LMC Automotive estimates U.S. new light-vehicle sales reached a SAAR of 15.1 million units in October, representing an increase of 11% from October 2021, but a decrease of 14% from October 2020. LMC is projecting full-year 2022 new light-vehicle sales of 13.7 million units.
one is how broad-based the inflation is. we re seeing double-digit year over year increases on things like food. which will we just talked about. vehicle prices airline tickets, rent. you know, cost of housing is a big proportion of our household budgets. and that s up double digits. it s incredibly broad-based. and the other thing that makes me nervous is that we re seeing a lot more inflation on the service side of the economy. of course, the service side is labor extensive, workers wages matter a lot. so we are going to see some weakening in that if we re going to get inflation back down to something more comfortable and that mean higher interest rates which is what the federal reserve is doing, jacking up interest rates to cool things often. so it s comdisappointing. i wanted to ask you along that line, the president was asked about the strength of the economy, particularly the strength of the dollar, he said
paying $2,000 or more a month, and then you have republicans as well who want to put social security and they want to put medicare on the chopping blocks. that is the work we are doing as democrats, trying to do everything that we can to lower costs, we are trying to do everything that we can to make sure that, you know, families keep their social security unlike republicans, and families have medicare unlike what republicans want to do which is take that away. the question the president was asked about the day before yesterday which shows more progress, the data, cpi data he was speaking to shows more progress in bringing global inflation down and the u.s. economy. overall, prices have been essentially flat in our country the last two months, that is welcome news for the american families. but no doubt, no doubt we have more work to do and we understand that. and so we are seeing some encouraging sign, including inventories up, used vehicle
rent, your food, new and used vehicle prices all of those things showed increases month to month. other democrats you re repeating that sentiment, pointing to the knack headline inflation month to month was flat. so they re picking up a piece for their argument. former economic advisor larry summers is saying inflation is not easing. i still think we have a very serious inflation problem in this country. i don t think that inflation problem is going to go away of its own volition. and so i think we re likely to have some quite turbulent times ahead. all of this as the inflation reduction act gives the irs new funding to potentially hire about 87,000 new agents. that prompting janet yellen to direct the agency not to target some americans. here s what she writes in part, i direct that any additional resources including any new personnel or auditors that are hired shall not be used to increase the share of small business or households below the