). Overall, the Bureau of Economic Analysis says consumer spending on new vehicles rose $40 billion to $642.4 billion in the first half of the year, with most gains coming in the second quarter. And automakers report that consumers continue to choose more expensive, option-laden models.
As of June, real incomes are 2.2% higher than a year earlier, the government reports. The drop in real incomes was sharpest early last year, when year-over-year comparisons were also skewed by the loss of 2021 stimulus money designed to offset Covid-related business shutdowns.
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