, the auto sector performed a tad better than expected in 2003, thanks to a stronger economy in the second half.

In addition to a summary of economic conditions in 2003, conference participants provided and outlook that shows:

  • In 2004, the economy will have its best growth in seven years, growing at a rate above potential, leading to a fall in the unemployment rate.
  • Inflation is expected in 2004 to be just a bit higher than it was in 2003.
  • Economic growth in 2005 will be slower but still above potential, with unemployment falling and the inflation rate easing.
  • Light-vehicle sales are expected to increase moderately this year and in 2005.

To read the entire summary, see the August 2004 Chicago Fed Letter (574KB).

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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