June light vehicle sales handily beat expectations (15.9M vs. 15.5M), providing yet more evidence that the economy continues to recover. Since the low point in early 2009, vehicle sales have risen by an impressive annualized rate of 14%: over four years of strong double-digit growth.
Sales of domestic cars and light trucks are up at a 16.6% annualized pace since their low in early 2009. What's good for the auto industry is good for the whole economy, especially when sales and production exceed expectations for four years running—lots of trickle-down effects.
This is unambiguously good news.