So we’re going to have a lot of fun playing with this information.
Here’s the chart we made.
Year-over-year change in vehicle miles traveled vs. the year-over-year change in GDP.
As you can see, there’s something very unusual taking place right now: we’ve never had a drop in vehicle miles traveled like this at a time when GDP is moving higher.
Red is 12-month total vehicle miles traveled. Blue is GDP.
Here’s a chart that explains a lot. It looks at the year over year change in vehicle miles traveled (red line) vs. the year-over-year change (inversed) in the population that’s Not In labour Force. Now we start to see a convergence.