Recreational Vehicles’ shipments which were coming from Northern Indiana County have been seeing a downturn and that is being seen by economists as a major warning of impending recession.
According to a data, it is said that over 80% of the recreational vehicles which are sold in the U.S. are being produced in India, which calls itself the RV capital of the world. Also it is estimated that around 65% of these vehicles have been coming from Elkhart County
RV’s wholesale shipments have been down up to 20.3% in this year up till now. It has been reported recently that companies like Thor Industries which is also based at Elkhart and have reduced outputs and have cut the work week to slow down the production.
Michael Hicks, who is an economist from Ball State University has said that consumers generally do not buy RVs or the other luxury items when the money is less, so economists are keeping an eye on the RV sector and a slowing down of the auto sales as a signaling the contracting of the U.S. economy.
U.S. auto sales in number have fallen 1.8% through the years in July according to statistics. What’s more disrupting is the international trade tariffs that have been imposed on important markets such as China, Canada and Mexico.
The RV industry, only in the Elkhart County provides employment to a large number of workers and with the unemployment rate climbing to 3% from 2.8% in June as compared to last year. However this is the statistic that is depicting the average of the country, there is certainly a reduction in the average hours worked in the Elkhart County and this may be a sign of bad things to come.
Loretta has studied masters in atmospheric science and is associated with us from the last 3 Years. She enjoys reading about cloud microphysics in leisure time. She is active on social platforms and has her individual page where she connects with people and shares her scientific notions on some significant topics. Loretta is a health conscious person and spends her free time in the gym by doing functional training work out, as she believes in staying fit and energetic.