Assessing the Auto Recovery
The Federal Reserve Bank of Chicago recently held its Auto Outlook Symposium on June 3 in Detroit. Besides generating a consensus economic forecast, the meeting provides a forum for in-depth discussions on the economy and the auto industry. This year's meeting provided a profile of the surging activity in the industry as well as a critical assessment of its ongoing structural adjustments. Although rapid sales gains and the improved position of the domestic industry have significantly bolstered the regional and national economy, the optimism at the meeting was somewhat tempered. This Fed Letter reviews the highlights of the Auto Outlook Symposium and the extended outlook provided by participants.