Buried inside an economic report from the Richmond Federal Reserve this week is an interesting tidbit on the auto industry.
As part of its scan of the economic horizon for the Beige Book, the bank noted the massive wave of automobile industry recalls has only had a "slight adverse" impact on sales. Customer traffic was still up and new car sales strong on solid pricing.
The read from Richmond is consistent with recent U.S. sales reports from major automakers, although with a slight disconnect existing between a "sale" and a "delivery" in the industry the confirmation is noteworthy.
Chaos theory: Some industry analysts think recalls can actually spur sales as safety is teed up as a consumer issue and older cars replaced.