Quality of Cars Declining

Market Overview

Year To Date Performances:

1. J.D. Power's recent Initial Quality Study indicates a decline in new vehicle quality, with the average number of issues per 100 vehicles rising by 12 to 192. Over the last two years, the amount of issues with cars has increased by 18.5% as last year saw an increase of 18 problems per 100 vehicles. Electric vehicles accounted for seven out of the ten lowest-ranked autos, with Tesla standing as the second-worst in vehicle quality. Tesla has yet to produce a vehicle that hasn’t had a recall within 3 years. Advanced driver-assistance features and technology-related issues, including wireless charging pads, are among the growing concerns.

2. New unemployment benefit filings are at their highest level since October 2021, with initial jobless claims reaching 264,000 last week. This figure, steady from the previous week, exceeded market predictions of 260,000, indicating a slowing labour market. In contrast, continuing claims fell slightly from 1.77 million to 1.76 million, suggesting a tight market where dismissed workers are swiftly securing new employment. This contrasting data likely indicates that specific skill sets are in high demand while others are leading to significant unemployment.

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4. Headlines

   1. Warren Buffett has donated another $4.64 billion of Berkshire Hathaway stock to five charities raising his total to $51B in donations in the last 17 years.

   2. Overstock.com will be purchasing Bed Bath & Beyond’s Intellectual Property and digital assets for $21.5M.

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