September vehicle sales handily beat expectations (14.87 million vs. 14.5), reaching a new post-recession high. Since the bottom in Feburary 2009, sales are up at a 15% annualized pace, and they are up 13.5% in the past year.
That's huge, and it is the very picture of a V-shaped recovery after a devastating and unprecedented decline.
When sales expand at double-digit rates for over two years, this creates a positive shock that ripples throughout the economy: manufacturers, dealers, auto parts makers, and raw material suppliers all do better than they expected, and many have to ramp up production and hire more workers to meet unexpectedly strong demand.
Obviously, numbers like this don't support the imminent recession meme.