RV sales are an under-the-radar bellwether for the health of the broader economy - and they're tanking in 2023
There are a lot of indicators that experts like to scrutinize to get a sense of how the economy is doing. Housing is a big one, as well as prices for commodities like copper for its view into manufacturing activity.But some indicators are a little less obvious. What, for instance, could data on the sale of recreational vehicles tell us about the health of the broader economy? According to some experts, quite a lot it turns out.
That might be bad news, as sales of recreational vehicles are down more than 50% in 2023, according to data from the RV Industry Association. However, like many sectors and industries, the RV market was heavily distorted by the pandemic, and this year's sagging sales could just be a normalization after a COVID-fueled buying spree.
Unemployment is the lowest since the 1960s, ostensibly a good thing for the economy, but it may also be helping to keep inflation elevated. The economy is full of such conundrums these days and it has made forecasting a lot harder.
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