Improving Consumer Fundamentals Drives Sales Acceleration and Broadens Gains Beyond Autos

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The improving trend in consumer activity across the globe points to an eventual upturn in production and trade. However, the rebound continues to be delayed by ongoing geopolitical, business and other uncertainties.

Other highlights:

• Overall consumer spending has also broadened across Asia, advancing by more than 4% y/y.
• Unemployment in OECD countries is at the lowest level in nearly a decade, boosting general consumer purchases to a near-record 62% of overall economic activity.
• Across South America, some improvement in consumer spending is becoming evident, despite the ongoing recession in Brazil.
• Vehicle purchases have actually advanced in seven of the past eight months in South America, with the exception of Brazil, which continues to post double-digit declines .
• Passenger vehicle sales in North American weakened in August, though we expect the soft patch to be temporary as purchases are likely to pick up as economic activity gains momentum over the remainder of 2016.

Read the full Scotiabank Global Auto Report online at: http://www.scotiabank.com/ca/en/0,,3112,00.html.

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