For some reason the chief economist at Comerica still worries about how many weeks of pay it takes for the average American to buy a car. That is the same American who cannot afford a car and is not likely to buy one at any time in the foreseeable future.
According to the bank, "The purchase of an average-priced new vehicle took 24.1 weeks of median family income in the third quarter, according to the Auto Affordability Index compiled by Comerica Bank. The latest reading is up 1.0 week from the second quarter."
Someone forgot to tell Dana Johnson, Chief Economist at Comerica Bank, that the US car companies are about to go out of business due to lack of sales.
Douglas A. McIntyre