Chicago Federal Reserve Honors National Automobile Dealers Association Chief Economist

The Federal Reserve Bank of Chicago honored Paul Taylor, chief economist for the National Automobile Dealers Association (NADA), for his "top overall forecasts" at the 13th Annual Automotive Outlook Symposium last week.

According to a news release by the NADA, Taylor also landed in the top forecasting group for the subcategories "Car and Light Vehicle Sales" and "Personal Consumption Expenditures."

"I'm grateful to receive this recognition from such a distinguished institution," said Taylor. "And I'm thankful to the Chicago Federal Reserve Bank for its leadership in research and light vehicle production and retail sales."

The symposium is organized by Chicago Federal Reserve Bank senior economist and advisor William Strauss. The event brings together forecasters and researchers at the Detroit Branch of the bank, located at the center of U.S. light vehicle production.

According to NADA, Taylor has accurately projected new vehicle sales for the past three consecutive years. He predicts that sales this year will remain close to 2005 levels but turn down slightly from $16.9 million last year to $16.8 million this year.