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MIXED SIGNALS ON US JOBS REPORT CARRIES OVER INTO AUTO INDUSTRY
Swapalease.com National Report Finds Drivers’ Confidence in Jobs Still Muddied
CINCINNATI, OHIO (October 9, 2012)
The latest U.S. Jobs data again was underscored by mixed signals, with 114,000 jobs added on the positive yet continued shrinking of the overall labor force. Mixed data has carried over to the U.S. auto industry, where current jobs data offers a glimpse into the positives and negatives from a consumer’s perspective.
National car-leasing firm Swapalease.com has data that show the current jobs status impacting drivers both positively and negatively. As an example, a recent study by the company found that 43% of drivers say they can increase their monthly car payment as much as $150 because of their job status. However, only 30% of those polled are comfortable with a car payment commitment beyond 2 years because of long-term employment confidence.
“In terms of the jobs picture, a glimpse into the average driver offers as many mixed signals as the employment data itself,” said Scot Hall, Executive Vice President of Swapalease.com. “On one hand we’re finding people are more willing to increase their spending on a car payment, but overall confidence in jobs is still less than stellar for many.”
In another snapshot, 25% of drivers polled say they are extremely confident in the current jobs picture, compared with 35% who say they are concerned. And while a higher number of people (22% vs. 18%) say their credit score is better today because of their employment situation, 55% believe their credit is stuck at similar levels compared with the same time last year.
Here is a complete breakdown of the national driving survey addressing confidence in jobs:
| Does your current employment status impact your car-shopping decision? |
| Completely. It directly impacts what I drive. | 48% |
| Somewhat. It might have an impact based on what I earn | 32% |
| Not really. My paycheck doesn’t impact what I drive | 20% |
| How confident are you in the current jobs picture? |
| Extremely confident. I am confident I will have my job for several years | 25% |
| Comfortable. Things are good; I’m not very nervous | 37% |
| Concerned. I’m not really sure what the near future will bring | 35% |
| Doom & Gloom. There is no hope in sight for jobs growth | 3% |
| Are you looking for short car lease terms because of the jobs picture? |
| Definitely. No more than 10 months | 9% |
| Somewhat. Looking for between 10-14 months | 29% |
| Not very concerned. Looking between 14-20 months | 32% |
| Things are fine. Looking for longer than 24 months | 30% |
| A year ago did you feel the same level of confidence in the jobs picture? |
| I was more confident last year | 18% |
| I had the same level of confidence last year | 51% |
| I was less confident last year | 28% |
| Based on my job status, I can adjust my monthly car payment: |
| Increase by $150 or more | 18% |
| Increase payment by $100 | 18% |
| Increase payment by $50 | 7% |
| Keep the same car payment | 38% |
| Lower payment by $50 | 6% |
| Lower payment by $100 or more | 12% |
| Has your job status helped or hurt your credit score during last 12 months? |
| Credit score is up significantly | 6% |
| Credit score is up somewhat | 16% |
| Credit score is the same | 55% |
| Credit score is down somewhat | 11% |
| Credit score is down significantly | 7% |
| I don’t know my score | 5% |
| Would you escape your lease if you moved for a new job? |
| Yes if it was over 1,0000 miles away | 8% |
| Yes if it was over 500 miles away | 6% |
| Yes if it was over 100 miles away | 11% |
| No, I’m keeping my car | 59% |
www.swapalease.com is the first and only full-service online marketplace of in-process vehicle leases. With the goal of matching individuals who are currently leasing vehicles they wish to get out of, with individuals who are looking for short-term leases with attractive payments and no money down, it’s the perfect way to find the perfect vehicle for you.
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