New passenger car registrations

The ECB records the first registrations of cars in the euro area and reports them monthly in the annex “Euro area statistics” under the heading “Prices, output, demand and labor markets.” This is because purchases of cars by private households have so far proved to be a reliable barometer of economic activity; they also lead to changes in spending behavior, especially through credit-financed new car purchases. – See survey of professional forecasters, business cycle diagnosis, order capacity index, output gap, turnaround, confidence indicator, two-pillar principle. – Cf. Deutsche Bundesbank Monthly Bulletin of November 2013, p. 23 (first-time registrations in the euro area since 2009), ECB Monthly Bulletin of May 2014, pp. 103 et seq. (automotive industry in the EMU since 2008; overviews; references).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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