Automobile sales for June are coming in above expectations (Ford, GM, Toyota, Chrysler) and are...
Automobile sales for June are coming in above expectations (Ford, GM, Toyota, Chrysler) and are strong enough that analysts are comfortably raising their annual industry-wide sales forecast to over 14M vehicles. For comparison, last year the industry turned over 12.8M vehicles and in the midst of financial chaos in 2009 only 10.4M cars were sold. Despite the solid numbers, economists are wary that sales could be related to a demand shock from an aging U.S. consumer fleet, instead of any general improvement in consumer confidence.
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