US Market Update:
Auction Academy
Southern Auto Auction
May 13, 2014
Topics of discussion
•
Economy
–
•
New Vehicle Market
–
–
–
•
Current Conditions
Sales
Incentives
Lease/Fleet Penetration
Used Vehicle Market Outlook
–
–
Overall Market
Market Outlook
2
Economy
3
GDP Growth in the 1st Quarter was Stagnant.
Growth in Real GDP at Annual Rates*
% Change from previous period
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
-2.0%
-4.0%
-6.0%
-8.0%
-10.0%
•
In the government’s 1st estimate (advanced
estimate), GDP increased in 2014Q1 by 0.1%,
after increasing by 2.6% in 2013Q4.
•
Contributing to this weaker than expected rate
was the harsh winter weather experienced in the
RVI Analytical Services
Consumer Price Index (not seasonally adjusted) All Items ^
% Change from year earlier
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
-1.0%
-2.0%
-3.0%
United States.
•
Prices (CPI) saw an increase in March of 1.5%
when compared to a year ago.
RVI Analytical Services
* Federal Reserve Statistical Release
^ Bureau of Labor Statistics
4
Unemployment decreased in April while gas prices continued to climb.
11.0
Unemployment Rate (Seasonally Adjusted) ^
120
10.0
U. of Michigan Index of Consumer Sentiment +
110
9.0
100
8.0
90
7.0
80
6.0
70
5.0
4.0
60
3.0
50
RVI Analytical Services
$4.50
US Gas Prices (All Grades & Formulations) #
RVI Analytical Services
•
The unemployment rate fell to 6.3% in April. In April of
$4.00
2013, the unemployment rate was at 7.5%.
$3.50
$3.00
•
$2.50
Gas prices increased to $3.74/gallon in April (from
$2.00
$1.50
$3.60/gallon in March). Through the first week of may, gas
$1.00
$0.50
prices are at $3.76/gallon.
RVI Analytical Services
•
Consumer sentiment increased to 84.1, up from 80.0 in
March.
+ University on Michigan
# Department of Energy
^ Bureau of Labor Statistics
5
New Vehicle Market
6
Light vehicle sales were strong for the second straight month in April
with 15.98 million units (SAAR).
Millions of Units
US Light Vehicles Sales (SAAR)*
17.0
16.0
15.0
14.0
13.0
12.0
11.0
10.0
9.0
8.0
7.0
•
million SAAR) from March.
•
When compared to last April, light vehicle
sales increased 5.4%. This is the second
month where light vehicles sales were near or
above 16 million (SAAR). The last 2-month
period with comparable sales figures was OctNov 2007.
RVI Analytical Services
30.0%
Light vehicle sales in April fell by 2.1% (15.98
Total Incentives (% of MSRP)&
•
27.5%
Total Incentives in March were 15.43% of
MSRP. Up from 12.34% in February.
25.0%
•
22.5%
20.0%
Incentives climbed for much of 2013 before
dropping to 11.22% in January of 2014. Since
17.5%
January, incentives have climbed upward and
15.0%
12.5%
are now above their 2013 level.
10.0%
RVI Analytical Services
* Federal Reserve; SAAR = Seasonally
Adjusted Annual Rate
& CNW Research
7
New car prices saw a small increase on a year-over-year basis.
Consumer Price Index (New Vehicles)^
% Change from year earlier
6.0%
•
4.0%
New car prices in March increased by 0.2% from
a year ago.
2.0%
0.0%
-2.0%
-4.0%
RVI Analytical Services
Consumer Price Index (New Vehicles)^
Index (Jan 2001 = 1.0)
1.04
•
Since February, new car prices have remained
1.02
flat.
1.00
0.98
0.96
0.94
0.92
0.90
RVI Analytical Services
^ Bureau of Labor Statistics
8
Cash incentives offered on new vehicles will increase through the 2017
model year.
•
Cash Incentives as % MSRP
4.5%
$1,400
Cash incentives will increase through the
2017 model year before seeing a small
4.0%
$1,200
$1,100
3.5%
$1,000
$900
3.0%
$800
$700
2.5%
$600
2.0%
Cash Value of Incentives
As a % of Typ. Eq. MSRP
$1,300
decline.
•
The major factors influencing the increase in
cash incentives are:
1)
A Forecasted increase in competition among
$500
manufacturers
Model Year
Incentives (% of MSRP)
2)
Incentives (Dollar Value) - Right Axis
Expected increases in interest rates on new
vehicles
Average Cash Incentives - Market Level
2013
2014
2015
2016
Average Incentives
$ Amount $
Y-O-Y % Change ($ Amount)
2.8%
934 $
2.7%
908 $
-2.8%
2.7%
926 $
2.0%
3.3%
1,127 $
21.7%
2017
3.5%
1,197 $
6.2%
2018
3.4%
1,164 $
-2.8%
2019
3.3%
1,145
-1.6%
9
Both lease and fleet penetration increased in the 4th quarter of 2013.
Lease Penetration by Quarter
30%
Retail Sales
Total Sales
•
Lease Penetration
25%
The Lease penetration rate for 2013Q4 was
20%
24.1%, up from 20.8% in 2013Q3
15%
10%
5%
Quarter
Fleet Penetration by Quarter
45%
•
The fleet penetration rate for 2013Q4 was
Fleet Penetration
40%
35%
18.0%, up from 15.3% in 2013Q3. The fleet
30%
25%
20%
penetration rate for 2012Q4 was 19.8%.
15%
10%
5%
0%
Quarter
10
Lease Penetration will increase over the next 2 model years.
Lease Penetration
4,000,000
24%
3,500,000
22%
3,000,000
20%
18%
2,500,000
16%
2,000,000
14%
12%
10%
Lease Penetration on a model year
level are expected to increase from
18.5% for 2013MYs to 18.7% for
Lease Volume
Lease Penetration Rate
26%
•
2014MYs.
•
A greater number of redesigned
vehicles along with higher
1,500,000
forecasted interest rates will lead to
1,000,000
greater leasing, offsetting increases
in used vehicles supply.
Total Sales
Model Year
Retail Sales
Lease Volume (Right Axis)
Lease Penetration - Market Level Forecast
Lease Penetration
Volume
Y-O-Y % Change (Vol.)
Source: Polk
2013
2014
2015
18.5%
2.86
18.7%
3.11
8.8%
19.4%
3.22
3.3%
11
Fleet Penetration will decrease over the next 2 model years.
Fleet Penetration
4,000,000
24%
3,500,000
2014 MY and 18.2% for the 2015 MY.
22%
3,000,000
20%
18%
2,500,000
16%
2,000,000
Fleet Penetration will fall from 19.95
for the 2013 MY to 18.7% for the
Fleet Volume
Fleet Penetration Rate
26%
•
•
Despite the predicted decrease in
Fleet Penetration, the volume of fleet
cars will increase for the 2014 MY.
14%
12%
10%
1,500,000
This is due to the strong light
1,000,000
vehicle sales predicted over the next
2 years.
Model Year
Fleet Penetration
Fleet Volume (Right Axis)
Fleet Penetration - Market Level Forecast
Fleet Penetration
Volume
Y-O-Y % Change (Vol.)
2013
2014
2015
19.9%
3.07
18.7%
3.11
1.3%
18.2%
3.02
-2.8%
12
Used Vehicle Market Outlook
13
Our used car price index increased 1.0% from March and has increased
5.4% from last April.
1.80
RVI Used Vehicle Price Index - US
Index (Jan 2001 = 1.0)
1.60
1.40
1.20
1.00
0.80
0.60
RVI Analytical Services
RVI Used Car Price Index (nominal prices) - Our index (January 2001 = 1.0) measures the
wholesale values of used cars (2-5 yr-old vehicles) adjusted for mileage, mix, and seasonality.
14
After adjusting for MSRP, our residual value retention index increased
1.0% from February, with an increase of 2.4% from April of 2013.
1.30
RVI Residual Value Retention Index - US
Index (Jan 2001 = 1.0)
1.20
1.10
1.00
0.90
0.80
0.70
0.60
RVI Analytical Services
RVI Residual Value Retention Index (real prices) - Our index (January 2001 = 1.0) measures the wholesale
values of used cars (2-5 yr-old vehicles) as % of MSRP, adjusted for mileage, mix, and seasonality.
15
16 segments saw increases in April when compared to March.
•
In April, used prices in the Mid-Size
Sedan segment increased slightly from
March (0.4%). However when
compared to April 2013, used prices in
the segment increased by 3.0%.
•
Used Small SUV prices remained flat
from March (up 0.1%), but have
increased 6.4% since April of last year.
•
Used Compact prices also remained
flat in April from March (down 0.1%)
but have increased 3.0% since April of
2013.
•
In April, the Luxury Small Sedan
RVI USED CAR PRICE INDEX
RVI_SEGMENT
Apr-14 Mar-14
SPORTS CAR
1.403
1.266
SUB-COMPACT
2.623
2.527
LUXURY FULL-SIZE SEDAN
1.889
1.836
MID-SIZE SUV
1.478
1.444
LUXURY COUPE
1.777
1.745
FULL-SIZE PICKUP
1.818
1.787
SPORTY COUPE
1.549
1.523
FULL-SIZE VAN
1.331
1.310
MINIVAN
1.447
1.427
FULL-SIZE SEDAN
1.508
1.489
SMALL SEDAN
1.613
1.598
FULL-SIZE SUV
1.322
1.311
MID-SIZE SEDAN
1.417
1.412
LUXURY MID-SIZE SEDAN
1.243
1.239
SMALL SUV
1.491
1.489
LUXURY SMALL SEDAN
1.272
1.271
LUXURY SUV
1.439
1.438
COMPACT
1.678
1.680
SMALL PICKUP
1.905
1.952
Total
1.544
1.528
Apr-13
1.320
2.532
1.702
1.371
1.690
1.619
1.522
1.224
1.341
1.378
1.562
1.269
1.376
1.240
1.402
1.310
1.403
1.628
1.804
1.464
% Change from
M-to-M Y-to-Y
10.9%
6.3%
3.8%
3.6%
2.9%
11.0%
2.3%
7.7%
1.8%
5.1%
1.8%
12.3%
1.8%
1.8%
1.6%
8.8%
1.4%
7.9%
1.3%
9.5%
0.9%
3.3%
0.9%
4.2%
0.4%
3.0%
0.4%
0.3%
0.1%
6.4%
0.1%
-2.9%
0.0%
2.5%
-0.1%
3.0%
-2.4%
5.6%
1.0%
5.4%
segment is the only segment to see a
decrease in price from last April (a
decrease 2.9%).
16
When adjusting for MSRP, the price changes are less dramatic but show
similar trends.
•
After adjusting for MSRP, used Mid-Size
Sedan prices have increased 1.7% from
April 2013.
•
In April, used Small SUV prices saw no
change from March but have increased
3.4% since April of 2013.
•
Used Compact prices increased 3.0%
from April of 2013 on a nominal level.
However, once adjusting for MSRP the
year-over-year price increase is less
dramatic (0.7%).
•
In April, Luxury Small Sedan prices fell
on a nominal level by 2.9% from last
RVI USED CAR PRICE INDEX-RETENTION INDEX
RVI_SEGMENT
Apr-14 Mar-14 Apr-13
SUB-COMPACT
1.755
1.693
1.751
MID-SIZE SUV
1.247
1.220
1.188
FULL-SIZE VAN
1.047
1.024
0.977
SPORTY COUPE
1.147
1.126
1.123
SPORTS CAR
1.003
0.986
1.014
FULL-SIZE PICKUP
1.078
1.064
1.012
SMALL SEDAN
1.214
1.199
1.198
LUXURY FULL-SIZE SEDAN
1.047
1.034
1.071
MINIVAN
1.143
1.131
1.101
FULL-SIZE SEDAN
1.105
1.093
1.064
LUXURY SUV
1.163
1.155
1.161
FULL-SIZE SUV
1.034
1.027
1.018
MID-SIZE SEDAN
1.133
1.127
1.114
LUXURY SMALL SEDAN
1.036
1.032
1.080
COMPACT
1.183
1.180
1.175
LUXURY MID-SIZE SEDAN
1.032
1.031
1.023
SMALL SUV
1.038
1.038
1.004
LUXURY COUPE
1.060
1.068
1.046
SMALL PICKUP
1.277
1.294
1.243
Total
1.144
1.133
1.117
% Change from
M-to-M Y-to-Y
3.6%
0.2%
2.3%
5.0%
2.2%
7.2%
1.9%
2.1%
1.8%
-1.1%
1.4%
6.6%
1.2%
1.3%
1.2%
-2.2%
1.1%
3.8%
1.1%
3.8%
0.7%
0.2%
0.7%
1.6%
0.5%
1.7%
0.3%
-4.1%
0.3%
0.7%
0.1%
0.9%
0.0%
3.4%
-0.8%
1.3%
-1.4%
2.7%
1.0%
2.4%
April. Adjusting for MSRP, our
Retention index shows a more dramatic
decrease in prices of 4.1%.
17
We expect to see used car prices begin to decline from current levels in
2015.
Apr-14
6.3
%
Unemployment ¹
Positives
1.
Unemployment declines
through 2018
(wealth effect)
Gas Prices #¹
2.
3.
2016
5.8
2017
5.6
2018
5.5
2019
5.5
3.74
$3.61
0.9%
$3.86
6.9%
$3.92
1.8%
$4.02
2.5%
$4.10
2.0%
$4.18
2.0%
15.98
16.53
7.0%
16.86
2.0%
15.67
-7.1%
15.40
-1.8%
15.52
0.8%
15.61
0.6%
0.959
0.966
0.0%
0.995
3.0%
1.025
3.0%
1.043
1.7%
1.054
1.1%
1.066
1.1%
1.027
1.025
0.1%
1.017
-0.7%
1.011
-0.6%
1.007
-0.4%
1.005
-0.3%
1.002
-0.3%
0.782
0.771
5.1%
0.833
8.1%
0.904
8.4%
0.954
5.5%
0.996
4.4%
1.023
2.8%
1.544
1.513
0.8%
-2.0%
1.498
-1.0%
-3.0%
1.465
-2.2%
-5.1%
1.448
-1.2%
-6.2%
1.442
-0.4%
-6.6%
1.440
-0.1%
-6.7%
vs Previous Year
Negatives
Used car supply steadily
increasing from 2014
through 2019.
New car prices are
expected to decline
throughout our forecast.
Higher new vehicle sales
through 2015 (substitution
effect)
2015
6.0
vs Previous Year
New Vehicle Sales (SAAR)*¹
1.
$
2014
6.5
RVI Competitive Index^
vs Previous Year
RVI New Car Price Index^
vs Previous Year
RVI Used Vehicle Stock Index^
vs Previous Year
RVI Used Car Price Index^
vs Previous Year
vs Current Levels
%Bureau
of Labor Statistics
of Energy
*Federal Reserve
¹Moody’s Analytics Forecast
^RVI Analytical Services
#Department
18
We expect strong prices in the Mid-Size Sedan segment in 2014 and 2015
before beginning to decline in 2016.
1.42
1.41
1.40
1.39
1.38
1.37
1.36
1.35
1.34
1.33
1.32
RVI Used Car Price Index
1.20
1.00
0.80
0.60
0.40
0.20
0.00
Used Vehicle Stock Index
Index (Jan 01 = 1.0)
Mid-Size Sedan
RVI Used Vehicle Stock Index (Right Axis)
RVI Used Car Price Index Factors - Mid-Size Sedan
Impact from Apr-14
Variable
Apr-15
Apr-17
Unemployment
-0.2%
-0.5%
GDP Growth Rate
0.2%
-0.3%
Light Vehicle Sales (SAAR)
0.4%
-0.9%
Gas Prices
0.6%
0.8%
RVI Used Vehicle Supply Index
0.2%
-2.1%
RVI Competitive Index
0.2%
0.1%
-0.4%
-0.1%
1.0%
-3.0%
Other Factors
RVI UCPI
19
Compact cars will also see a decrease in prices in 2016-2017 as supply
and competition go up.
1.67
1.66
1.65
1.64
1.63
1.62
1.61
1.60
1.59
RVI Used Car Price Index
1.20
1.00
0.80
0.60
0.40
0.20
0.00
Used Vehicle Stock Index
Index (Jan 01 = 1.0)
Compact
RVI Used Vehicle Stock Index (Right Axis)
RVI Used Car Price Index Factors - Compact
Impact from Apr-14
Variable
Apr-15
Apr-17
Unemployment
-0.2%
-0.5%
GDP Growth Rate
0.2%
-0.3%
Light Vehicle Sales (SAAR)
0.4%
-0.9%
Gas Prices
1.5%
2.3%
RVI Used Vehicle Supply Index
-1.0%
-2.6%
RVI Competitive Index
-0.6%
-1.2%
Other Factors
-0.2%
0.2%
0.1%
-3.0%
RVI UCPI
20
Prices in the Small SUV segment will decline from current levels through
2017 as the supply of used Small SUVs will increase.
1.50
1.45
1.40
1.35
1.30
RVI Used Car Price Index
1.20
1.00
0.80
0.60
0.40
0.20
0.00
Used Vehicle Stock Index
Index (Jan 01 = 1.0)
Small SUV
RVI Used Vehicle Stock Index (Right Axis)
RVI Used Car Price Index Factors - Small SUV
Impact from Apr-14
Variable
Apr-15
Apr-17
Unemployment
-0.2%
-0.5%
GDP Growth Rate
0.2%
-0.3%
Light Vehicle Sales (SAAR)
0.4%
-0.9%
Gas Prices
0.7%
1.0%
RVI Used Vehicle Supply Index
-0.2%
-3.1%
RVI Competitive Index
-0.1%
-1.3%
Other Factors
-1.6%
-2.5%
RVI UCPI
-0.8%
-7.6%
21
Full-Size Pickups will decline through 2019 due to increases in gas prices
and the supply of used vehicles within the segment.
1.80
1.20
1.75
1.00
1.70
0.80
1.65
0.60
1.60
0.40
1.55
0.20
1.50
0.00
RVI Used Car Price Index
Used Vehicle Stock Index
Index (Jan 01 = 1.0)
Full-Size Pickup
RVI Used Vehicle Stock Index (Right Axis)
RVI Used Car Price Index Factors - Full-Size Pickup
Impact from Apr-14
Variable
Apr-15
Apr-17
Unemployment
-0.2%
-0.5%
GDP Growth Rate
0.2%
-0.3%
Light Vehicle Sales (SAAR)
0.4%
-0.9%
Gas Prices
-1.1%
-1.7%
RVI Used Vehicle Supply Index
-0.5%
-2.7%
0.1%
0.2%
Other Factors
-0.8%
-1.4%
RVI UCPI
-1.9%
-7.4%
RVI Competitive Index
22
Appendix:
RVI Used Car Price Index Forecast
by Segment
23
Appendix: RVI Used Car Price Index Forecast by Segment
RVI_SEGMENT
SUB-COMPACT
vs Previous Year
vs Current Levels
COMPACT
vs Previous Year
vs Current Levels
SMALL SEDAN
vs Previous Year
vs Current Levels
MID-SIZE SEDAN
vs Previous Year
vs Current Levels
FULL-SIZE SEDAN
vs Previous Year
vs Current Levels
SPORTY COUPE
vs Previous Year
vs Current Levels
SPORTS CAR
vs Previous Year
vs Current Levels
LUXURY COUPE
vs Previous Year
vs Current Levels
LUXURY SMALL SEDAN
vs Previous Year
vs Current Levels
LUXURY MID-SIZE SEDAN
vs Previous Year
vs Current Levels
LUXURY FULL-SIZE SEDAN
vs Previous Year
vs Current Levels
Market Level
vs Previous Year
vs Current Levels
USA - RVI Used Car Price Index - Forecast by Segment (Cars)
Apr-14
2014
2015
2016
2017
2.623
2.530
2.549
2.501
2.494
0.1%
0.7%
-1.9%
-0.3%
-3.6%
-2.8%
-4.7%
-4.9%
1.678
1.660
1.656
1.619
1.616
1.5%
-0.2%
-2.2%
-0.2%
-1.1%
-1.3%
-3.5%
-3.7%
1.613
1.584
1.574
1.553
1.559
0.1%
-0.7%
-1.3%
0.4%
-1.8%
-2.4%
-3.7%
-3.4%
1.417
1.407
1.404
1.371
1.357
1.4%
-0.2%
-2.4%
-1.0%
-0.7%
-0.9%
-3.3%
-4.2%
1.508
1.479
1.492
1.479
1.448
3.3%
0.9%
-0.9%
-2.1%
-1.9%
-1.1%
-1.9%
-4.0%
1.549
1.515
1.527
1.533
1.533
-2.2%
0.8%
0.4%
0.0%
-2.2%
-1.4%
-1.0%
-1.0%
1.403
1.282
1.258
1.223
1.190
-3.9%
-1.9%
-2.7%
-2.7%
-8.6%
-10.4%
-12.8%
-15.2%
1.777
1.730
1.716
1.695
1.646
-3.8%
-0.8%
-1.2%
-2.9%
-2.7%
-3.5%
-4.6%
-7.4%
1.272
1.268
1.255
1.233
1.216
-4.6%
-1.0%
-1.8%
-1.5%
-0.3%
-1.3%
-3.0%
-4.4%
1.243
1.229
1.190
1.158
1.146
-3.0%
-3.2%
-2.7%
-1.0%
-1.1%
-4.2%
-6.9%
-7.8%
1.889
1.847
1.858
1.794
1.741
2.0%
0.6%
-3.4%
-3.0%
-2.2%
-1.7%
-5.0%
-7.8%
1.544
1.517
1.498
1.465
1.448
1.1%
-1.2%
-2.2%
-1.2%
-1.8%
-3.0%
-5.1%
-6.2%
2018
2.500
0.3%
-4.7%
1.620
0.3%
-3.5%
1.561
0.2%
-3.2%
1.350
-0.5%
-4.7%
1.451
0.2%
-3.8%
1.514
-1.2%
-2.2%
1.166
-2.1%
-16.9%
1.582
-3.9%
-10.9%
1.215
-0.1%
-4.5%
1.146
0.0%
-7.8%
1.705
-2.1%
-9.8%
1.442
-0.4%
-6.6%
2019
2.539
1.5%
-3.2%
1.625
0.3%
-3.2%
1.565
0.2%
-3.0%
1.356
0.4%
-4.3%
1.450
0.0%
-3.8%
1.500
-1.0%
-3.2%
1.124
-3.5%
-19.9%
1.532
-3.2%
-13.8%
1.214
0.0%
-4.5%
1.145
-0.1%
-7.9%
1.688
-1.0%
-10.6%
1.440
-0.1%
-6.7%
24
Appendix (Continued)
USA - RVI Used Car Price Index - Forecast by Segment (Light Trucks, Vans, and SUVs)
RVI_SEGMENT
Apr-14
2014
2015
2016
2017
SMALL PICKUP
1.905
1.944
1.887
1.876
1.865
vs Previous Year
3.3%
-3.0%
-0.6%
-0.6%
vs Current Levels
2.1%
-1.0%
-1.5%
-2.1%
FULL-SIZE PICKUP
1.818
1.761
1.723
1.671
1.640
vs Previous Year
4.8%
-2.1%
-3.0%
-1.9%
vs Current Levels
-3.1%
-5.2%
-8.1%
-9.8%
MINIVAN
1.447
1.405
1.364
1.321
1.309
vs Previous Year
1.3%
-3.0%
-3.1%
-0.9%
vs Current Levels
-2.9%
-5.8%
-8.7%
-9.5%
FULL-SIZE VAN
1.331
1.294
1.258
1.215
1.179
vs Previous Year
0.9%
-2.8%
-3.4%
-2.9%
vs Current Levels
-2.8%
-5.5%
-8.7%
-11.4%
SMALL SUV
1.491
1.474
1.447
1.396
1.360
vs Previous Year
4.9%
-1.8%
-3.5%
-2.6%
vs Current Levels
-1.1%
-2.9%
-6.3%
-8.8%
MID-SIZE SUV
1.478
1.415
1.409
1.379
1.355
vs Previous Year
1.9%
-0.4%
-2.1%
-1.8%
vs Current Levels
-4.3%
-4.6%
-6.7%
-8.3%
FULL-SIZE SUV
1.322
1.291
1.300
1.278
1.258
vs Previous Year
-3.2%
0.6%
-1.7%
-1.5%
vs Current Levels
-2.3%
-1.7%
-3.3%
-4.8%
LUXURY SUV
1.439
1.421
1.416
1.393
1.378
vs Previous Year
0.4%
-0.4%
-1.6%
-1.0%
vs Current Levels
-1.2%
-1.6%
-3.2%
-4.2%
Market Level
1.544
1.517
1.498
1.465
1.448
vs Previous Year
1.1%
-1.2%
-2.2%
-1.2%
vs Current Levels
-1.8%
-3.0%
-5.1%
-6.2%
2018
1.860
-0.3%
-2.4%
1.627
-0.8%
-10.5%
1.314
0.3%
-9.2%
1.160
-1.6%
-12.8%
1.360
0.0%
-8.8%
1.343
-0.9%
-9.2%
1.260
0.1%
-4.7%
1.362
-1.2%
-5.3%
1.442
-0.4%
-6.6%
2019
1.856
-0.2%
-2.6%
1.614
-0.8%
-11.2%
1.321
0.6%
-8.7%
1.158
-0.2%
-13.0%
1.364
0.3%
-8.5%
1.335
-0.6%
-9.7%
1.267
0.6%
-4.2%
1.348
-1.1%
-6.3%
1.440
-0.1%
-6.7%
25